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08-01-2016, 10:52 AM #1
- Join Date
- Jan 2015
- Location
- Laguna Beach
- Posts
- 463
No payment 6 mo loan...
LoanMe. No payments. Total due at the end of six months. This should be interesting...
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08-01-2016, 11:23 AM #2
- Join Date
- Sep 2014
- Posts
- 430
"Nobody can make you feel inferior without your consent." -Eleanor Roosevelt
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08-01-2016, 12:10 PM #3
- Join Date
- Jan 2014
- Posts
- 1,378
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08-01-2016, 11:31 AM #4
- Join Date
- Jan 2015
- Location
- Laguna Beach
- Posts
- 463
Just spoke w them about details. It's structured as a 1.33 advance. CA market only. Advance amounts to 50k (that's 50k repayment so only 33500 wired). 6 month term. Feels like 2005 all over again
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08-01-2016, 04:40 PM #5
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08-01-2016, 12:19 PM #6
- Join Date
- Dec 2013
- Posts
- 81
740+ credit score
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08-01-2016, 12:48 PM #7
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08-02-2016, 03:02 PM #8
- Join Date
- Nov 2014
- Posts
- 438
This product is designed for startups who already have their legal entities setup, but may not be earning a substantial amount of income. Having no payments for the 6 month term could be attractive to this type of business starting out.
Minimum requirements
FICO: 740+
Revenue requirements: None
Time In Business: None (must have a business bank account and LLC or Corp setup)
Other: Borrower must be a homeowner (open and active mortgage trade line)
Ownership percentage: 25% minimum
State: California Businesses Only at this time.
Loan Type: Blanket UCC filed on businessLast edited by LoanMe; 08-03-2016 at 05:43 PM.
LoanMe Business
949-535-7798
Email: Business.Loans@LoanMe.com
www.loanme.com/SBL-partner
1900 S State College Blvd. Suite 300
Anaheim, CA 92806
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08-02-2016, 04:04 PM #9
- Join Date
- Jan 2016
- Posts
- 435
So, what happens if after the 6 month period the borrower either does not have a substantial enough income to satisfy the debt or no income at all? Is the borrower just sent to collections or will you try and work with them to satisfy the obligation. Also, how do you determine the amount the amount that can be lent
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08-02-2016, 04:24 PM #10
- Join Date
- Jul 2015
- Posts
- 1,202
Sounds like a trap to catch terrorists.
If only California was that smart...
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08-03-2016, 08:42 AM #11
- Join Date
- Jan 2014
- Posts
- 1,378
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08-03-2016, 09:30 AM #12
- Join Date
- Jun 2015
- Location
- Gainesville, FL
- Posts
- 200
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08-02-2016, 03:43 PM #13
- Join Date
- Sep 2014
- Posts
- 430
How long has this product existed?
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08-02-2016, 03:53 PM #14
Unsecured start up loan....with no payments for 6 months?
Now I have truly seen it all
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08-02-2016, 04:01 PM #15John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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08-02-2016, 04:17 PM #16
- Join Date
- Sep 2015
- Location
- Miami, FL
- Posts
- 189
No payment 6 mo loan...
I can imagine the amount of startups that will start surfacing in the next few months!!! If they had this program in FL they would have been in big trouble!
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08-02-2016, 04:44 PM #17
Keep in mind guys, this is for 740+ FICO only and likely other variables (homeownership, etc).
Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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08-03-2016, 10:26 AM #18
- Join Date
- Sep 2015
- Location
- Miami, FL
- Posts
- 189
No payment 6 mo loan...
I can see clawbacks taking effect on this program 6 months later
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