cancel
Showing results for 
Search instead for 
Did you mean: 

Sun Trust Bank unsecured business line of credit

Internationalstudent
Regular Contributor

Sun Trust Bank unsecured business line of credit

After lot of rejections from various banks with various reasons, Sun Trust bank has given in principal agreement to give 100k unsecured loc to our business. But the catch is they will put a Lien on the business as we don't have any assets.

Question is, how big the loan can grow in future and will the bank ask for assets as security at that point or they increase the line as the business shows increase in revenues? Our business is staffing and only accounts receivable is our asset.
Message 1 of 2
1 REPLY 1
Internationalstudent
Regular Contributor

Re: Sun Trust Bank unsecured business line of credit

We are fast growing business and we need cash. We are profitable but cash is holding us back. So, we tried for line of credit. Sun Trust approved with prime + 7%. This is too high rare, almost equal to a private lender rate. We bank with Chase and we only have bank statements.

My question is will the loc require any collateral in future for bavk to go beyond 150k unsecured loc. And how big line the bank will issue without any collateral. I am looking inputs specifically from people who are dealing with Sun Trust loc.
Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.