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We have taken OnDeck term loan in Oct 2016 since our business was new (less than two years) and we needed working capital for growth. Last month we got our second year tax returns for business. We had 2.2mil turn over and 5% net.
When we applied for LoC with chase, the under writer came back asking to explain the two liens. We were caught off guard and I immediately pulled experian business report. The report is not showing any liens. But it did show two UCC filings. When my partner got off the phone with Chase business banker, he explained that UCC filing is similar to Lien and bank want us to explain who did that.
OnDeck has confirmed that they filed the last UCC filing and now we are waiting for the agent to find out who filed second UCC filing.
This is a real eye opener for me and my partner as now we were struck with OnDeck with 27% APR abd weekly payments are really killing us. Now, not sure if chase can give us LoC which we can use to reduce part of existing debt.
For anyone who is looking for alternate lending for businesses, please take a note of this UCC filing as this can really mess things up.
Just out of curiosity, I set up a free account and checked my business (an LLC) credit at Nav.com. I saw a UCC filing. I confess that I didn't even know what it was. I clicked the little 'info' box and low and behold, it said it was a lien to a company called CSC. Yikes! Based on the dates I figured out that it was placed by BlueVine.com. The small loan I had taken with them ($5,000) was paid off this week so I am going to call to have it removed. I hope it will be a simple process; I will update my progress here if anyone is intrested.
From my online research: "Once a secured debt obligation is paid off, you should request immediately that the lender terminate the lien on said asset(s) through the filing of a UCC-3 form. Make sure you do this in a timely manner, because with lender mergers and acquisitions records often get lost and it may take time quite a bit of time to get the successor lender to search all their records and terminate an old “orphan” UCC that has been paid off."
I suspect that this filing is also the reason I get literally DOZENS of calls from random lenders -- some very sketchy sounding -- every day. From Nav.com: Lenders competing for borrowers might use the UCC as a marketing tool, using public records to find customers that are already familiar with their lending products to pitch them lower priced offers.
Part of the reason they register a UCC with the state is so that anyone else thinking about loaning/funding more money can see a true financial picture of how much someone owes. If there was no Ucc you could extend out 5-10 loans/advance and no one would have a record of it.
Because it is a business advance and not a loan, they do not put it on credit like other companies. And the reason other companies put credit cards/ installment loans etc on your Credit is to make sure you pay and also to let others get a clear picture as to what you owe and pattern of payback history.
Request to have it removed from either the source or the registered agent placing it they have 20 days. if you did not file the right info or didn't get it removed I can explain further
wrote:I think the best solution for you would be applying for a SBA 7a loan to refinance all that debt. If Chase can't help you then my company <SPAM CUT> can.
Well this thread is 7 months old and the OP hasn't been around in a while and looking at your website, they wouldn't meet the minimum requirements for time in business to work with you. But thanks for stopping by to link your website.