What is Bond Street?

Bond Street was founded in 2013 by David Haber and was launched as a peer-to-peer lender in 2014 — an alternative to traditional lending options. Since its launch, it partnered with major investors including Jefferies LLC and Spark Capital. In early 2017, Jefferies bought Bond Street, and many of its employees moved on to investing giant Goldman Sachs.

What makes a Bond Street business loan unique?

Bond Street is an online lender that offers its borrowers a swift and simple application process and easy access to loan funds. It offers loans from $10,000 all the way up to $1 million to cover whatever level of funding your business needs. Loans can cover needs to open a new location or invest in inventory and equipment. In addition to quick funding, Bond Street’s rates compare well with other online lenders and it doesn’t charge additional fees for early loan repayment.

What are the benefits of a Bond Street business loan?

• Quick application turnaround. The loan application process can take weeks to complete with traditional lenders. Bond Street can provide funding in as little as three to four business days, which enables you to take advantage of time-sensitive opportunities like purchasing on-sale inventory.
• Reasonable rates. Bond Street’s APR range is on par with the top online loan providers, with rates between 8% and 25%.
• No early repayment fee. Many lenders will charge you a fee for paying off your loan early. With Bond Street, you can repay your loan at any time without penalty.

What to watch out for

Bond Street’s swift process brings you one step closer to financing your business goals, but here are a few potential drawbacks to be aware of:

• Strong credit required. Successful applicants with Bond Street need a personal credit score of at least 640.
• Not for new business owners. Borrowers with this lender need to have been in business for a minimum of 2 years and have an annual revenue of at least $200,000.
• Semi-monthly payments. Bond Street loans are repaid semi-monthly on the 1st and 16th of each month. If you prefer one simple, monthly payment, this borrower may not be for you.
• Business collateral. Bond Street places a UCC-1 filing on your business when you take out a loan. This means your business is used as collateral to secure the loan. If you default on your loan, you risk your business assets and credit.
• Origination fees. You’ll have to pay an origination fee of between 3% and 5% of the amount you borrow, which Bond Street factors into your loan’s APR.