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Regular Contributor
honky
Posts: 160
Registered: ‎01-28-2012

Midwest Corporate Credit

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.

 

Starting Score: 580 2/03/12
Current Score: 810 EQ // 829 TU(Walmart)
Goal Score: Achieved!

Wallet: Citi Forward(13.5k), Ink plus(18k), CSP(13.5k), Freedom(6k), BoA123(13k), Alliant CU(5k), Walmart(2k), Kohls(1.4k), QuickSIlver(7.5k) Amex Simplycash Business(46.5k)
New Contributor
Project17
Posts: 137
Registered: ‎11-21-2012

Re: Midwest Corporate Credit

I believe I have heard of them and it wasn't good... Did they say they were going to get him this loan with out a PG?...if so it just doesn't work that way and won't happen.
Mega Contributor
Creditaddict
Posts: 18,951
Registered: ‎10-23-2007

Re: Midwest Corporate Credit

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.

Fico Scores: EQ 657 Cabelas, TU 653 Barclay, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Express $300
Over 30 Cards in between :smileytongue:
Regular Contributor
honky
Posts: 160
Registered: ‎01-28-2012

Re: Midwest Corporate Credit

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.

Starting Score: 580 2/03/12
Current Score: 810 EQ // 829 TU(Walmart)
Goal Score: Achieved!

Wallet: Citi Forward(13.5k), Ink plus(18k), CSP(13.5k), Freedom(6k), BoA123(13k), Alliant CU(5k), Walmart(2k), Kohls(1.4k), QuickSIlver(7.5k) Amex Simplycash Business(46.5k)
Mega Contributor
Creditaddict
Posts: 18,951
Registered: ‎10-23-2007

Re: Midwest Corporate Credit

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.... 

Fico Scores: EQ 657 Cabelas, TU 653 Barclay, EX 699 Wells (07-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Express $300
Over 30 Cards in between :smileytongue:
New Contributor
Project17
Posts: 137
Registered: ‎11-21-2012

Re: Midwest Corporate Credit

[ Edited ]
I will say it again you will not get a non PG loan for $50k+ those days are long gone its as simple as that.

I'm sure they won't guarantee anything.. I didn't look at the site but from how your explaining it they just try to match you with lenders all of which will require a PG for 90% of businesses out there. Trust me I have been doing this for awhile.

Just looked at the site and everything points to them requiring a PG because they said it doesn't report to personal and income verification may not be required.
Established Contributor
sccredit
Posts: 774
Registered: ‎09-14-2012

Re: Midwest Corporate Credit

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.

Mortgage $296k/$310k
Autos Loans $29k
Unsecured Lines $167.2k

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