04-22-2013 12:35 PM
Fiend of mine is going to be using them to start a house flipping bisuness. They basically just find a bank willing to give a LOC and help make sure everything is going through DUNS. Nothing is reported to personal credit and no personal backing is required. They do require you to get a monthly monitoring service and look over all your personal reports, but do not actually pull your credit.
Anyone ever hear of, or deal with them? Im trying to find out how reputable they are. They charge 8% flat fee on the LOC limit, which is steep, but I think may be well worth it if you do no have to personally guarantee.
04-24-2013 09:25 AM
8% is not steep for that kind of financing but what kind of money down?
I spoke with someone that links people up to "Cash" but min. 20% down and like a 10-12% and it's really designed to be short term and for like the $500k+ so really you have LOTS on the line but it would allow you to basically go into foreclosure with cash which around here in Southern Cali you are not even stepping on a front lawn of bank owned without cash. They don't care about Credit... but again with at least 20% down and payments right away, you are looking at probably $80k out of pocket and payments over $5k right away and you need to be in and out in under 90 or you are just getting crazy.
04-24-2013 02:42 PM
Thanks for the replies. Here is their website http://midwestcorporatecredit.com/
They said there is no pg and only required him to setup a self-pull so they could see it before hand. They wanted to see the ability to handle debts, etc. The amount is 50-75lk. They will not go higher and it is a loc, so he has to make withdrawls from it.
The 8% fee is up front and has to be paid before finalizing the loc.
04-24-2013 03:46 PM
I would love to know more and maybe not towards end of day when I'm getting tired and 2 hours behind on my afternoon coffee I would throw myself at the wolfs and try to figure it out more but reading it I don't see anything about no credit pull... I do see mention to credit that doesn't "Report to Personal Credit" and I see full dock and no dock which not sure completey means these days completely stated no verification, no what not.... and the minimum is $50k or they won't work with you.... well they will continue to work with you on how to get approved for the minimum and they will work with you through the prcoess which looks like up to month or so to get from pre-approved to approved and "Codnitions" which to me isn't paying 8% and boom here is your loan, that sounds like Midwest charges 8% to start the process towards getting you that loan? What if you don't get it?! Who is backing these things? it's not midwest.... Which sounds like that One Financilal I think it was called that I have posted about on here before and even the supposed CEO made a step in to make a comment against me but then would not make any further posts....
04-24-2013 05:37 PM - edited 04-24-2013 05:41 PM
05-01-2013 03:23 PM
From their website:
Depending on your credit status, Midwest Corporate Credit may pre-qualify you for $50,000-$250,000 in unsecured business credit. If you do not immediately qualify, our experts will coach you on increasing your personal and business credit worthiness, as well as provide reputable third party resources and servicers that can assist you in becoming a qualified candidate for our products.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO