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Micah: Well good for you but I have 5 out and they are taking 4 - 6 weeks - maybe because it's Florida - Land and Hawaii - Mixed Use and DE - strip mall, and commercial 6 weeks.

Appraisals are NOT taking 6 weeks. In the past 3 months I've done 4 SFH/2-units, and between scheduling with the tenants that took the most time, it took about a week or so to get in, and the appraiser took not more than 7 days to get back the appraisal report. 3 weeks process start to finish. Then we took another 2.5 weeks to close, but that wasn't my fault, it could have closed easily within 10 days had I prepared for the appraisal to come in at $125,000 (when in January when we tried TWICE it came in at $71,000).

A lender isn't going to give anyone "proof of funds"....because a LOI isn't an approval. An approval has to go through underwriting. And appraisals are taking 6 weeks right now. And I have seen land approvals at + or - 50%. Had one at $160K and another appraisal at $610K Same property.

Fundbox

Jerry does multiunit. Not sure about construction. Try Meredith Weiss in NY. 888-373-4752. She does ground up. Its close enough too. Tell her Steve Ruiz from Presto Prestamo shot her contact. Thank you. I'll check em out.

$600K, if the letter were given with proof of funds, would most likely suffice for the court.

Supreme Funding is your best bet for all things high-risk. - Merchant in a reverse, we'll fund it - Too many positions, we'll fund it - High Holdback, we'll fund it - Unsatisfied judgment, we'll even fund that too Email underwriting@supremefunding.net to request an ISO onboarding package

Guys, give credit where credit is due. The LLC was reinstated 04/22/2022

thats what happens when you don't even have a valid LLC

Passbook loans — sometimes called pledge savings loans — are a type of secured loan that uses your savings account balance as collateral. These loans are offered by financial institutions, like banks and credit unions, and can be a convenient way to borrow money while rebuilding your credit

So a cash advance?

Dave had his comments repossessed.

never heard of midwest corporate credit are they any good?

lmfao

Any construction you are going to need entitlements. $600,000 over $1.2M is 50% LTV for land loan. Take out $350k liens plus $85K taxes plus $200K well plus fees that's over 50% LTV...Too much hair on this deal.

Exactly

+1 - Can’t argue with anything here. It takes me a bunch of stupid jokes just to get through the day. Fundyman is right also.

Names like Fundyman... Fetachini... they have YEARS here. The advice they give you is REAL. This game is cold and no one cares about you. Expect to get sued. Lied on. Robbed. BUT... there's nothing more rewarding than finding your own lane. So, don't let anyone deter you from doing whats right for you. Just remember, that there is a balance in what you get - you also give up. Balance kid.

Jerry does multiunit. Not sure about construction. Try Meredith Weiss in NY. 888-373-4752. She does ground up. Its close enough too. Tell her Steve Ruiz from Presto Prestamo shot her contact. Only the best. SR

a year ago that would have been good advice , now most of the shady ones switched their addresses and the ones that have a Brooklyn address are more legitimate ( obviously not all). Stay away from any that does not have a real address that you can walk into. You will be surprised how many funders if you google their address you will see that it is a post office

Best advice: stay away from NY funders, especially Brooklyn!

Very, very true!

Some underwriters actually happen to be spies for OTHER ISOs. Take that from me. I can't say it enough. So when the guy said "trust no one," you might as well include yourself in that. Literally, don't even trust yourself, as you may get attached to a dead deal @ times, & that deal will eat up valuable time that could have been spent working on 3-4 other deals that would have all gotten you paid a lot more. There's so much advice people can give you about this industry, but Fetachini said what were my 1st thoughts: "Find a different industry." This one can get quite disappointing, when you realize many folks have absolutely no respect whatsoever for your hard work. They'll backdoor a deal, sometimes even in your face, if that's even possible. They do it in a way that you won't even doubt it was them who did it. Others feel you're their own personal rep once you submitted a deal to them. They'll give you a crappy offer, but expect you to "just sell it!" as though you're really working for them. They think you're stupid & don't know there are other funders who can do better; that you were just giving them a chance to earn your submissions. There's so much to this business, I swear the best way to go about is to cross your fingers, work as hard & as smart as you can, & expect some losses. Write them off to the game. But guaranteed, you'll find straightshooter funders & brokers along the way. Those people will be the blessing. They will make the journey worth it. Good luck!

And none of them will have read the part where the merchant is located in Virginia...

If the daily comes off the top (ie a split), the balances in his bank still get lower, what happens when he goes negative and racks up NSF charges, and his bank account eventually gets closed....

Lot of funders will not touch this because it's in VA, new laws went into effect friday.