I’ll call in the morning, she thought, grateful for the fact that it was past closing time for most businesses. ‘No’ might only have two letters in it, but carrying around a load of the little word was simply exhausting.
“Let me explain what we do,” Margaret Corbin of Corbin Funding said to Marilyn at the beginning of her appointment the next afternoon. “Some people don’t know all the details and find out they’re in the wrong place. First, we don’t officially use that negative–sounding bad credit designation—it makes everyone feel less than worthwhile. We deal in No Credit Check Loans.”
“Even the wealthiest of business people can end up in front of my desk—one billionaire whose name everyone knows has declared bankruptcy about five times, but we helped get him afloat again after the last time. If you have tax liens, a lot of debts that run your cash flow down, a slow payment history, things like that, we can try to help you. But we need to know all the details—the past needs to be in the past and cleared up so it won’t put a hitch in what we’re trying to do now.”
“We offer our clients a range of services to aid them in their business deals that conventional lenders cannot due to their stricter rules. Some loans have no FICO score requirement or a minimum credit score. Terms can be up to 30 years. Loan-to-value funding can be up to 75 percent. A debt consolidation loan, hard to manage when you really need it, is easier for us.’ A smile. “We bad credit commercial mortgage lenders do have a few things going for us.”
Ms. Corbin added in addition to these things, less documentation was required for the application and the application process itself was much less complicated. “And you don’t have to wait and wait and wait,” she added, much to Marilyn’s relief. “We get our approvals in a short period of time and closing can be done quickly, too.”
Marilyn took a deep breath and steeled herself for the answer to her next question. “It sounds good, so tell me the part most of your applicants don’t like.”
Again the smile. “Basically my company takes a big risk with the people it serves—bad luck seems to follow some of them and bad credit follows everyone. In order to see that I don’t end up on your side of the desk, I need some insurance. Our interest rates are much higher than conventional lenders, like banks and mortgage firms. Some clients have to attach their business credit to their personal credit—guaranteeing the loan is what it’s called. You’re more inclined to work harder to make payments if washing out is going to hit your personal credit, too.”
Armed with information on where to check on the Internet for detailed answers and Margaret Corbin’s advice to “Check out my competition—we all get along pretty well.”, Marilyn headed for home, planning to talk to friends who were in the business. Her intuition was telling her that a bad credit commercial lender–ah, no credit check lender--might just be exactly what she needed. That beachfront hotel property was looking better than ever.
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com
Dennis Dahlberg Broker/RI/CEO
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
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