FUNDING
Our funding sources include bridge loans, credit cards, personal lines of credit, and corporate funding. For any of these sources--and because of the current banking crisis, we require the applicant's credit to meet the following criteria:
- FICO 800+.
- No negatives whatsoever.
- Inquiries--few or none.
- DTI 20% or less.
- Revolving lines at 35% or less.
- At least 5 primary tradelines 3 years or older in perfect standing.
It is MANDATORY that we get a current tri-merge report from you prior to submitting for funding. If you have negatives on your credit, our lawyers can clean it up and add positive tradelines first before your application is submitted, or we can set up a CPN for you to use if your score doesn't qualify.
Bridge loans generally fund $25,000-$50,000 in about 10 business days, depending on your credit. Bank loans for personal and corporate funds are currently averaging 45-60 business days. The fee for these latter forms of financing is 20% off the back, and the APR is generally prime plus 0-5 points.
Because of the current banking crisis, funds may come from several different sources to obtain the full amount you need. For bank funding, you will be required to go in to each bank and personally show your ID in order to pick up your check.
