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03-06-2019, 02:39 PM #1
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1st position -500 credit score. Anybody that would do less in the 1.40 range or less?
Merchant is doing 40k in deposits. Healthy daily balances. no positions. Credit is shot. Thanks in advance!
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03-06-2019, 03:03 PM #2
Fox Business Funding
(347) 468-7528
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03-06-2019, 03:37 PM #3
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03-06-2019, 03:56 PM #4
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Don't forget to try Elevate. They generally come in at a 1.40
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03-06-2019, 04:12 PM #5
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03-06-2019, 04:19 PM #6
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Elevate doesn't check credit.
If they are in BK or have judgements or tax liens or have a criminal past, there are ways to find those without pulling credit.
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03-13-2019, 01:49 PM #7
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03-13-2019, 01:53 PM #8
We pay 6 points at a 1.399 on this type of file, feel free to reach out for an offer
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03-13-2019, 01:55 PM #9
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03-13-2019, 02:15 PM #10
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elevate - what is the benefit of not pulling credit? besides just avoding the large experian bill
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03-13-2019, 02:20 PM #11
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Pearl offers as low as a 1.28 buy rate for merchants with sub 500 FICO
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03-13-2019, 03:21 PM #12
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03-13-2019, 03:31 PM #13
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7 points is on the payback amount
And they have add-ons with a strict no-stacking policy. They add on the length of the term while keeping the payment the same.
On a first position, they'll beat Mantis EVERY time.
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03-13-2019, 03:54 PM #14
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Here's a file we worked on in the past
Elevate: $6,400.00, payback 1.41, $107.00, 84 payments. $200 setup fee, no other fees.
Mantis: $6250, 1.48, 71 days, $139 daily -> Probably a standard 5% minimum fee.
Elevate pays 7 points (on the payback) and they renew with 30% once they've seen 3 weeks paid back (paying 5 points). Renewals are 4.5% on the payback amount. And the renewals are NOT a stack.
In 3 weeks, merchant will get $1920. Total payout in 3 weeks? 6400*1.41*.07+1920*.05 = $727.68.
Extending the term 3 weeks, rather than stacking them endlessly.
Mantis @ 10 points pays $625.
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03-13-2019, 04:12 PM #15
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03-13-2019, 08:39 PM #16
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Just my opinion but I think Elevate's no-credit-pulling policy is the perfect example of why this industry exists. It's a creative way to provide alternative financing. They've carved out a niche and understand that there is a reason why an ISO would submit to them. No need to pull credit if they underwrite with the assumption that the owner's credit has some dings. As abfunders said, there are other ways of finding BKs, liens, judgements, etc.
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