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  1. #1

    Asset Based (Paycheck) Leverage Request

    I have a professional basketball coach who makes roughly $450k a year and has scores of 633, 645, and 677. Experian, Equifax and Transunion. He has 4, 3, and 2 inquires in past 90 days. He is seeking to leverage his income to secure a term loan between $200k to $250k. He has no business. but can produce tax returns and paystubs to support his income

    No real estate or other collateral.

  2. #2
    Senior Member Reputation points: 14313
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    The only option you have is a personal loan based off his credit - the credit isn't 700+ so most likely won't get approved anywhere close to what you're looking for to be blunt. Hope that helps.

  3. #3
    Senior Member Reputation points: 216519
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    Brandon stole the words out my keyboard.

  4. #4
    Senior Member Reputation points: 14313
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    lol I respect the hustle but pipe dreams are still pipe dreams - pandemic or no pandemic - no meat no eat - tomato tohmahto

  5. #5
    Senior Member Reputation points: 23750
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    If no business with no business income = personal loan best options are Amex, Sofi, Marcus etc most go up to $50k unsecured personal loan.

    Only way he gets a line is with collateral, home, real estate, securities portfolio etc...

  6. #6
    Senior Member Reputation points: 8536
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    "Technically" a paycheck could be considered an asset but more often it is classified as a receivable. With him having no "No real estate or other collateral" it doesn't really sound like he has any assets to base the lending off other than his ability to work and earn money (which almost everyone has) which isn't going to secure capital.

    Here is a helpful link to get this deal done LOL: https://dave.com
    Last edited by getitfunded; 12-12-2020 at 07:16 PM.

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