Why should I deal with a broker?
As a brokerage house, we have developed relationships with multiple lending sources. We have access to many different loan products and can get you the funding that is right for your company. When working with a broker, you have many more options.
How does your program work?
We have a short one page application. Just contact us by phone or email and we will be glad to fax or email it to you. Just complete it and return it along with 6 months of your most recent MC/Visa processing statements, your last bank statement and a copy of your driver's license. We will evaluate your company and refer you to a funding source who best suits your needs.
How much can I qualify for?
This is hard to answer, as each case is evaluated differently. Some variables that are considered are personal and business credit score, number of years in business, industry type and profit margins.
If you don't mind a ball-park figure, you can expect 100% - 150% of your average monthly Mastercard/Visa transactions.
I have been warned about working with a broker. Why shouldn't I just cut out the middleman?
There are many loan brokers that you should avoid. With the collapse of the sub-prime mortgage business, many of those Mortgage Brokers have entered into the Business Loan or Cash Advance industry, looking to make a fast buck. These brokers will sometimes disguise themselves as the actual lender and charge high closing costs or junk fees. You should certainly avoid these companies.
Alternative financing can be expensive enough. A good broker will never charge you junk fees.
You should, however, work with a broker. Many lenders work exclusively with brokers to keep their marketing costs down, enabling them to offer you the lowest rates.
We have developed a network of lenders who can provide you with the working capital you need, typically 50 - 80% cheaper than the average "Cash Advance" loan.
How much does it cost?
You will never be charged a Broker's Fee. We have programs starting as low as 8% on 6 to 12 month terms. There are many factors that come into play, such as credit score, time under same management and location.
Our loan products are typically 50% - 80% cheaper than the industry standard of 35 - 40% on a 6 month term.
How are the funds paid back?
It depends on the program that you are involved with. Most lenders set up some kind of automatic daily payment plan. This could be a small percentage of your daily credit card batch or a small debit from your business checking account. These methods of payment reduce the strain and burden on your company and lower the lender's default rates.