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Hustler12
377 Posts |
 Posted - 03/27/2008 : 5:35:28 PM
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I have a company that is looking for $150k in a Unsecured BLOC. The corp has been around for 2yrs. The CFO has a 760 FICO. The problem is that we just got denied by Bank of the West for a open collection on Experian for $80 from '98. TU - 776, EQ - 760, Ex - 697
Who can do a BLOC for $150k based on the above? The collection has been paid, still waiting on the satifaction letter. However, we need this money by April 1st.
Please email me with your rate, fees, etc and MOST IMPORTANTLY how quickly you can get it done.
- business is not RE or Mort related - |
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dkendall1979
6911 Posts |
Posted - 03/27/2008 : 5:37:10 PM
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www.craigslist.org
I see a ton of BLOC postings on there every day. |
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Hustler12
377 Posts |
Posted - 03/27/2008 : 5:41:00 PM
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| That's the problem....I don't trust anyone on Craigslist. They all seem like they are a scam. |
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dkendall1979
6911 Posts |
Posted - 03/27/2008 : 5:43:09 PM
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They're local. Drive to their office and put the squeeze on em, Hustler.
quote:
Originally posted by Hustler12
That's the problem....I don't trust anyone on Craigslist. They all seem like they are a scam.
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mortgagemessiah
6667 Posts |
Posted - 03/27/2008 : 5:47:11 PM
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| It's not going to happen. Banks are running slow. |
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Hustler12
377 Posts |
Posted - 03/27/2008 : 5:48:01 PM
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| What's not going to happen? Getting a business loan? It seems like they meet the requirements. |
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mortgagemessiah
6667 Posts |
Posted - 03/27/2008 : 5:49:59 PM
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| They probably could meet the criteria but the banks aren't moving that fast. |
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dkendall1979
6911 Posts |
Posted - 03/27/2008 : 5:50:03 PM
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Timing isn't going to happen? Or this deal doesn't qual because of a collection?
Enlighten us Messiah.
quote:
Originally posted by mortgagemessiah
It's not going to happen. Banks are running slow.
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Hustler12
377 Posts |
Posted - 03/27/2008 : 5:50:54 PM
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| Does anyone have a contact? |
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mortgagemessiah
6667 Posts |
Posted - 03/27/2008 : 5:53:48 PM
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| Banks are running 2-3 weeks for underwriting and approvals. The paid collection from 1998 is not that big of a deal. There is something on there they didn't like and they are uing that as an excuse. I would bet it's because the business is only 2 years old. Normally they want 3 years or more. |
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isitfree
551 Posts |
Posted - 03/27/2008 : 5:54:26 PM
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quote:
Originally posted by Hustler12
The collection has been paid, still waiting on the satifaction letter.
The credit score will drop when it updates the paid status. |
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Hustler12
377 Posts |
Posted - 03/27/2008 : 5:54:38 PM
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| The only other thing i can think of is that he doesn't own any real estate. |
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Hustler12
377 Posts |
Posted - 03/27/2008 : 5:55:17 PM
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| The credit score will DROP???? |
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financeone
614 Posts |
Posted - 03/27/2008 : 5:55:28 PM
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I'd contact Steve Dibert he's out of Florida.
You've got two business days to make this happen....c'mon! |
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mortgagemessiah
6667 Posts |
Posted - 03/27/2008 : 5:57:00 PM
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quote:
Originally posted by Hustler12
The credit score will DROP????
The credit score will drop because the seasoning on the collection has now changed. However, this will be treated like a commercial loan and the bank is more inerested in credit history than score. |
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isitfree
551 Posts |
Posted - 03/27/2008 : 5:58:15 PM
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quote:
Originally posted by Hustler12
The credit score will DROP????
Yeah, if I read your post correctly it said it was a collection from 1998 and it was just paid.
When it reports to the bureau, it will update as paid but with a current date and the score will drop. |
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mortgagemessiah
6667 Posts |
Posted - 03/27/2008 : 5:58:24 PM
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| Even if it does drop it won't cause the score to drop under 700 |
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Hustler12
377 Posts |
Posted - 03/27/2008 : 5:59:19 PM
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| Well, I've got someone working on it and we are supposed to hear back on Monday. However, after getting turned down over something as small as a $80 collection reporting on 1 bureau, my confidence is lacking. |
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hherrm
1205 Posts |
Posted - 03/27/2008 : 6:01:32 PM
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| Why would he pay a collection from 1998? I thought that would come off after 7 years..no? |
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isitfree
551 Posts |
Posted - 03/27/2008 : 6:02:04 PM
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quote:
Originally posted by Hustler12
Well, I've got someone working on it and we are supposed to hear back on Monday. However, after getting turned down over something as small as a $80 collection reporting on 1 bureau, my confidence is lacking.
If it does drop the score, then have him call the collection agency and tell them he's going to dispute the collection and ask them not to respond. Then it will disappear. |
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Hustler12
377 Posts |
Posted - 03/27/2008 : 7:27:00 PM
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That's not a bad idea...
but, back to my BLOC, does anyone have a bank I can go thru? Even if it doesn't close on Tuesday, I was to hedge my bets on the guy I am using. |
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mortgagemessiah
6667 Posts |
Posted - 03/27/2008 : 7:30:16 PM
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| Where is the client located? |
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Hustler12
377 Posts |
Posted - 03/27/2008 : 7:38:11 PM
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| Orange County, CA |
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mortgagemessiah
6667 Posts |
Posted - 03/27/2008 : 7:41:08 PM
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| Email or IM me and I'll tell you. I don't want to post it on here. |
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