Meghan Robinson, CEO of Sunovis Financial, explained the program’s main features. “First of all the loan application process is based around a one-page application. Then we request four months of business bank statements. That’s all we need to start processing a loan request.”
According to the company’s website, once those items are submitted an underwriter is assigned to the handle the application, and typically the borrower will be sent a loan offer within 24 hours. If the business owner is interested, they can then speak directly with the underwriter to answer any questions they have or otherwise clarify their understanding of the loan package, terms, interest rate, and other details.
“The repayment process is also streamlined to reduce the labor and accounting time for businesses,” Robinson adds. “The loans terms are short, funding is completed in as little as 72 hours, and most of the products we offer can be renewed if the borrower desires.”
Sunovis caters to small businesses, and for companies that have been in operation for at least 12 months and can demonstrate positive cash flow, the lender is generally able to offer loans with a variety of features and benefits that accommodate small businesses. Much of this flexibility and capacity for rather creative underwriting that it tailored to the circumstances or credit profile of the specific small business or borrower is possible because in the United States private lenders are not restricted by the more conservative and highly regulated underwriting criteria that traditional banks must adhere to.
That allows companies that operate in the private lending niche to set many of their own risk-control standards. Sunovis, for example, routinely makes loans that require no down payment or collateral, and also do not mandate personal guarantees of repayment from the owners or directors of the business. Credit scores are used to evaluate loan applications, but they are not weighted as heavily in the decision-making process as they are at banks and credit unions.
“We have a wide range of appropriate loan products, too,” says Robinson, “including equipment loans and alternative financing for those businesses wishing to expand.”
Contact Info:
Name: Meghan Robinson
Email: Send Email
Organization: Sunovis Financial
Address: 7500 College Blvd
Phone: 855-243-7191
Website: http://sunovisfinancial.com
Release ID: 73153