[ItsAllGood]

Hi All,

I am new here. A friend told me I might find some help in this forum. In the last week, I have gotten at least 50 applications from startups looking for funding. The majority have credit scores in the 500s, but there are a few standouts who are in the mid to upper 600s. Is there anywhere I can find funding for these leads?

Thanks muchly!

[Yankeeman07]

Hi All,

I am new here. A friend told me I might find some help in this forum. In the last week, I have gotten at least 50 applications from startups looking for funding. The majority have credit scores in the 500s, but there are a few standouts who are in the mid to upper 600s. Is there anywhere I can find funding for these leads?

Thanks muchly!

Do they have "skin in the game" Own real estate, stocks , etc?

Are any of them operational, accept credit cards?

[ItsAllGood]

A couple of them have collateral. A few of them have cc income coming in. (under $5K) They are all over the place with everything but their crappy credit scores.

Do they have "skin in the game" Own real estate, stocks , etc?

Are any of them operational, accept credit cards?

[abfunders]

Then you should monetize them all with credit repair.

I work with a white-label solution that you can turn your trash into gold. They probably won't ever qualify for 0 APR credit cards startup funding that we do over here, but at least you can make money. If you pitch them the 0 APR credit card game, and say, "But you need a 680+, would you like us to help with that?" - we have a solution. You gotta be compliant and not promise, but we can help you learn the ropes.

You upsell from $300 for 100% outsourcing, I'd recommend a one-time payment of $595-$695. And I can help you with a system that you can use to create a check by phone.

[ItsAllGood]

Thanks abfunders. I am already partnered with a credit repair company with a white label solution. I was just hoping maybe to find someone who would work with the folks in the mid 600s.

Then you should monetize them all with credit repair.

I work with a white-label solution that you can turn your trash into gold. They probably won't ever qualify for 0 APR credit cards startup funding that we do over here, but at least you can make money. If you pitch them the 0 APR credit card game, and say, "But you need a 680+, would you like us to help with that?" - we have a solution. You gotta be compliant and not promise, but we can help you learn the ropes.

You upsell from $300 for 100% outsourcing, I'd recommend a one-time payment of $595-$695. And I can help you with a system that you can use to create a check by phone.

[abfunders]

Thanks abfunders. I am already partnered with a credit repair company with a white label solution. I was just hoping maybe to find someone who would work with the folks in the mid 600s.

How much are you making per file?

[ItsAllGood]

Between $200 and $400 - depending on how long they stay and how many derogatory items they have.

How much are you making per file?

[abfunders]

Between $200 and $400 - depending on how long they stay and how many derogatory items they have.

I can probably beat that and increase your volume. Email me, let's have a real conversation that's not over social media.

[mcaguru]

Will FUND 10 weeks in business...We actually like the beginning phase...

[LoanMe]

Hi All,

I am new here. A friend told me I might find some help in this forum. In the last week, I have gotten at least 50 applications from startups looking for funding. The majority have credit scores in the 500s, but there are a few standouts who are in the mid to upper 600s. Is there anywhere I can find funding for these leads?

Thanks muchly!

This would depend on your definition of start-up. Some define as pre-revenue, some define as less than a year in business.

Here at LoanMe we can work with businesses with revenue coming in as young as 90 days old.

[Jason Sterling]

Unopened new business we will fund $5,000-$20,000 but the funds must be used for some sort of equipment and we need to pay the 3rd party direct. Must have revenue projections of at least $10,000/month in CC sales. Funds get released once the merchant completes two batches with Sterling Payment.
New business open less than 90 days we will fund $5,000-$20,000 directly to the merchant. Must convert processing to Sterling Payment. Must be averaging at least $6,500/month in CC sales. Contact me for more info

[ItsAllGood]

Emailing you now Jason. I do have a couple that are looking to buy equipment. What are your credit score requirements?

