LETS DISCUSS.. Unsecured business loans / Signature loans

[robfantasy]

anyone gotten one of these?

anyone care to comment on them..?

[baddog]

Signature loans? What is to discuss?

[robfantasy]

any suggestions on the best place for this type of funding?

what is a typical amount of funding you can get w/ just a good credit score and no real assets?

[baddog]

Originally Posted by robfantasy

any suggestions on the best place for this type of funding?

what is a typical amount of funding you can get w/ just a good credit score and no real assets?

Oh, sorry. It has been 30+ years since I did not have assets.

Maybe try the SBA?

[robfantasy]

Originally Posted by baddog

Oh, sorry. It has been 30+ years since I did not have assets.

Maybe try the SBA?

hehe i keep reinvesting my profits into learning new stuff, i look at it as paying for an education.

after all you are your greatest asset.

=)

[Iron Fist]

I think someone was talking about moving money offshore earlier...

[slapass]

You can get up to 30k pretty easy. go to a bank.

[kenny]

A true unsecured business loan doesn't relect on an individual's credit score or assets.

A company PAYDEX score is used to determine it.

Lots of times a bank will give you a loan and call it a business loan but its not really a unsecured business loan because they want a personal guarantee.

[slapass]

Originally Posted by kenny

A true unsecured business loan doesn't relect on an individual's credit score or assets.

A company PAYDEX score is used to determine it.

Lots of times a bank will give you a loan and call it a business loan but its not really a unsecured business loan because they want a personal guarantee.

I think he meant not secured by collateral. Thus the signature.

[DaddyHalbucks]

Typically banks don't do many of those unsecured type loans. They have regulators and shareholders and a thing called fiduciary responsibility.

Those types of loans are usually from friends and family.

[avalanche]

Originally Posted by DaddyHalbucks

Typically banks don't do many of those unsecured type loans. They have regulators and shareholders and a thing called fiduciary responsibility.

Those types of loans are usually from friends and family.

Not true at all. Signature loans are big business for almost all traditional banks. If you have a decent credit score and/or decent business credit rating you can typically get $30-50k within 24 hours from BofA, Wells, WAMU, CITI, and /or AMX. If you don't have an existing business relationship with the bank, expect to do a personal guarantee. All of these are easy to do stated, no documentation required.

I've worked with banks and hard-money lenders for the last 9 years and money is a lot easier to come by than people think.

[Tanker]

Good info Avalanche!

[baddog]

Originally Posted by avalanche

All of these are easy to do stated, no documentation required.

I have done 2 refi's, bought my last house, car and a bike on stated, no doc loans.

[robfantasy]

Originally Posted by avalanche

Not true at all. Signature loans are big business for almost all traditional banks. If you have a decent credit score and/or decent business credit rating you can typically get $30-50k within 24 hours from BofA, Wells, WAMU, CITI, and /or AMX. If you don't have an existing business relationship with the bank, expect to do a personal guarantee. All of these are easy to do stated, no documentation required.

I've worked with banks and hard-money lenders for the last 9 years and money is a lot easier to come by than people think.

avalanche do you have icq/aim id like to ask u a few questions

[NemesisEnforcer]

Originally Posted by robfantasy

anyone gotten one of these?

anyone care to comment on them..?

You can get $25,000.00 within the first 6 months of opening your business (or as early as when you register your business) as long as the owner has a credit score of 680 or higher. The bank typically throws in a credit card with a $7,000.00 limit as well. All this goes into the business name and appears on the business credit report as opposed to your personal report. You can do this for each entity that you own and no financials are needed. You?re not expected to have any so early in the game.

Have you every seen those infomercials about corporate credit and setting up LLCs. This is what they are doing and they are charging people for the information.

I told one of my models about this and she went out and got $300,000.00 in credit. I regret passing the info on to her because I know that she is going to hang herself with it.

