6. Loan Prep
Included with: All R.I.G. membership levels
Performed: On Demand
Borrow and Build.
Getting a loan can be a game changer for your trucking business, but the process can feel overwhelming. That’s where our on-demand Loan Prep service comes in. We help you get all your ducks in a row so you can apply for a loan with confidence. From gathering essential documents to strategizing your loan application, we’ve got you covered. No financial jargon, just step-by-step guidance to help you secure the funding you need to grow your business..
How Loan Prep Works on the RIG
Lending/Funding Consultation
Your journey to secure a loan starts with an in-depth lending consultation. Here, we evaluate your specific needs and guide you through the lending landscape, helping you understand the types of loans that would be most suitable for your trucking business. Important Note: We strongly advise all our clients not to engage with any other loan brokers. Many truckers have fallen into problematic financial situations due to unscrupulous loan brokers, leading to high payments and fees that cripple their cash flow. The beauty of being a member of the R.I.G. is you can always be confident that we have your best interest in mind for every single transaction.
Document Collection
One of the most cumbersome aspects of securing a loan is gathering all the required documentation. We streamline this process for you, providing a checklist of needed documents and assisting you in gathering and organizing them effectively. This sets the stage for a successful loan application. In fact, most of the time we already have these documents on file for our R.I.G. memebers.
Financial Review
Before proceeding to the loan application, a comprehensive financial review is performed to assess the health of your trucking business and make sure you are hitting all the marks. This involves examining your P&L statements, balance sheets, and cash flow. This review is crucial for identifying your loan eligibility and for tailoring a loan strategy that aligns with your business needs.
Loan Strategy
Based on your financial review, we formulate a loan strategy tailored to your business. This will involve selecting the best loan type, amount, and terms that are both achievable and sustainable for your trucking business. We ensure that the strategy fits within your financial landscape to avoid any future complications. To note- a lot of the R.I.G. services work together, loan strategy in particular.
Accessing our Lender Network
We connect you with our extensive network of trusted lenders who are experienced in the trucking industry. This increases your chances of securing a loan with terms that are favorable to you. Note: We strongly recommend staying within our lender network to avoid the pitfalls that come from dealing with inexperienced or predatory loan brokers.
BLF has an extensive network of lenders covering every conceivable business loan/funding type. This includes lenders focused in: SBA, Term Loans, Lines of Credit, Equipment Finance, Short Term Funding, and even Personal Loans. In many cases our relationships go back decades with some partners. And as a preferred partner, our applications are given consideration because we are underwriters ourselves.
Application Assistance/Submission
Once the strategy is set and the documents are in place, we assist you in filling out and submitting your loan application. Our expertise ensures that the application is accurate, complete, and presents your business in the best light, increasing the likelihood of approval. This process is most important for SBA and bank term loans, where applications have to be absolutely flawless before they sent in.
Follow Up/Closing
The loan process doesn’t end with the submission of your application. We diligently follow up with lenders, keeping you updated every step of the way, and assist in closing the loan, making sure you understand all terms and conditions before finalizing. In the even that an application is unsuccessful, we will already have discussed with you a back up plan (what we refer to as “Round 1, Round 2”, etc)
Teamwork!
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What it is NOT.
A loan from BLF.
BLF is not a lender. We are consultants and loan packagers with an extensive network of vetted funding partners.
A guarantee of approval
Applications for lending/funding are approved by the merit of the business. While we do everything ahead of time to make sure you are in the best shape possible, we cannot offer a guarantee that every client will be approved for exactly what they want.
Always .
Credit repair services is not a program that lowers monthly payments or arranges settlement payoffs. While we can, and will, advise you on what debts to pay down and when, we don’t really get too involved in requesting/offering payment arrangements to creditors (although we do sometimes). We can however, make a recommendation to a non-profit credit counseling organization that can assist you in these matters.
Entirely up to us.
If you are truly serious about building your personal credit you are going to need to be a part of the process with us. This means you might need to make some changes to the way you have previously done things (or not done them!). It might not be easy at first, but it will be worth it.
Frequently Asked Questions
Do I need to be a R.I.G. member to apply for a loan?
No. Loan prep is something we do an a daily basis, for many truckers. R.I.G. membership does however, come with advantages when applying for lending. This is because we will be a) intimately involved with R.I.G. truckers, b) often game planning loan submissions weeks or even in months in advance. This can result in loan apps for R.I.G. members being stronger when they go off to lenders.
Can I get more than one loan?
You can get as many loans as your heart desires. However, R.I.G. members also receive consultation from BLF, so we will make recommendations for how many makes sense.
Can I join the R.I.G. and cancel after I get my loan?
Sure. R.I.G. membership can be cancelled (and also reactivated) at any time. All of your information will remain with us, and should you rejoin in the future we won’t need to begin the onboarding process from scratch.
Is my loan application sent all over the place?
No. This practice (called “shotgunning”) is a hallmark of inexperienced loan brokers, and is ill advised. It’s also bad for your credit as it results in numerous inquiries. While we may apply with more than one lender at a time, or at different times (called “rounds” at BLF), we are always still targeting specific lenders who we feel confident are a good match.
Are there any fees to apply?
No. BLF does sometimes charged loan packaging/consulting fees for loan applications. However, as a benefit to R.I.G. members, these fees are waived.
How long is the decision period?
For most types of funding, usually a few days at the max. For larger bank term loans, lines of credit, it may take longer. And for SBA loans, the decision period can be a month or more. It all depends on the size and complexity of the lending you are seeking.