Thread: No Doc Unsecure Lines Of Credit!!!

Unsecured loans or lines are much like a Heloc (Home Equity Line Of Credit).
Both offer the same competitive rates, both offer a check writing feature,
you only pay on what is drawn upon at simple interest and terms generally run at 5 and 7 years.
The main difference of course is that a Heloc is backed by your home as collateral and an Unsecured line is only backed by a business guarantee to repay with no collateral such as a mortgage, security instrument or other equity.
What are the benefits of an Unsecured Loan?
NO UCC FILINGS to hold up your transaction and to keep you business your own

In plain language, the Uniform Commercial Code allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

No Business Plans
Most banks that offer conventional and commercial financing want to know about every detail of your business and want to know how the funds will be utilized.
Great for business that are less than 2 years old!!!

The general rule of thumb is that if you are looking for working capital you MUST be in business for at least 2-3 years. However with this program, as long as you have been in business for at least one year you could qualify for a Full Doc or NO DOC( basically stated with no verification of income and no Tax Returns.
Faster turn times in getting Funded
Conventional funding can run as long as 2-3 months to get approved (IF you get approved)
Funding an unsecured loan generally takes anywhere from 7 to 10 business days depending upon the compexity of the loan.
How Much Can I Get?


No Doc Personal $10,000 to $75,000 Full Doc to $125,000


Full Doc Business --$10,000 to 1 Million in Business for 2 yrs min

No Doc to $350,000 2 yrs in Business
What Credit Requirements are Necessary?

Minimum Fico Requirement is 680+

Silver Lining Funding
Matheno Howell-Bey

I recently invested in the real estate and discovered how important role formal agreements and legalities play in it. I never expected it to be such a tedious task. Contracts seemed to me pretty simple at the first glance but the whole procedure got a bit complicated later on. After getting done with groundwork of financing, settling down with an area of investment, sending the letter of intent to the owner, etc I was all ready to put everything in a contract. Initially I thought I will be able to manage the whole procedure all by myself. But later I decided to take the help of some real estate consultant or attorney for it as it gets very difficult for first time buyers like us to deal with all the paperwork. . It’s very important that everything is covered without missing out on anything. As contract plays an important role in protecting huge amount valuables.
The title company whom I consulted ensured that there were no title problems. I spoke to my attorney about insurance to cover the title. The standard contract included various things like time of closing, length of due diligence period, who pays for surveys, what type of financing, and such, and then there are special stipulations. Special stipulations are agreements between the parties not written into the body of the contract or language added to strengthen and clarify what’s in the contract or what’s been verbally agreed upon, such as what is excluded or included with the property. What I have learnt from my experience is -Don’t rely on verbal agreements, make sure it’s written down and part of the contract.