Straight answers.
Does applying affect my credit?
No. The application and the bank statements are what our lenders need for a first read. A consumer credit inquiry happens only if you accept a term sheet that requires one, and we tell you before it happens.
Are you a lender?
No. Sullivan Financing is a commercial debt brokerage. We package your file and place it with one to three private lenders matched to your asset class and profile. We never broadcast it to a list.
Why is my application already filled in?
You applied before through us or one of our partners, and that application is the file we open. Every pre-filled answer is editable, and what you submit replaces what we held.
Why can't I see my SSN or tax ID on the page?
By design. Those fields stay on file and are never sent back to the browser. The page tells you they are on file; if they changed, untick "keep what is on file" and enter the new value.
Which statements do you need?
The three most recent months of your business operating account, as PDFs from your bank's website. Statements from a previous application are not reused.
I have open advances. Is that a no?
No. It decides which product fits. List them on the application; a consolidation is priced from exactly that.
How fast?
First read within one business day. Term sheets in 24 to 72 hours for advances, lines and equipment. SBA and larger term loans take longer because they need financials and a fuller review.
What does it cost?
Nothing to apply. Any term sheet states the total cost in dollars, not a rate you have to translate, and the term in days or months.
What size deals do you work on?
From about $20,000 for a merchant cash advance to $15 million for a term loan. SBA-alternative structures run $350,000 and up; equipment deals from $100,000. Below $20,000 we will point you somewhere better suited.
Which industries?
Most of them. Trucking, construction, restaurants, medical and dental practices, manufacturing, retail, professional services, and e-commerce make up most of what we see. A few industries have only a handful of lenders willing to look; we will tell you if yours is one of them before you spend time on a file.
What is a term sheet, and is it binding?
A term sheet is a lender's written summary of what they will do: amount, cost, term, payment schedule and conditions. It is not binding on you. Nothing is owed until you sign a funding agreement, and we will walk through the terms with you first.
What do you charge?
Nothing to apply, nothing to receive a term sheet. When a deal funds, the lender pays us a placement fee, and on some products a fee is built into the facility and shown on the term sheet in dollars. You will always see the total cost before you sign.
Will my file be shopped around?
No. We place each file with one to three lenders we have chosen for it. We do not upload files to marketplaces or broadcast them to lists, and a lender never sees your file without our knowing.
What if I was declined by a bank last month?
That is most of our files. A bank decline is information about the bank's policy, not a verdict on the business. Read the seven reasons banks decline; the answer to each is a different product, and we will tell you which.
Can I apply if I have a bankruptcy in my history?
Usually, if the business has operated cleanly since the discharge. Two years past is the common threshold for most private lenders; a few will look sooner for revenue-based products.
What happens after I accept a term sheet?
The lender sends a funding agreement, verifies the bank account, and may ask for one or two documents the term sheet listed. Advances and lines fund in one to three business days from there; equipment and term loans in one to three weeks; SBA-alternative structures longer.
How do I stop the emails?
Reply with the word stop to any email, or write to [email protected]. It takes effect immediately.