Are you ready to Turbocharge your business? Are you ready to expedite business funding? Are you ready to Supercharge your credit? Calls every day that can help propel you forward. FREE CREDIT REPAIR UPON ENTRY! Join us in the “Inner Circle”. Get on the fast track to business funding. Let’s Get Funded! https://www.skool.com/100k/about?ref=388020e1932a41bc89d72f691110f1ec

Full those seeking business funding, there are basically three major types of lenders. Collateral-based, revenue-based, and credit-based. Let’s review their differences and some lending criteria for each. This is meant to be a cursory review not an in-depth overview. Choosing the right type of funding is critical. Collateral-Based Also known as asset-based lending. This refers to valuable assets owned by the borrower that are used as security for the loan. Common examples include real estate (like mortgage notes), equipment, inventory, and accounts receivable. Secured loans offer the best rates as the risk is obviously lower than unsecured loans. The collateral itself has intrinsic value. Some little-known uncommon examples of asset-based lending are appraised artwork, appraised coins & card collections, and exotic cars. Lenders will provide a portion (they determine risk) of the value of the asset as a secured loan. Meaning if you have an exotic car worth $300,000, you will not be offered a $300,000 loan. You will receive a portion of its value in the form of a loan determined by the lender. For the uncommon examples the collateral is often held in a secured facility until the loan has been repaid fully. Revenue-Based Revenue-based lenders provide funding to companies in exchange for a percentage of their future revenue. This means the repayment amount (usually daily or weekly) may fluctuate with the borrower's sales, making it a flexible option for businesses, especially those with fluctuating revenue streams. But today, many revenue lenders offer fixed based amortized loans as well. Generally speaking, you don’t need good personal credit (500+). Your credit lines are based solely on revenue. Less than $15,000 per month revenue usually generates offers of 25%-75% of your average monthly revenue as a short-term loan (4-months to 12-months). $15,000 per month revenue or more usually generates offers of 100%-200% of your average monthly revenue as a short-term loan (4-months to 12-months). Some lenders require as little as 4-months in business. Revenue-based loans use factor rates (1.18-1.65), not interest rates.

To make it easier for the credit card issuer to raise your current credit limits, use this technique. Start using your targeted credit card (or cards) and run it up near the limit (75%). Buy all your life necessities and monthly obligations on your credit card when possible. All the stuff you were going to pay with cash, debit card, or check anyway. Pay the card off at the end of the month. Better yet, make two payments if you can each month 2-weeks apart. This helps with reporting lower usage when calculating your credit score. Do this for 2-3 months before asking for a credit line increase. This also is a great way to earn additional points or cash-back on things you were going to pay by cash, debit card, or check anyway. Make it easy for the credit card issuer to say YES to your request for a credit line increase

Are you ready to expedite business funding? Are you ready to Supercharge your credit? Calls every day that can help propel you forward. FREE CREDIT REPAIR UPON ENTRY! Join us in the “Inner Circle”. Get on the fast track to business funding. Let’s Get Funded! https://www.skool.com/100k/about?ref=388020e1932a41bc89d72f691110f1ec

The FICO score is used by 90% of all lenders. Currently, less than 10% of lenders use VantageScore. Do you know how scores are “weighted”? I know this is basic information, but I still speak with capital seekers that don’t know the difference between a FICO score and a VantageScore. They can’t tell me what their credit monitoring company uses. Some believe their scores are static, not ever changing. Some don’t know there are different versions of credit scores being used. Often, they are unaware you have different scoring models depending on what type of loan or line of credit you are applying for. Attached you’ll see the basic makeup of a FICO score and a VantageScore. Notice the "weighted" difference between credit utilization between FICO and VantageScore.