I just got $66K loc on a softpull w no docs. really

[bourgogne]

I believe I just found the holy grail of business locs.  similar to what amex does; sp, similar rates, etc. but this is a loc not a loan.  the only no-fee product I found in my quest was the nfcu consumer cloc.  downside is it reports and is a new account.  blah.  nfcu's biz side wanted a $ 50 origination fee and its $ 50/yr which is not bad but they often want returns and god know what else.  the majors require checking + back-end fees ranging from 100-250/yr.   I am too cheap to spend that on a rainy day fund, that is like a case buffalo trace. 

enter pnc, I was surfing and some blogger waxed on about how great pnc is.  I called and somehow I lucked out talking to someone in their normal biz lending area and she said they have a new product that is only a few months old and they are trying to penetrate areas outside the locations they traditionally service.  she gave me the below link and the rest is history.  loan was done in a few hours only because I forgot i was frozen.  flat out incredible customer service.  I dont know what else to say, besides a chase mortgage it was the easiest most streamlined loan experience I have every had. 

pnc.com/businesslending

$10-100k

gross revenue north of 100k

soft pull only

EQ only

no ein needed for a sole-prop

hidden tradeline to CRAs, might report to D&B if its coded like their other loan products

prime + 5.49, current is 10.99

they supply checks with routing and account # at n/c

transfer to linked checking account which one must upload

no origination or annual fee

nicee little online app to calc

[Rgudino1717]

Nice. How old is your business. Had received a letter about this loan, but was told that the business must be at least 3 years old.

[jaxstraw]

---

@bourgogne wrote:

I believe I just found the holy grail of business locs.  similar to what amex does; sp, similar rates, etc. but this is a loc not a loan.  the only no-fee product I found in my quest was the nfcu consumer cloc.  downside is it reports and is a new account.  blah.  nfcu's biz side wanted a $ 50 origination fee and its $ 50/yr which is not bad but they often want returns and god know what else.  the majors require checking + back-end fees ranging from 100-250/yr.   I am too cheap to spend that on a rainy day fund, that is like a case buffalo trace. 

enter pnc, I was surfing and some blogger waxed on about how great pnc is.  I called and somehow I lucked out talking to someone in their normal biz lending area and she said they have a new product that is only a few months old and they are trying to penetrate areas outside the locations they traditionally service.  she gave me the below link and the rest is history.  loan was done in a few hours only because I forgot i was frozen.  flat out incredible customer service.  I dont know what else to say, besides a chase mortgage it was the easiest most streamlined loan experience I have every had. 

pnc.com/businesslending

$10-100k

gross revenue north of 100k

soft pull only

EQ only

no ein needed for a sole-prop

hidden tradeline to CRAs, might report to D&B if its coded like their other loan products

prime + 5.49, current is 10.99

they supply checks with routing and account # at n/c

transfer to linked checking account which one must upload

no origination or annual fee

nicee little online app to calc

---

Normally you can't apply for any lending products ( either biz or personal) outside PNC's footprint.

This is a pretty good thing they are looking to expand.

I just threw an app at them.

For me they wanted me to upload last months bank statement and I supplied my EIN.

Other than that all your other DP's seem correct 

Congrats and thanks for the DP's.

[bizcredit11]

Wow Bourgogne! What a find from you! Congratulations!!!

I am doing my due dilligence before I fully app, but I am in their system now. 

I could never app for PNC in the past being in CA, but this looks like a new playing field. 

Equifax soft pull only? I have never known a LOC to be a soft pull only. What state are you in?

Might report to D&B? Overall is your data from customer service/underwriter/possibly both?

Thank you for sharing...

bizcredit11

[jaxstraw]

---

@jaxstraw wrote:

---

@bourgogne wrote:

I believe I just found the holy grail of business locs.  similar to what amex does; sp, similar rates, etc. but this is a loc not a loan.  the only no-fee product I found in my quest was the nfcu consumer cloc.  downside is it reports and is a new account.  blah.  nfcu's biz side wanted a $ 50 origination fee and its $ 50/yr which is not bad but they often want returns and god know what else.  the majors require checking + back-end fees ranging from 100-250/yr.   I am too cheap to spend that on a rainy day fund, that is like a case buffalo trace. 

enter pnc, I was surfing and some blogger waxed on about how great pnc is.  I called and somehow I lucked out talking to someone in their normal biz lending area and she said they have a new product that is only a few months old and they are trying to penetrate areas outside the locations they traditionally service.  she gave me the below link and the rest is history.  loan was done in a few hours only because I forgot i was frozen.  flat out incredible customer service.  I dont know what else to say, besides a chase mortgage it was the easiest most streamlined loan experience I have every had. 

pnc.com/businesslending

$10-100k

gross revenue north of 100k

soft pull only

EQ only

no ein needed for a sole-prop

hidden tradeline to CRAs, might report to D&B if its coded like their other loan products

prime + 5.49, current is 10.99

they supply checks with routing and account # at n/c

transfer to linked checking account which one must upload

no origination or annual fee

nicee little online app to calc

---

Normally you can't apply for any lending products ( either biz or personal) outside PNC's footprint.

This is a pretty good thing they are looking to expand.

I just threw an app at them.

For me they wanted me to upload last months bank statement and I supplied my EIN.

Other than that all your other DP's seem correct 

Congrats and thanks for the DP's.

---

Just checked the online app sign in.

It says app was declined.

I will call tomorrow and see if I can find out why and possibly reverse.

Still seems like a very decent process and opportunity.

[bourgogne]

I will update when I get the signature package, in my experience lots can change until the account fully set up.  my company is decades old and the checking statement I uploaded showed a pretty healthy balance, not sure if that factored in or not.  I dont know much more than it seemed pretty simple.   as with cards or anything it all varies based on ones profile and god know what other sources they are looking at

[Rgudino1717]

Had applied last month and was denied. Called in and they said it was because the business wasn't 3 years old (turns 3 in July). Saw that was a requirement, but they had told me that I was probably fine and should apply anyway. Now instead of waiting 2 months to apply, I have to wait 6 months to reapply

[Anonymous]

---

@bourgogne wrote:

... the checking statement I uploaded ...

---

Congratulations on your approval and thank you for sharing your find with the rest of us. 

Question: your title says "I got a 66K LOC on a SP with no docs" yet this post says docs were, in fact, needed (and bank statements being very significant docs at that)? How did this request come to be and do you suppose it is mandatory for an approval?

[bourgogne]

I did not need docs.  docs to me means multiple statements, returns, dba proof, business verifications, etc.  I sent a doc, a checking statement.  yes, its mandatory, that is one of 2 ways to get the money.  everyone I am sure will have their own experence and results using this lender as in everything we do

[Anonymous]

decent rate?