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11 Replies Last post: Jun 4, 2009 6:40 PM by trivestors

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Some guidance requested please

Jun 4, 2009 5:22 PM

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nconnor 3 posts since
Jun 4, 2009

I have been doing my due diligence in researching several companies I am thinking of using to get some business financing. The most appealing company is one called Initial Underwriting Group because they guarantee financing with no personal guarantee(is this even possible?). My question is how can they guarantee financing when they know nothing about my company or the financial status of my company? They ask for documents that make no sense. Why do they need a quote for equipment when I'm not purchasing equipment? Maybe it is my inexperience speaking here but this doesn't make sense to me.

If someone could maybe guide me a little here I really feel overwhelmed but I want to make an informed decision.

All in all I need financing for the expansion of my business. I am trying to purchase a new building so some of the cost would go towards renovations the rest would be for payroll and product.

Any guidance that can be offered would be helpful.

I guess what I'm really asking is am I being scammed?

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trivestors 15 posts since
Jun 4, 2009

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1. Re: Some guidance requested please Jun 4, 2009 5:57 PM

exactly what documentation are they asking for?

Mark

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Mogul

Creditbuilder 134 posts since
Jan 17, 2009

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2. Re: Some guidance requested please Jun 4, 2009 6:43 PM

no pg is possible, at least with us, if you have at least a 2 yr old corp, a dnb profile with a paydex score of 80 and at least 15k reporting into your dnb profile. regardless, as long as they DONT charge you money upfront, you should be okay.

I myself found that if i can move forward with the Grant money, i would, why get a loan if i dont need it? but for some people and you as well, grant may not be enough.

Good luck

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nconnor 3 posts since
Jun 4, 2009

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3. Re: Some guidance requested please Jun 4, 2009 6:14 PM

in response to: trivestors

There is an entire list of them actually
Articles of Incorporation, Tax ID letter, Business Plan, Projected Financials. Taxes, Confirmation of something with a company called D & B, my current inventory and quotes of equipment I don't need to buy

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Mogul

Creditbuilder 134 posts since
Jan 17, 2009

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4. Re: Some guidance requested please Jun 4, 2009 6:20 PM

I sent a reply, but it did not post.. as long as you dont have to pay them a fee upfront, i dont think it should be a problem

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trivestors 15 posts since
Jun 4, 2009

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5. Re: Some guidance requested please Jun 4, 2009 6:43 PM

in response to: nconnor

I believe that the equipment would be a security on the loan. Take for example if you are asking for a loan of 1,000,000 and the equiptment is worth 600,000 it helps them to determine the loan risk. It also probly determines loan to value. Did give you a percentage of the loan that they are willing to do? All of the rest of the documentation my investors ask for. The d & B is Dunn and Bradstreet. If you are incorperated your business has a Dunn And Bradstreet rating. This is like a business credit report. How much are you looking for?

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nconnor 3 posts since
Jun 4, 2009

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6. Re: Some guidance requested please Jun 4, 2009 6:22 PM

in response to: Creditbuilder

The upfront fee is $995 and then they want to charge me $180 a month

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Mogul

Creditbuilder 134 posts since
Jan 17, 2009

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7. Re: Some guidance requested please Jun 4, 2009 6:23 PM

then go to my profile and call me... I can do the same thing with no fee to you.

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Mogul

Creditbuilder 134 posts since
Jan 17, 2009

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8. Re: Some guidance requested please Jun 4, 2009 6:24 PM

or better yet, go to businessformationgroup.com/grants and instead of filling out grant info, just request someone to call you... and explain that to them.

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trivestors 15 posts since
Jun 4, 2009

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9. Re: Some guidance requested please Jun 4, 2009 6:43 PM

in response to: nconnor

The d&B is Dunn and Bradstreet. This is like a business credit report. The equiptment is probly there to help them determine loan to value.

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trivestors 15 posts since
Jun 4, 2009

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10. Re: Some guidance requested please Jun 4, 2009 6:37 PM

in response to: nconnor

I sent a Reply but did not post

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trivestors 15 posts since
Jun 4, 2009

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11. Re: Some guidance requested please Jun 4, 2009 6:44 PM

in response to: nconnor

Dunn and Bradstreet is a credit reporting for business. As for the equiptment it is probly to determine loan value.

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