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BFS Capital, formally known as Business Financial Services, has been giving funds to small- and mid-size businesses since 2002. Based in Florida, and with affiliates in both California and the UK, BFS serves all 50 United States as well as offering some loans in Canada. BFS Capital offers a number of different loan types including small business loans, equipment leases, and cash advances. These different loan offerings have given BFS Capital the opportunity to serve a wide variety of clients, and to help out many businesses who are unable to obtain loans from traditional lenders. BFS Capital has built its reputation around providing loans that are fast and flexible. Because of their reputation and the quality of their service, BFS Capital states that 80 percent of their customers return for repeat business.
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|BFS Capital ›|
BFS Capital offers a high maximum loan amount: $1 Million. Many other independent lenders do not (or cannot) offer this much money to borrowers, so prospective borrowers who need more funds may find what they are looking for in BFS Capital.
Premier Loans are small business loans gear toward businesses who are more established. These loans are ideal for borrowers who have been in business for two years, who maintain a stable bank balance (no specifics were offered), and who have "favorable" credit scores (no specifics). Although the website lacks specifics about who qualifies for these loans, they appear to accommodate a wide variety of business experience and stability.
One large benefit that BFS Capital offers is their ability to deliver cash quickly. Two days is how long it takes for them to deliver the funds after approval, and that is much quicker than what traditional lenders can offer.
Repayment withBFS Capital is shorter and more flexible than bigger banks. While big banks can drag out loan repayment to 10 or 20 years, BFS Capital is interested in providing short and efficient repayment plans. Repayment with BFS Capital can be done in less than 18 months, if that works for the borrower. This allows borrowers to avoid extensive interest rates.BFS Capital requires no equity as banks do.
Benefits of BFS Capital:
While there are clearly some great things about the BFS Capital, there are also a lot of things missing from BFS Capital's website. It's true that many lenders don't offer all their rates and information on their site, but there are definitely other lenders that offer more information. Things that would be important to know for potential buyers are missing from the website completely.
Without some of this information, it's difficult for us to make a full evaluation of BFS Capital as a qualified lender. Interest rates, after all, are one of the single biggest factors that lead to a borrower's decision on where to receive funding from. If borrowers don't know the interest rates, it's likely they would turn elsewhere for their loans, considering many other lenders offer this information on their websites. Not listing interest rates on their site also leads us to believe that maybe their interest rates are less than desirable.
While the requirements for obtaining a loan through BFS Capital are definitely not unreasonable, there are some requirements for prospective borrowers that may be slightly more restrictive than other lenders. All in all, they are definitely more flexible requirements than traditional lenders, but they may still be a stumbling block for some prospective borrowers.
As these lists make apparent, it's clear that there is a lot of missing information from the BFS Capital's website. In summary, here are the negative aspects of BFS Capital:
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They made the whole process quick, simple,professional,on time,pleasure to deal with.
Great customer service. We applied online, interviewed with underwriter over the phone and got money within couple of days. Painless process. Highly recommended. Ben
I just went through the application process for my business and was told numerous lies to get me to apply. I was told approval would come within 4 hours of application and the loan could be funded the same day. I applied on Monday at 10:15am, didn't get an answer until 5pm on Wednesday. It started out with the rep saying my file was good and strong, blah blah blah. By the end it was ‘your industry is hard to fund', something that was not mentioned up front and what they offered me was a joke. The most they could offer was $10k in a loan and my business net profits that each month so what's the point. The website boasts helping companies grow. Well...no business can expand or grow on $10k, It was a total waste of my time. Most of the questions on the app were centered around a business being in trouble which mine is not, I just wanted to expand. I found them to be nothing more than a payday loan shark company for businesses.
Provided some contractual services for the guys at BFS Capital about 6 months ago. Initially there was a little miscommunication about payment for services provided but they resolved that issue in no time following a conversation with their internal accounts payable department. Highly recommended company to work with.
This company sends unsolicited pre-qualifications to businesses under the name of Copperline Capital Companies offering 3-5 year business loans with rates between 5-9% and terms between 1-5 years, with no fees and and no prepayment penalties. Upon applying we were (surprise) not qualified for the offer sent and were instead shown an outrageous predatory loan demanding daily ACH withdrawals and an interest rate approaching 30% via BFS Capital. The loan agreement they sent asks the business to collateralize the loan, grant a personal guarantee and has default clauses for such things as changing your bank account, changing management or death. These are not uncommon requests, but are specifically identified as things they DO NOT require in their solicitations. A default would trigger immediate payment of the total balance. In addition their document requires you to give up your right to file bankruptcy, to hold harmless the lender and to go through arbitration in N. Carolina. There is NO prepayment option, the debt is to be senior secured and the origination fees run at 3 additional points. Finally the agreement also forces default if you were to take additional loans for your business. Oh and finally, they want you to login to your business banking website via a 3rd party (decision logic) who in turn uses yet another 3rd party (Yodlee) to verify and take payments from your business bank account so they have direct access to your accounts. If you are ok with giving numerous companies and 3rd parties the login info to your bank then they might be a good fit for you. In summary, this is about as predatory as a loan can get...Buyer beware these loans are designed to put you in default.
Sorry but did not have a good impression about BFS. When applying this company demands log in ID and passwords to access your bank accounts or merchant account. So I felt concern of them demanding this in order to grant you the loans
Asset manager sending borderline racist emails to clients. Constantly harassing clients via Email. Terrible company. If you can get a loan from anyone else, you're better off. Do not work with this company. Worst experience ever. Worst employees.