[Sean Cash]

Figure was promoting this earlier today. "Your merchants can tap their home equity for up to $400K in cash" specifically aimed at small business loan brokers: https://www.figure.com/partner/smb-broker/

[Olderguy]

HFS Financial had a similar program.
You had to get home rehab invoices
The lender would call the contractors to confirm the invoices were real.
You got the loan to cover each invoice.
There was NO lien put on the property.
You made payment on each invoice monthly to the lender 15 years at 8.99%

It wasn't a Heloc though...you got the cash for the invoices and could use the cash for anything once you got it.

The advertising is deceptive if that's the program.

A real Heloc will require title search and broker needs to be licensed in the state.
That maybe the case here but it isn't clear.

You can check the nmls and it does say licensed.

You still need title search and some states are attorney states.
And valuation unless they use AVM

[Incbiz440]

HFS Financial had a similar program.
You had to get home rehab invoices
The lender would call the contractors to confirm the invoices were real.
You got the loan to cover each invoice.
There was NO lien put on the property.
You made payment on each invoice monthly to the lender 15 years at 8.99%

It wasn't a Heloc though...you got the cash for the invoices and could use the cash for anything once you got it.

The advertising is deceptive if that's the program.

A real Heloc will require title search and broker needs to be licensed in the state.
That maybe the case here but it isn't clear.

You can check the nmls and it does say licensed.

You still need title search and some states are attorney states.
And valuation unless they use AVM

They lean on the business use states, at least when pitching to business financing brokers. At least in my conversation with them. They also require volume for commission although don't prevent outside fee agreements directly with clients. Didn't catch how they do appraisals in my notes.

Per the link above: "For the Figure Home Equity Line, approval may be granted in five minutes but is ultimately subject to verification of income and employment. Five business day funding timeline assumes closing the loan with our remote online notary, and where loan amounts are under $400,000 which would not require an appraisal."

[Incbiz440]

Figure was promoting this earlier today. "Your merchants can tap their home equity for up to $400K in cash" specifically aimed at small business loan brokers: https://www.figure.com/partner/smb-broker/

One thing I ran into that I would consider a major barrier is that they require properties to be held personally or in a trust. Fine for leveraging equity in a primary residence but cuts out so many residential investors.

[Olderguy]

I called them and was on hold 10 minutes...they required you to enter your birthdate to go into the queue. That is really suspicious. They could not answer any of my questions at all. All bullshiet non response responses. "The systems does it" is not an acceptable answer. Nothing here anything that would benefit anyone on this forum. Could not explain valuation or title information.

[abfunders]

Re: Appraisal
https://www.figure.com/blog/do-i-nee...l-for-a-heloc/

[Olderguy]

Re: Appraisal
https://www.figure.com/blog/do-i-nee...l-for-a-heloc/

Interesting you found that...they could not say anything over the phone. I asked them if it was AVM or desktop valuation - they couldn't say. I wouldn't trust any company where the information is on their web site but the people on the phone no nothing about guidelines, process and broker program.

[Sean Cash]

Interesting you found that...they could not say anything over the phone. I asked them if it was AVM or desktop valuation - they couldn't say. I wouldn't trust any company where the information is on their web site but the people on the phone no nothing about guidelines, process and broker program.

The company has funded $15B and is private labeled for 17 originators and 95 broker partners. Was also co-founded by Mike Cagney (founder of SoFi)

[Olderguy]

The company has funded $15B and is private labeled for 17 originators and 95 broker partners. Was also co-founded by Mike Cagney (founder of SoFi)

Maybe so but their phone people are poorly trained and have no product knowledge.

[DonMcGrath]

Maybe so but their phone people are poorly trained and have no product knowledge.

I've found that most customer service people know little to minimal about the product their company sells. It's at the point where many times I don't bother calling support because I've modified their tool to the point where they're like...., dude...I didn't know you could do that...

[etci]

Origination fee of "up to" 4.99%. Fine print has a lot of information. Nor necessarily a bad product for some so I won't knock it but since it is a HELOC I personally would rather us a credit union for a lower overall rate.

[b2bfunding]

I use figure all of the time. But you do need to be NMLS licensed.

They have a good product, but not the best use for all cases.

[RichardScholtz]

I used FIGURE all the time on 1-4family residental thru a different lender por6tal---YES THEY DO NEED NMLS --- but this is a Business purpose HELOC so talked to FIGURE --they can do 34 states wih NO NMLS LIcensing - and scores dfown to 640 --This is a UNIQUE NICHEand a huge opportunity ---but they are backlogged on onboarding

I reached them at '[email protected]' Talked to a MATT -646-801-0777

They use a AVM for immediate valuation --Then PLAID link to bank acct to immediately verfiy income and then send a EMAIL ofe to client for ESIGN --my lastone closed in 7 days- 300K to Amazon Manager here in S4eattle

[AFGFUNDINGLLC]

@Sean, do you have a direct contact at Figure??

[Sean Cash]

@Sean, do you have a direct contact at Figure??

yes. email me at [email protected] and I'll make an intro for you if you want.

[Equity One Solutions]

yes. email me at [email protected] and I'll make an intro for you if you want.

Hey @sean, I have a ton of clients that fit their box. I would love an intro if possible.

[Sean Cash]

cool, email me or dm me your email and I'll connect you

[pjfunds]

Hey @sean would love an intro if possible as well, thank you

[Sean Cash]

By the way I've actually had a number of people reach out to me about a possible intro to the appropriate party at Figure because of this Thread and the offer still stands. If you're looking to sign up for the HELOC referral program I can put you in touch with them. I don't get anything out of it personally. Just happy to make the connection.