Step One--Initiating the Process

BFN provides you with a straightforward process to apply for your funding. We will help you understand the process, the challenges, and the opportunities.

We will fully review all project parameters during an initial consultation. We will inquire about the capital needed, its purpose, business and financial information, and timing issues, etc. You also may be asked to provide a limited amount of additional information by fax or e-mail.

Upon reviewing the initial documentation, we will give you our assessment about your project's funding probabilities.

Step Two--Deciding to Work Together

If we decide to work together, we will sign a contract outlining the details of our relationship. We will then start working on your project upon receipt of the agreement and your one-time processing fee of $350. Unlike most of our competitors, we do not charge a large "front fee" to assist you in compiling your documentation. We are only paid a placement fee if you elect to close your loan with one of the lenders we identify for you.

Step Three--Assembling Your Loan Package

We will provide you with a checklist of needed information and the required forms. There will be a number of steps only you can take (such as obtaining financial statements and income tax returns), but we will walk you through each step and review all of your information to make sure the paperwork is done in accordance with lender standards.

You should understand that it will be necessary to provide concise documentation. All aspects of your loan request must be covered, including:

BFN will ensure that all appropriate and necessary documentation is compiled for ultimate review by financial institutions. Although the paperwork may seem burdensome at times, our loan processor will consult frequently with you to facilitate the process. Our mutual goal will be to "get it right" the first time to minimize future delays.

Step Four--Submitting the Package

Once all preliminary documents have been assembled, BFN will submit your proposal to several potential funding sources at the same time. We will submit your package in a manner that does not generate numerous credit checks that could damage your record and either result in funding denials or higher interest rates. BFN approaches appropriate institutions about your project without "shopping your credit score" and causing credit damage.

BFN will monitor the status of your request throughout the process, as it progresses from initial submissions, to the underwriters, to presentation for loan committees, and onward towards funding. You will receive frequent progress reports. We can't promise to eliminate all your worries about your project, but you will know that professional advocates are closely watching out for your best interests.

Step Five--Closing Your Loan

Closing of the loan is the final step.  That is when you will receive the money you have borrowed and can put it to work on your project.

We often are asked "How long will it take until I receive my loan?  We hope that this information helps you see that acquiring a business loan frequently takes longer than first-time borrowers expect.  Clients sometimes compare it to the relative ease of home refinancing.  A business loan is much more complex and usually takes considerably more time.

The whole lending process can take several weeks, because of documentation requirements, multiple parties involved in the process, and the fact that lenders control a majority of the time elements.  An easy, uncomplicated case can take as long as 45 days--assuming the borrower promptly completes and returns all required documents.  A more realistic expectation for a closing date on a loan may be 60-90 days from the date banks receive the initial completed applications. 

You can be assured that BFN does everything possible to move the process along to obtain financing just as soon as possible.  Clients play a major role in providing all required information, including profit and loss reports, balance sheets, tax returns, use of proceeds statements, and financial projections, etc.

Just give us a call or send us information on your project to see how we can help you obtain the financing you need, rapidly and with the best possible terms and rates.

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