[skideeppow]

They issue a credit card, no interest for the first 18 months. There is an upfront charge of around 6-10%.

Thanks

[Jstarr]

wow, that seems steep.

[abfunders]

If you are looking at it from a perspective of real estate, that's steep. For a private loan, APR comes out to be around 4-6%. Unsecured, do whatever you want. That's the cheapest money in the planet.
GoTorro charges 10-15%, actually. Brokers get 25%.

[WestCoastFunding]

They issue a credit card, no interest for the first 18 months. There is an upfront charge of around 6-10%.

Thanks

How does this program work?

[nrh1lp]

^personal credit driven biz cc's

[Jstarr]

they basically apply for small business credit cards in your name and charge a PSF for doing so , And they can only do business... because personal would be a federal offense, here's the kicker- some of them will tell you they have relationships with banks which is BS, banks wont allow you to apply for cards unless you are the borrower. so they go to sites like myfico and start applying, there's a company called credit suite and this is all they do .

[Michael I]

midwest is the competitor of go torro but same business model .
one big issue is the amount of credit pulls the merchants get . they have them pull from myfico but for some reason he will get 10 credit pulls

[abfunders]

Michael, what do you think will happen? Of course - MyFico is a preqapproval. Do you know how many people apply with poor credit? Don't waste time with overleverged bad-credit clients. Therefore, then they can pinpoint the right banks, and get nice approvals. But the banks are the ones extending the credit, not the consultants/brokers or whatever you want to call them.

We just got a preapproval for $25,000-$50,000 for a client in Baltimore with a 740 on all bureaus. 8 banks pulled her credit simultaneously, and she got $75,000 in total. I got 2.5 points on that one. Then I got her $110,000 in flip & fix financing on a $135,000 ARV (I charged 2.5 points), and she needs a bit more money to show in order to do a buy & hold, in addition to some renovations she'll need to do. I was going to get a cash-out re-fi on the current property she has she bought with cash, but it's not really seasoned long enough to get her a good deal. So, I am sending money in a circle: she's lending to a friend from her business cards, and her friend is lending to her as a private mortgage. In 2 months she'll re-fi the "loan" out. Meanwhile, I hope to get another 2-3 points on the buy & hold.

I had a guy all ready with up to $60,000 in preapproval. He tried doing it himself, and within a month he lost all approvals. He'll have to wait at least 6 months to try again, assuming he pays down the balance transfer he has on his personal cards.

Jerry, as far as personal goes, if you have a real notarized power of attorney like we do, you can do whatever you want on their behalf. We can do the personal credit cards in-house, and we can also white-label it for anyone if they'd like.

[Michael I]

We just got a preapproval for $25,000-$50,000 for a client in Baltimore with a 740 on all bureaus. 8 banks pulled her credit simultaneously, and she got $75,000 in total

It's good if the merchant is ok with the approval and paying 10% upfront for it regardless of how much he uses .but if not you just took a good credit merchant and with 9 credit pulls turned him into bad credit.that products has it's plus and minuses

[abfunders]

It's good if the merchant is ok with the approval and paying 10% upfront for it regardless of how much he uses .but if not you just took a good credit merchant and with 9 credit pulls turned him into bad credit.that products has it's plus and minuses

She doesn't have a business. She's a startup.

She is an experienced real estate investor who is using these cards to help her with the extra expenses that come with owning rentals. Cash management. They won't report to her personal credit, either. Just the inquiries (which we plan on doing an inquiry removal process soon) stay there, and affect her credit for a bit. Like I said, only 20 points drop. Well worth it.

Who else would fund a startup with unsecured funds?

And now, that's not "UP-FRONT" fees. That's called a "success fee." Up-front would be paying $2500 on preapproval, and then whatever you get you get. That's the method of another competitor, Fund & Grow. But we don't work with them, since they don't work with brokers Guy by the name of Ari Page.

[Seekcapital]

Reposting from another thread...

**Startup Funding**

Seek Capital provides funding to startups and early stage business owners.

- Deep roots in the MCA space, servicing many MCA firms for their startup leads
- Perform soft credit pull with all 3 bureaus (no need for client to jump through hoops to sign up to 3rd credit monitoring)
- Automated underwriting
- Strong internal sales team
- Direct bank relationships for higher approvals
- Real time reporting portal
- Client doesn't just walk away with credit cards, Clients have the ability to transfer funds from their credit card account directly to their checking account while maintaining 0% intro rate
- Dedicated Account Managers for each client
- Truly a superior client experience

For direct contact: partners@seekcapital.com

[WestCoastFunding]

Reposting from another thread...

**Startup Funding**

Seek Capital provides funding to startups and early stage business owners.

- Deep roots in the MCA space, servicing many MCA firms for their startup leads
- Perform soft credit pull with all 3 bureaus (no need for client to jump through hoops to sign up to 3rd credit monitoring)
- Automated underwriting
- Strong internal sales team
- Direct bank relationships for higher approvals
- Real time reporting portal
- Client doesn't just walk away with credit cards, Clients have the ability to transfer funds from their credit card account directly to their checking account while maintaining 0% intro rate
- Dedicated Account Managers for each client
- Truly a superior client experience

For direct contact: partners@seekcapital.com

Is the funding done in-house, or are you applying for credit cards through 3rd party for the client?

[ryan $]

Some Chinese/Asain Company does same thing. Something Investments I think.

[Seekcapital]

@westcoastfunding

We handle all funding in house, we work directly with the banks, NOT through a 3rd party.

Based in Los Angeles with head count at 50+ with a focus on startup funding.

Feel free to pm me if you want to discuss further, happy to help.