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Building Trades “Tier-1” Application Page

Application Guidelines

Application
  • The signed and dated application must be legible and dated within 30 days of the application date to be considered for financing. NOTE: The applicant(s) must submit a copy of their driver’s license and a voided check with the application via upload. NOTE: The application form is an online PDF document that can be accessed by scanning the QR Code below. The form provides a secure link to upload the requisite attachments to us.
 
Credit Pull
  • Soft Credit Pulls Only.
Bank/Processing Statements
  • FOR LOANS: Only the last 3 months of Business Bank Statements (unless seasonal).
  • FOR LOCs: Only the last 3 months of Business Bank Statements (unless seasonal).
  • For MCAs: Only the last 3 months of Business Bank Statements.
  • Only the last 3 months of processing statements (unless seasonal) are required.
 
Multiple Entities/Locations
  • Businesses with multiple entities with different tax IDs must submit separate applications and statements per entity.
Bankruptcy Tax
  • No open bankruptcies are allowed; they must have been discharged for at least a year with at least one active trade line.
 
Liens/Judgments
  • Personal tax liens cannot exceed $150,000
  • Business tax liens and business judgments:
  • $105,000—no paperwork needed.
  • Between $105,000 and $150,000—must be on a payment plan, and the last two months of payments are required.
  • Over $150,000—unqualified.
 
Site Visits
  • Not required, but may be requested on a discretionary basis for deals over $150,000
Client Interviews
  • Required for new deals over $200,000 and renewals over $250,000
Landlord Interviews
  • Needed for new deals over $200,000 and renewals over $250,000
Competitor Balances
  • For loans and MCAs, no more than two (2) competitor payoffs are allowed. Up to 65% of proceeds may be used to pay off outstanding competitor balances (must net 35% of the approved amount)
  • Up to two competitor balances may stay in place for LOCs. Please note that Rapid considers small lines of code (LOCs) differently in some cases. Existing LOCs may also be able to remain in place. Please don’t hesitate to contact your local account manager with any questions.
  • Competitor UCC filings less than 12 months require a zero-balance verification.
  • LOCs – No competitor payoffs currently required.
 
Renewal Eligibility
  • All loans and MCAs are eligible for renewal when 50% of the original balance has been paid.
Copy of Lease or Deed
  • Business Space/Location for new deals $150,001 and higher.
Financials Required
  • Most recent Business Tax Return, Balance Sheet, and Profit & Loss statement (for new deals $200,001 and up* and renewal deals $250,001 and greater).

Business Funding Application Form

Company Address
Total business locations:
Applicant/Business Owner Name:
Title:
OK to Text or send SMS:
Time Zone:
Desired Financing Solution:
Have you taken out a business loan or cash advance within the last 90 days?
Please tell us how many months are remaining on the current loan balance (how long to payoff).
Have you read the application requirements for preapproval on the preceding page?
The preapproval process requires that Rapid Finance perform a "soft" credit pull to verify that you have a minimum FICO score of 600. Do you accept?
The application process requires that you provide the following items that must be uploaded after you submit your in you submit your. Please check off the items you will upload to confirm your compliance with this requirement.
Please use the "Standard Application Exhibits File Uploads" below to add the copy of your driver's license, voided check and the last three month's bank statements as attachments to the PDF application form (that will appear when you hit the "Submit" button.
Drag & Drop Files, Choose Files to Upload
For financing requests of $250,000 and above, the application process requires that you provide the following items that must be uploaded when you submit your in you submit your application. Please check off the items you will upload to confirm your compliance with this requirement.
Please use the "Additional Application Exhibits File Uploads" box below to add the required items as attachments to the PDF application form (that will appear when you hit the "Submit" button.
Drag & Drop Files, Choose Files to Upload
Upon submitting an approved application to Rapid Finance, your local business financing account executive will provide you with a custom quote via phone, email, and/or in-person visit. Do you accept?
Do you understand, acknowledge, and agree that by pressing the "Submit" button below, that you will be directed to an online PDF business financing application that all owners must complete?
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