[robfantasy]

Originally Posted by NemesisEnforcer

You can get $25,000.00 within the first 6 months of opening your business (or as early as when you register your business) as long as the owner has a credit score of 680 or higher. The bank typically throws in a credit card with a $7,000.00 limit as well. All this goes into the business name and appears on the business credit report as opposed to your personal report. You can do this for each entity that you own and no financials are needed. You?re not expected to have any so early in the game.

Have you every seen those infomercials about corporate credit and setting up LLCs. This is what they are doing and they are charging people for the information.

I told one of my models about this and she went out and got $300,000.00 in credit. I regret passing the info on to her because I know that she is going to hang herself with it.

how did she get 300,000 in credit? open 12 businesses?

[NemesisEnforcer]

Originally Posted by robfantasy

how did she get 300,000 in credit? open 12 businesses?

You can do something like that or leverage the funds to raise more money. She chose to leverage the funds.

She setup a corporation and received a total of $60K from 2 banks in the company name, $50K in cash and the rest in credit cards. She used $25K to pay off her personal debt to raise her credit score above 700 and used the rest of the cash as show money with another bank that required 10% down to get another $250K. That bank has since raised their requirement to 20% but she was in before it was raised.

BTW, she made the application within the same month at each bank under the company name thus, the 2 loans. If she was doing it via SBA Express, she would only get $25K or just below $25K. SBA does not require borrowers of loans below $25K to produce collateral. Since she had the 680 credit score, each bank chose to give her the money rather than go through the SBA Express program.

FYI, she was broke and in debt but her credit score was decent. If you have no money and your credit score is 680 or better, the magic number is $25K. A couple of other models did the same but they only requested $15K.

I was wondering, are you affiliated with John Fantasy?

[robfantasy]

Originally Posted by NemesisEnforcer

You can do something like that or leverage the funds to raise more money. She chose to leverage the funds.

She setup a corporation and received a total of $60K from 2 banks in the company name, $50K in cash and the rest in credit cards. She used $25K to pay off her personal debt to raise her credit score above 700 and used the rest of the cash as show money with another bank that required 10% down to get another $250K. That bank has since raised their requirement to 20% but she was in before it was raised.

BTW, she made the application within the same month at each bank under the company name thus, the 2 loans. If she was doing it via SBA Express, she would only get $25K or just below $25K. SBA does not require borrowers of loans below $25K to produce collateral. Since she had the 680 credit score, each bank chose to give her the money rather than go through the SBA Express program.

FYI, she was broke and in debt but her credit score was decent. If you have no money and your credit score is 680 or better, the magic number is $25K. A couple of other models did the same but they only requested $15K.

I was wondering, are you affiliated with John Fantasy?

hey man really good info, i really appreciate it. and no im not affilited w/ john fantasy or know who he is ...

which banks did she use if i may ask

i have an existing corporation w/ 50k credit line and i have used half of it and dont want to pay it down just yet.. i have the cash to pay it off, but im trying to leverage my cash and get a loan for some more cash. but im not sure if i need to pay that down before i request another loan..

[NemesisEnforcer]

Originally Posted by robfantasy

hey man really good info, i really appreciate it. and no im not affilited w/ john fantasy or know who he is ...

which banks did she use if i may ask

i have an existing corporation w/ 50k credit line and i have used half of it and dont want to pay it down just yet.. i have the cash to pay it off, but im trying to leverage my cash and get a loan for some more cash. but im not sure if i need to pay that down before i request another loan..

John Fantasy was an amateur video producer in Florida.

The banks she used for the $60K were WAMU and Wells Fargo. The third bank is in Texas and I forgot their name. I will have to check with her.

Since I don?t know much about your business and financials as well as you?re asking questions, you may want to consider using a corporate credit service to take care of this for you. For example, check out the services at Corporate Credit Concepts look through their services to get an idea of what you?re able to do. You may also use Google to find a corporate credit service in your city. These services use their relationship with the banks to walk you through the process.