Bond Street is a direct business lender for small businesses that is managed by David Haber, CEO, and Peyton Sherwood, CTO, who were also its co-founders. Bond Street specializes in offering business loans of $25,000 to $1,000,000 to small companies who either don't qualify for regular bank loans or don't want the hassle of applying for a traditional business loan. The company uses state of the art data and credit analysis tools that allows it to streamline the application process and reduce costs.
Bond Street has a simple application process that only requires applicants to connect their business accounts, share some financial information and answer a few verification questions. It then employs loan officers to analyze the application and provide a reply within 48 hours. Once approved, funds will arrive in your account within a week.
Interest rates range from 8% to 22% APR, depending on credit history, amount borrowed and the length of the loan's term.
Bond Street offers loans from $25,000 to $1,000,000. How much a company can borrow will depend on its income, its assets and how many years it has been in business. To illustrate, a $250,000 loan with a 36-month term and a 8% APR, would require monthly payments of $7,834.09. The same loan with a 22% APR, would be $9,547.61 a month
Bond Street operates in all states except ND, NV, SD and VT.
Bond Street's application process is mostly automated, doesn't require you to fax or mail documents, which makes it possible for the entire application process to take 48 hours or less.
Bond Street's eligibility requirements include having at least 2 years of operating history, a credit score of at least 660, an annual income of at least $200,000 and a personal guarantee from the business owners.
Bond Street fills the niche left by business credit cards and large, traditional business loans. The interest rates are competitive, the repayment terms are flexible (1 to 3 years) and the application processing time is simple and fast.
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