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

[jaxstraw]

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@jaxstraw wrote:

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@jaxstraw wrote:

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@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

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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.

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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.

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So the front line rep says there is no recon until a letter is received and the reason given.

They have no access to the reasons therefore no ability to do anything.

He said at that time I can call back and try to correct and address , phone, etc issues that might be a glitch in the system preventing the app from going forward.

He also couldn't guarantee that even if the glitch is found and corrected the app would not still fall under the 180 day rule to reapply.

The only reason I say glitch is occasionally I have issues with my business address since it is on a private road and every once in a while I have to manually let the lender know how to find it.

I  will update after the letter comes.

[Time2letgo]

Valuable information, thanks for this post... just what I was looking for.

I submitted an application today around 1:30pm eastern and got the following response:

Hi Time2letgo,

I have been assigned as the Loan Coordinator for your credit request.  I will be working closely with you during this process.

We are excited you have chosen PNC Bank NA for your financing needs. If PNC requires any additional documents to meet our credit decision, I will contact you directly. Once we have a decision, I will be back in touch to review next steps.

In the meantime, if you have any questions, please feel free to email me or call. 

Thank you again for considering PNC Bank NA for all of your banking needs.

Micro Business Loan Coordinator

Loan Closing Analyst Sr.

PNC Bank
500 Smithfield St

Nothing else yet, still waiting for a decision.

[Time2letgo]

Ok, so I just got an appoval phone call from PNC, with conditions....

Site visit and a Form 4506-T is required and I have to establish a business checking account with PNC.

They did not ask to see my current business account statements, currently with Chase & Suntrust.

Rate will be Prime + 3.24 so 8.74% and monthly payments will be 1.5% of the balance used.

Don't like the 4506-T part, would much rather give them the bank statements but other than that everything else is a very reasonable requirement.

[bourgogne]

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@Time2letgo wrote:

Ok, so I just got an appoval phone call from PNC, with conditions....

Site visit and a Form 4506-T is required and I have to establish a business checking account with PNC.

They did not ask to see my current business account statements, currently with Chase & Suntrust.

Rate will be Prime + 3.24 so 8.74% and monthly payments will be 1.5% of the balance used.

Don't like the 4506-T part, would much rather give them the bank statements but other than that everything else is a very reasonable requirement.

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hum, you are doing the fast funding business line of credit, not the choice line of credit, yes?  kind of odd, your exposure is north of 400 so I could sorta see the 4506 but the low rate makes no sense if they are concerned with exposure.  the checking makes no sense, the fastfund comes with checks.  how much did they approve you for?  they called me back and wanted proof of ownership.  see, its always something lol.  someone at the irs actually picked up the phone and sent me a fresh ein cover sheet, they requested it be brand new.  kind of strange, these lenders are all insane.  logged into the ax portal last night and this popped up, to bad they don't dress this up as a loc, everybody would snap at this

[Time2letgo]

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@bourgogne wrote:hum, you are doing the fast funding business line of credit, not the choice line of credit, yes?  kind of odd, your exposure is north of 400 so I could sorta see the 4506 but the low rate makes no sense if they are concerned with exposure.  the checking makes no sense, the fastfund comes with checks.  how much did they approve you for?  they called me back and wanted proof of ownership.  see, its always something lol.  someone at the irs actually picked up the phone and sent me a fresh ein cover sheet, they requested it be brand new.  kind of strange, these lenders are all insane.  logged into the ax portal last night and this popped up, to bad they don't dress this up as a loc, everybody would snap at this

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He said the checking is required because the re-payments has to be made through direct ACH from a PNC business checking. I have had  personal accounts relationship with PNC for about 5 years and got a business credit card with them last year.  I applied for $60K and he said I was approved for that amount and the application I submitted was through the Choice Line of Credit. I'll see where else this is going because if they get back to me with any other crazy request than the initial requirements, I'm out...

[bourgogne]

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@Time2letgo wrote:

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@bourgogne wrote:hum, you are doing the fast funding business line of credit, not the choice line of credit, yes?  kind of odd, your exposure is north of 400 so I could sorta see the 4506 but the low rate makes no sense if they are concerned with exposure.  the checking makes no sense, the fastfund comes with checks.  how much did they approve you for?  they called me back and wanted proof of ownership.  see, its always something lol.  someone at the irs actually picked up the phone and sent me a fresh ein cover sheet, they requested it be brand new.  kind of strange, these lenders are all insane.  logged into the ax portal last night and this popped up, to bad they don't dress this up as a loc, everybody would snap at this

---

He said the checking is required because the re-payments has to be made through direct ACH from a PNC business checking. I have had  personal accounts relationship with PNC for about 5 years and got a business credit card with them last year.  I applied for $60K and he said I was approved for that amount and the application I submitted was through the Choice Line of Credit. I'll see where else this is going because if they get back to me with any other crazy request than the initial requirements, I'm out...

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I am on fast funding not choice.  didn't you use the /businesslending link?  either there was/is a glitch or they switched products on you based on, well you.  my deal is supposed to be zero fees, no new checking, etc.  the FF is supposed to come with a checking account attached to it, I will be pissed if this is not the case.  time will tell

[bizcredit11]

Just for everyone's information:

This is a soft pull PG'd LOC. PNC does not even check your business credit here.

May be right for some, but I don't like any 4506T requests---too invasive!

bizcredit11

[bourgogne]

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@bizcredit11 wrote:

Just for everyone's information:

This is a soft pull PG'd LOC. PNC does not even check your business credit here.

May be right for some, but I don't like any 4506T requests---too invasive!

bizcredit11

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maybe, i got hit on my approval date.  they can pull my biz credit all day long, I could care less.  nothing is set in stone with any app, some might trigger a 4506 some may not.  invasive or not one could hardly blame a lender for whatever they want, there are the ones with the $$$

[jaxstraw]

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@jaxstraw wrote:

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@jaxstraw wrote:

---

@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.

---

So the front line rep says there is no recon until a letter is received and the reason given.

They have no access to the reasons therefore no ability to do anything.

He said at that time I can call back and try to correct and address , phone, etc issues that might be a glitch in the system preventing the app from going forward.

He also couldn't guarantee that even if the glitch is found and corrected the app would not still fall under the 180 day rule to reapply.

The only reason I say glitch is occasionally I have issues with my business address since it is on a private road and every once in a while I have to manually let the lender know how to find it.

I  will update after the letter comes.

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This might not be a SP.

I just received my letter as to the decline and it states 'Delinquent Tradelines '

Well the ONLY report I have that possibly has a delinquent tradeline is EQ biz.

I know all personal and EX is are clean..

EQ biz was supposed to drop off the one blemish on May but there is no way to tell if it is gone since their report is worthless to the consumer.

Can anyone verify that by 'not affecting you r credit' as they claim that doesn't mean they are just pulling business credit  instead  ?

[bourgogne]

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Can anyone verify that by 'not affecting you r credit' as they claim that doesn't mean they are just pulling business credit  instead  ?

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there is no crystal ball or standards with getting any credit, everybody knows this.  for me I only see consumer ex sp's and there are none from pnc and I got no alerts for a consumer hp.  I did not drill into my biz credit but there was a pull done on the same day as my approval so I can assume its pnc.  I dont care about my biz credit or who pulls it.  honestly if they wanted to hp my consumer eq for 66k after approving me based on a sp god bless them and have at it.  from the few friends I have talked with that live back east that deal with them they are supposed to be a good outfit so i am hoping for a pleasant seamless experience with them