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A Texas based oil well servicing company was seeking funding to refinance high interest debt and increase working capital. Though impacted by the pandemic, the company had shown great resiliency and was ready for a bright future.
After a brief online pre-qualification process, the assigned Newtek Lending Specialist guided the borrower through the entire lending process. Not only did they structure the right loan to meet their financing needs, but they assisted the client in uploading all necessary documentation to Newtek's Lending Portal for the loan to get approved.
With the $5,000,000 loan, they were able to:
- Reduce their debt by $367,000 annually
- Pay off an existing line of credit of nearly $1MM
- Purchase new equipment to meet increased demand
- Hire additional staff
The Newtek loan came with a 10-year amortization term keeping their monthly payments low, while still giving them the option to pay off the loan early with no prepayment penalties. |
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A Leading Business Lender
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Offering loans from $50,000 to $15 million, Newtek is a leader in the business lending space for a reason. The benefits of borrowing through Newtek make us an ideal choice for your clients.
- Our Business Lending experts will determine the loan best suited to your client
- Loan pre-qualifications in as little as 48 hours
- Faster closings
- Flexible, inclusive underwriting allows more loans to be approved and funded.
- All application materials prepared for the client
- Companies in business as few as 2 years are considered
- Loans with higher LTV's considered
- Longer amortization term than conventional loans for lower monthly payments
- Limited prepayment penalties
- No restrictive covenants
- More financing options
Your clients and prospects are in safe hands with Newtek. Refer them to Newtek via the button below or call me at any time to discuss.
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Loan Collateral Requires Proper Insurance Coverage |
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When offering up business-related assets as collateral on a loan, borrowers must have adequate insurance policies in place on those assets for the loan to close. With Newtek on both the Lending and Insurance platforms with UBS, we can simplify this process.
Our lending specialists can connect your clients Newtek Insurance Agency directly to confirm all policy requirements are met to close and fund their business loan in a timely manner.
I am available to discuss any business lending opportunities you may have. Please reach out to me at any time.
Tom
Thomas Stier
SVP, Business Development
(212) 273-8215
T.Stier@NewtekOne.com
Products and services are provided by Newtek Business Services Corp, LLC ("Newtek"), and not by UBS Financial Services Inc. or its affiliates ("UBS").
Loan amounts and loan terms vary based on a variety of factors, including borrower eligibility, intended use of proceeds and loan collateral.
Copyright Newtek Business Services Corp, 2022 |
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