My name is Thomas Dionne with The Funding Group. I want to talk here pretty quick like the micro machine, man, because I have three minutes, but I help all types of businesses get funding, I do a lot of real estate, flippers, but any type of business, we help get funding.
We don’t do just one type of funding. It’s my business to know every option out there. And please do not let the simplicity of these three things, the three ways to get funding, make you think that it’s got to be more complicated this.
When it comes down to it, I did the math on this, I mean, upwards of 99% of all deals getting done when people actually get money are happening in one of these threes ways. Outside of rich uncle Bob or grandma giving you money, one of these three things must happen to get money. I call it the three C’s. It’s you’re going to have one of these three things, good credit, good cash flow or good collateral, and I’ll go over them one at a time.
Credit is obvious. If you don’t have good credit, and you’re going to get in any type of venture, you need to get to the point where you can get good credit. I did credit repair for 10 years. I don’t do it now. But it’s not, you know, you need to have a plan to get out of it. But with credit, it’s the most common type.
This is unsecured lines of credit, credit cards, installment loans, any type of lending out there that just based on your personal guarantee. You can do stated income but verified income works better. It’s the safest type because it’s unsecured.
You can get 5k to 40k starting at a 600 score, but it gets harder and harder the lower you go. You can get 25k to 250k at a 680 score better. If you really want to get up in this range, you’re gonna be in the 700.
So bottom line is you have to have good credit, your base, you know, very rarely, it’s actually impossible anybody is going to get a $200,000 type line of credit. You’re gonna have to piece them together. There’s no other way around it. Just trust me.
Most people have bad credit and think this sucks. If you know anybody in your life, maybe they don’t have $100,000 to lend you, but if they have good credit, a lot of people use credit partners. And I tell everybody, there’s not a person in the world that can’t have good credit. If they just go one year without screwing up. No negatives and keep a few things positive and just have no negatives for one year, I dare you to come back to me without a 680 credit score because it’ll happen every time.
Cashflow funding is basically based if you have a business that’s already generating money, that’s an asset that people don’t realize. It’s based off the revenues. It’s not just merchant cash advances, if you know what that is. Those things are expensive.
I mean, we’re getting people down to 8% loans just based on the cash flow of their business. You know, you can go down to a 600 score, you can go less but it’s you know, like I tell people, it’s old school lending that underwriters do. They do stuff that makes sense. If your business looks like it’s going down in flames and you’re robbing Peter to pay Paul, more often it doesn’t matter if you meet the guidelines, it won’t work.
The best candidates really over 20 grand a month. They file their business and personal taxes separate, but that’s totally not necessary. If you’re taking losses on your taxes, that’s not as good as if you aren’t. But if you are there, you can still help.
Cash flow in business is basically a business that never goes in the negative. If you’re cash flowing, you’ve got a real good asset there that you need to think about turning into money if you want to expand.
This is the most rare of the three. If you own something free and clear, especially real estate, it can work and I mean I can help you with it. There’s almost no people lending in the second position. So if you if you own a home that you owe 100,000 on, it’s worth 300,000, getting those second position home equity line of credits is just like not happening. Nobody wants to take second position anymore.
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But those are basically the three options. I promise you that we don’t specialize in any one type of way. I look at a situation, I’ll tell you all your options. So if you want to know click the “Get Started” button below and just get a free quote. I promise you I don’t spam people or even care i mean i basically trying to get to people that need money.
If you need money, click the Click the “Get Started” button and fill out the form and I’ll tell you every option that you possibly have and you can stop wasting time running around in circles. I promise you it’ll be convincing. By the end of it you’ll know that I’m the type of person that if there was some other, if there was some magical bank on the hill somewhere, I’d find it. Click the link below learn all your options.
Transcribed by https://otter.ai