Unopened new business we will fund $5,000-$20,000 but the funds must be used for some sort of equipment and we need to pay the 3rd party direct. Must have revenue projections of at least $10,000/month in CC sales. Funds get released once the merchant completes two batches with Sterling Payment.
New business open less than 90 days we will fund $5,000-$20,000 directly to the merchant. Must convert processing to Sterling Payment. Must be averaging at least $6,500/month in CC sales. Contact me for more info

[ryan $]

This would depend on your definition of start-up. Some define as pre-revenue, some define as less than a year in business.

Here at LoanMe we can work with businesses with revenue coming in as young as 90 days old.

LoanMe is pissing me off. There is no Underwriting. It is a quick Glance at a file, and that's it. Denied because of 3 outstanding MCA Balances? All paid off 2 weeks ago.....If you would ASK or request 0 Balance Letter - Or see Merchant being REFUNDED slightly after ACH pulls stopped.... ITS COMMON SENSE.

Youll approve a merchant doing 8k a month, trucking, 508 Credit, Neg Days....for 30,000
Then a Merchant with 3 Balances Totaling 27k (all at tail end - which he wants $ from you to pay off) with 610 credit, doing 120-190k a month - you wont approve him for your "MAX" 67,500.

It makes no sense, I have been in this industry for a while and like your program, its easy, its expensive as hell but merchants like it - but you almost have no Guidlines for which I can use to pre qualify the deal, I think its a slam dunk you decline - I think its a long shot and you approve for 10x what i thought - IT MAKES NO SENSE

It would just be easier on everyone if you provided comprehensive list of WTF you take into account when providing approvals. Ohhhhh and don't get me started on the Approval to Funding Ratio - Your worse than Principis - AND THATS NO EASY FEAT

Annnndddddd.... perhaps a little communication to Broker - we can either wait an eternety for your lazy reps to chase paperwork @ the rate of 1 call every week and a lame ass message if no answer (and thats it no trying again) its like loanme reps have NO HUSTLE at all. Let us get docs.....because it seems if the merchant isnt like yes yes yes loanme i love you i want money yesterday..... then there is no selling happening, you pretty much have waitresses and order takers , not sellers.

[abfunders]

ryan $:

I'm with you with regards to ISO support. They just "decline," nobody to really follow up with.

However, the guidelines are pretty simple. They work on volume, and they do personal and business, so the "underwriting" is done with a machine, and they don't have to pay a massive staff, which keeps costs down, I'm sure. I think they even do TV advertising, but I don't own a TV, so I don't know, so they're really focused on the volume aspect.

Here's the process/calculation, from what my ISO rep told me, please correct me if I'm wrong:

Last 60 days, the computer checks the average balance of the bank account that exists (which means only one account, BTW)
(Soft) Credit score pull gets a score that puts them into a Tier
1:1 DSCR (Debt Service Cover Ratio) for the monthly withdrawal - If their account has an excess of $2500/month, they'll qualify for a monthly payment of $2500, which then you calculate the amortization backwards based on terms (they go out 120 months) to figure out the loan amount.
If they accept that amount and terms, there is a hard credit pull and money can hit the account within 4 hours.

[Jason Sterling]

[QUOTE=ItsAllGood;81040]Emailing you now Jason. I do have a couple that are looking to buy equipment. What are your credit score requirements?[/QUOTE
We have approved 480 scores it just depends on underwriting. Didn't receive an email from you yesterday.

[abfunders]

I was slightly wrong above, let me fix it now:

1) Hard Credit score pull gets a score that puts them into a Tier based on FICO and open trade lines (need to have mortgage, BTW)
2) Stated daily balance used to create an offer
3) Decision Logic of the last 90 days, the computer checks the average daily balance of the bank account that exists to verify vs the stated average balance.
4) 1:1 DSCR (Debt Service Cover Ratio) for the monthly withdrawal - If their account has an excess of $2500/month, they'll qualify for a monthly payment of $2500, which then you calculate the amortization backwards based on terms (they go out 120 months) to figure out the loan amount.
3)

Online contract signed. If approved by 1:30 PT, funds are wired out the same day.
Whole process can take less than 4 hours.

