[goatFunding]

Anyone do a LOC with a 580 fico?


TIA

[Olderguy]

I can do hard money if they have any real estate that's NOO (non-owner occupied). Why do they need a LOC?

Tell them to try local credit union if they are a home owner.

[closer129]

Anyone do a LOC with a 580 fico?


TIA

If it is a first position my program works sort of like a line of credit. When the merchant renews at 50% paid in we do not refinance the balance we just exteding the term out the payment stays the same and when they finish the old balance months later then they start paying on the new money. I have merchant been with me for over 5 years and paid a total of around 33-39% over several years. Or if they take less than they qualify for they can take money more frequently by as either readjusting the payment or doing side by sides depending on the situation at the times of funding.

Scott Platto
scott@tmrnow.com
tmrnow.com
212-220-9872

[goatFunding]

If it is a first position my program works sort of like a line of credit. When the merchant renews at 50% paid in we do not refinance the balance we just exteding the term out the payment stays the same and when they finish the old balance months later then they start paying on the new money. I have merchant been with me for over 5 years and paid a total of around 33-39% over several years. Or if they take less than they qualify for they can take money more frequently by as either readjusting the payment or doing side by sides depending on the situation at the times of funding.

Scott Platto
scott@tmrnow.com
tmrnow.com
212-220-9872

merchnat not looking for daily or weekly offers which I have him approved for currently.

[closer129]

merchnat not looking for daily or weekly offers which I have him approved for currently.

With his credit score he has no other options. The offers you have him with refinance the merchants balance on renewals and we do not.

[FunYouMan]

Anyone do a LOC with a 580 fico?


TIA

Yes, but I need 10 days of payment history first 15k 1.75 10 days (Probabaly debit 14 payments just to be safe). Once thats paid, we'll release the LOC.

[ridextreme]

I had a merchant tell me he was told he would get a LOC if he first established a rapport with a small 100K MCA which he took and paid off the next day, then the broker stopped answering his calls.

[closer129]

I had a merchant tell me he was told he would get a LOC if he first established a rapport with a small 100K MCA which he took and paid off the next day, then the broker stopped answering his calls.

Al ot of brokers and or funders do that. This is what gives the industry a bad reputation.

[ridextreme]

Al ot of brokers and or funders do that. This is what gives the industry a bad reputation.

I know, I've been in the industry since 2007 and I can happily say I've never had to out right lie to get a deal funded. It's a very unscrupulous industry (on BOTH sides of the fence).

[closer129]

I know, I've been in the industry since 2007 and I can happily say I've never had to out right lie to get a deal funded. It's a very unscrupulous industry (on BOTH sides of the fence).

I came in 20212 and I was always nice and honest to my merchants This is why they still fund with me. Now that i am an ios rep i am honest and push good deals through for my brokers.

Don't forget merchants can be just as bad as well thou.

[Steven_O]

No one is going to approve an LOC for a 580 score. Anyone who says different is LYING straight up and down. Please don't get swindled in that BS lie these kids are peddling.