- May 10, 2018 at 2:20 pm #192908
We are in the buildout phase for a 7000 sq foot luxury boutique gym on Fifth Avenue in NoMad. Construction is 85% complete. We are seeking an additional $150K to cover the costs of miscellaneous FF&E prior to our opening in June. Any suggestions outside of the alternative lending route or SBA?May 10, 2018 at 2:32 pm #193227
Dock David TreeceModerator
Thanks for the question. It sounds like you’ve got a really cool project in the works!
If you’re looking to fill a gap in your funding to complete build out, we would suggest that you consider contacting BlueVine. BlueVine is an online lender that provides quick access to capital for businesses that qualify. They have two products that may be of particular interest to you.
The first is a business line of credit, which can go up to $250k. To qualify, you need to have been in business at least 6 months, have a credit score over 600, and have at least $120k in revenue over the past 12 months. You can learn more about BlueVine’s business line of credit here: https://app.fitsmallbusiness.com/goto/bluevine-best-loc/
The second product – also from BlueVine – is their Flex 12 line of credit. The Flex 12 product previously wasn’t available for the construction industry but has recently been made available. In order to qualify you’ll need a FICO score of at least 620-650 depending on your level of revenue. Also, while this wasn’t previously an option, BlueVine will now go in 2nd position to any lien holder on Flex 12. For more information check out BlueVine here: https://fitsmallbusiness.com/goto/bluevine/
Hope this helps. Good luck with the remainder of your project!