Home Improvement Loans
Need a Funder or Vendor? START HERE

Results 1 to 10 of 10

Hybrid View

  1. #1
    Senior Member Reputation points: 72961 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,270

    So you are admitting fraud by claiming they are home improvement loans but can be used to pay off MCA's? How does that work? I can do Heloc on primary residences but need a 650 Fico.

    For Home Equity Fast Access
    Get (the following docs)

    1.Last mortgage statement (if owned free and clear then a snapshot of the deed)
    2.A recent (less than 7 days old) tri-merge credit report
    3.A Zillow.com home value estimate (just a snapshot will do)

    To go further (to make sure you are not wasting time):
    1.Make sure the client only has one or no liens (no second mortgage)
    2.Make sure the client’s name is on the mortgage or deed
    3.Make sure the client has at least a 650 credit score across all 3 bureaus
    4.Subtract the remaining balance on the mortgage from the Zillow estimate. If it is greater than 150K submit.

    If everything does not line up do not submit. If it does line up submit via e-mail to: steveprobiz@gmail.com – put your company name and the client’s name in the subject line and attach all the docs (1-3).

    On this file the owner will need a minimum 650 FICO
    Success based consulting fee is 10%, which withdrawn the day after the client gets the HELOC and is able to transfer funds from their personal account to the business account (we pull our fee from business accounts only)
    Max line will be $250,000
    APR will likely be between 12.9% to 14.9% (only on funds used)
    Funds are delivered on a bank credit card (Visais or Mastercard)
    2.5% charge to transfer money from the card to the bank account

    We need:

    Owners DL front and back
    The owner's last personal tax return
    a copy of the last mortgage statement
    a copy of the deed
    Last edited by Olderguy; 04-04-2024 at 10:11 AM.
    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.

  2. #2
    Quote Originally Posted by Olderguy View Post
    So you are admitting fraud by claiming they are home improvement loans but can be used to pay off MCA's? How does that work? I can do Heloc on primary residences but need a 650 Fico.

    For Home Equity Fast Access
    Get (the following docs)

    1.Last mortgage statement (if owned free and clear then a snapshot of the deed)
    2.A recent (less than 7 days old) tri-merge credit report
    3.A Zillow.com home value estimate (just a snapshot will do)

    To go further (to make sure you are not wasting time):
    1.Make sure the client only has one or no liens (no second mortgage)
    2.Make sure the client’s name is on the mortgage or deed
    3.Make sure the client has at least a 650 credit score across all 3 bureaus
    4.Subtract the remaining balance on the mortgage from the Zillow estimate. If it is greater than 150K submit.

    If everything does not line up do not submit. If it does line up submit via e-mail to: steveprobiz@gmail.com – put your company name and the client’s name in the subject line and attach all the docs (1-3).

    On this file the owner will need a minimum 650 FICO
    Success based consulting fee is 10%, which withdrawn the day after the client gets the HELOC and is able to transfer funds from their personal account to the business account (we pull our fee from business accounts only)
    Max line will be $250,000
    APR will likely be between 12.9% to 14.9% (only on funds used)
    Funds are delivered on a bank credit card (Visais or Mastercard)
    2.5% charge to transfer money from the card to the bank account

    We need:

    Owners DL front and back
    The owner's last personal tax return
    a copy of the last mortgage statement
    a copy of the deed
    When did I say that they could be used to payoff MCA's?

Similar Threads

  1. 2nd Look Process Improvement
    By Loanpro in forum Everything else
    Replies: 3
    Last Post: 01-10-2022, 04:09 PM
  2. Replies: 8
    Last Post: 03-08-2019, 01:08 PM
  3. MCA Underwriting, Credit Modeling & Process Improvement
    By Esteban2000 in forum Promotions
    Replies: 0
    Last Post: 06-05-2018, 03:33 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

LegalZoom partners w/ businessloans.com
iBusiness Funding acquires Funding Circle
Fintech Nexus is shutting down


DIRECTORY