[LoanMe]

LoanMe is pissing me off. There is no Underwriting. It is a quick Glance at a file, and that's it. Denied because of 3 outstanding MCA Balances? All paid off 2 weeks ago.....If you would ASK or request 0 Balance Letter - Or see Merchant being REFUNDED slightly after ACH pulls stopped.... ITS COMMON SENSE.

Youll approve a merchant doing 8k a month, trucking, 508 Credit, Neg Days....for 30,000
Then a Merchant with 3 Balances Totaling 27k (all at tail end - which he wants $ from you to pay off) with 610 credit, doing 120-190k a month - you wont approve him for your "MAX" 67,500.

It makes no sense, I have been in this industry for a while and like your program, its easy, its expensive as hell but merchants like it - but you almost have no Guidlines for which I can use to pre qualify the deal, I think its a slam dunk you decline - I think its a long shot and you approve for 10x what i thought - IT MAKES NO SENSE

It would just be easier on everyone if you provided comprehensive list of WTF you take into account when providing approvals. Ohhhhh and don't get me started on the Approval to Funding Ratio - Your worse than Principis - AND THATS NO EASY FEAT

Annnndddddd.... perhaps a little communication to Broker - we can either wait an eternety for your lazy reps to chase paperwork @ the rate of 1 call every week and a lame ass message if no answer (and thats it no trying again) its like loanme reps have NO HUSTLE at all. Let us get docs.....because it seems if the merchant isnt like yes yes yes loanme i love you i want money yesterday..... then there is no selling happening, you pretty much have waitresses and order takers , not sellers.

Ryan, Its clear that your perception on what/how LoanMe looks at files may be misunderstood.

For example LoanMe changed how we underwrite in early 2017 to look at affordability vs. gross business deposits. A business doing $100k per month, but spends $99k per month is less attractive to us vs. the business doing $50k per month, and only spends $30k. We like the later. This change makes more sense for our standard long terms (2-10yr) monthly payment term loans.

LoanMe only looks at the last 90 days of transaction history. What we are looking at is affordability based on ending daily balance. As a general guideline we do not necessarily care how many positions a business has, as long as their transaction information shows they can safely afford our loan in addition to their current positions. The problem becomes (and I believe this to be the source of your current frustrations and misunderstanding) when a business received recent funding within those 90 days. This "Non-business" deposit has artificially inflated the next day(s) ending balances. There fore in a scenario where a borrower received funding within the last 90 day and paid all of them off; we would still need to adjust due to the average daily balances that were skewed by the funding deposit.

Given the above information this should help your Pre-approval to funding Ratios as it has for the many other partners LoanMe works with.

Please give us a call if you have any questions or would like to speak about your files specifics.

We can be reached at 949-535-7798 or by email business.loans@loanme.com

[LoanMe]

I was slightly wrong above, let me fix it now:

1) Hard Credit score pull gets a score that puts them into a Tier based on FICO and open trade lines (need to have mortgage, BTW)
2) Stated daily balance used to create an offer
3) Decision Logic of the last 90 days, the computer checks the average daily balance of the bank account that exists to verify vs the stated average balance.
4) 1:1 DSCR (Debt Service Cover Ratio) for the monthly withdrawal - If their account has an excess of $2500/month, they'll qualify for a monthly payment of $2500, which then you calculate the amortization backwards based on terms (they go out 120 months) to figure out the loan amount.
3)

Online contract signed. If approved by 1:30 PT, funds are wired out the same day.
Whole process can take less than 4 hours.

Micah, great speaking with you this morning. Seems as you have the basics down above. Thank you for sharing.

Slight correction on : 1) Hard Credit score pull gets a score that puts them into a Tier based on FICO and open trade lines (need to have mortgage, BTW)- NOT for all files

We were discussing your merchant you wanted to pitch the CA Premier Business Loan Product $76k-$250. This is the only product where they would need to have an open an active mortgage trade line. Our regular SBL product & Fixed payback product, $75k and below does not have this same minimum requirement.

As always feel free to reach out to us at 949-535-7798 or email us at business.loans@loanme.com

Thank you.

[abfunders]

Loanme, I love your product, I wish that I could offer it to more people in other states! Everyone who doesn't qualify has low balances, and everyone who does is in the wrong state!