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09-02-2017, 11:14 AM #1
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,903
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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09-02-2017, 01:06 PM #2
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
He's hiding because it cannot possibly be true.. No lender will lend up to 8M based solely on bank statements. How do they collect if the loan goes sideways.
Simply a marketing tool..
Break it down further: the folks that blog here understand factor rates. A 1.10 for 12 months is very hard to secure for clients. The APR conversion for 1.1 over 12 is 18% APR. Since this company is claiming to do 7.25% APR, that means the 'bank statement underwriting' would effectively be offering a 1.04- or making $4000 on 100k deal- without collateral..
There have been countless Fintech Lenders and MCA Funders charging A LOT more than that to clients- that have had a hard time making money/staying in business.
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