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Get to know Equalizer Solutions
Equalizer Solutions "A Premier Consulting Services Company specializing in Commercial & Business Financing!" - would like to offer you the opportunity to find out how we can help you to get your clients 100% financing on their residential and commercial deals. With the recent fall in the Real Estate market, our product serves as a valuable tool. (Ask about our Affiliate Program)
1. We may be able to get your clients the down payment money they'll need to complete their purchase with your company!
2. We help Investors gain fast access to capital (No collateral required!)
3. We assist Business Owners with obtaining Seasonal and Permanent Working Capital Lines of Credit!
Find out how we can help grow your business...
Please take our on-line survey to have one of our Consultants contact you today!
Please click the link to take our survey: www.eqlzr.com/AffiliateSurvey.html
Understanding Unsecured Lending: www.eqlzr.com/UnsecuredProgram.html
Do you have an unsecured loan scenario?
What is unsecured lending, and how does it work?
What are the qualifying criteria?
Unsecured loans are loans offered by the bank that doesn't require the borrower to pledge any collateral. Unsecured loans are credit-driven loans that can be used as an all-purpose source of funds. Unsecured lines of credit are often used by Real Estate Investors for deposits on property. They are also often used by Homeowners and future Homeowners for down payments on their home. You only repay what you use!
The Qualifying Criteria
Minimum Credit Score of 640 ( 680+ preferred )
Scores below 680 (especially for personal lines) limits the amount the client is able to receive. A client with a 640 score may be able to get a personal line for $30,000 or less, but may still be eligible for a business line up to $1M.
Personal MAX = $150,000
Income Guidelines: Approx. 30% - 50% (Annual Income)
$200,000 - MAX = $100,000
$150,000 - MAX = $70,000
$100,000 - MAX = $60,000
Below $100,000 - MAX = up to $60,000
Business MAX = $1M
Income Guidelines: Approx. 40% - 60% (Gross Annual Revenue)
For $1M LOC - Annual Income needs to be $1.68M or higher
$500,000 - MAX = $300,000
$200,000 - MAX = $120,000
DTI's over 35% may limit the amount the client qualifies for, and may even be the cause of a denial.
The terms are usually between 36 - 72 months.
Unsecured loans are not 100%-Stated. After gaining a pre-approval, income must be verified by tax returns. This verification determines the amount that will be funded.
The interest rates normally start at PRIME and can be as high as 22% (depending on the credit score and history of the client) (Normally PRIME - PRIME+3 for business) This is a very risky loan for the banks, and therefore any bumps in the client's credit history can and will cause the interest to rise to the level of credit card rates. The loan or line is not tied to any property (no collateral)!
The line is given according to the credit score, credit history, DTI, annual income and truthfulness on the application. The client must first, pass the credit scoring criteria, and then successfully complete a telephone interview with the Credit Analyst that their file has been assigned to. The information on the application must be verifiable!
These are the most accurate guidelines given by the banks and financial advisors who specialize in the unsecured lending industry.