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12-05-2021, 02:20 PM #1
- Join Date
- Dec 2015
- Posts
- 610
Merchant tries to use his cash advances as collateral for bank loan.
Merchant attempts to use his 3 current cash advances
as collateral to get a traditional bank loan.
In a face to face sit down with the bank manager, the business owner stated:
"If 3, unrelated and completely different financial companies had faith in me that I can pay 38%, 45%, and 58% interest for 7 months, 5 months, and 2 months, you have no reason to doubt I can pay you 5.6% for 3 years…
…I'm a little insulted that you don't believe me, and that you're not willing to get on the phone with my sales reps to verify my credibility".
The owner probably dodged a few bullets with the bank refusing to make those calls, and by a few, I mean machine gun fire, rapid burst.
For the full news story, see clipping posted on bulletin board in www.Dumbleads.com break room.
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12-05-2021, 03:19 PM #2
I am sure we could all write a book about all the crazy stories we hear....Like I want to get $500,000 loan. Ok...what is your average monthly deposits. $2,000 a month.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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