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Nexus Advantage Services is a loan acquisition firm based out of Clearwater, Florida which is interested in the purchase of private real estate mortgage notes and land deeds nationwide. We realize that selling your mortgage note can be one of the most important financial decisions you make and are committed to providing you the best possible service.
Blog Added: September 04, 2016 11:38:20 PM
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6 Tips When Your Business Loan Is Denied

Your business loan application was denied. You invested time in the loan process because your business really needed the additional capital. Relax, it´s not fatal and there are steps you can take to move forward as noted below. 1. First Things First. Why Were You Denied? Ask the lender why your small business loan application was denied. The lender is required by law to inform you as to the reasons… The post 6 Tips When Your Business Loan Is Denied appeared first on Nexus...

negotiating

Your business loan application was denied. You invested time in the loan process because your business really needed the additional capital. Relax, it´s not fatal and there are steps you can take to move forward as noted below.

1. First Things First. Why Were You Denied?

Ask the lender why your small business loan application was denied. The lender is required by law to inform you as to the reasons that the loan was denied. It may be simply a matter that your business does NOT satisfy the basic requirements of the type of loan. For example, the lender may require that a business has a minimum number of years of operating history and your business is just too new to qualify. Your business may simply need to wait until all requirements are met for the lender to approve your loan application.

2. Improve Your Business Credit Score

A lender will evaluate your business credit history to determine whether to approve a loan application. (This is in addition to review of your personal FICO score.) The payment history of your business and bank financial statements will be used by the lender to determine the creditworthiness of your business. If you use personal credit cards as part of your business activities, you should avoid this by applying for business credit cards. These types of credit cards will help contribute to your business credit history.

3. Look For Another Lender

There are all types of business lenders: traditional banks, alternative lenders and private lenders. Each type of lender has their own loan requirements and market focus. Traditional banks are the least flexible, assumes lower financial risk and normally offer the lowest loan cost. Alternative lenders and private lenders are more flexible, assume higher risks and offer more costly business loans. If your business is small or has limited operating history, an alternative lender likely offers loan products better suited to you business profile and more likely to approve your loan application.

4. Was It The Right Financial Product?

An alternative financial lender offers a variety of product offerings that may better fit your business capital needs. Perhaps instead of receiving a lump sum of capital via a traditional term loan, your business can qualify for a smaller business line of credit, since the terms are shorter in duration. If your business accepts credit card payments, your business can qualify for a Merchant Cash Advance, where the payment terms vary with monthly credit card sales and are not fixed.

5. Apply for a SBA Loan

The U.S. Small Business Association offers programs to help startup businesses obtain funding through commercial banks by acting as a guarantor on SBA loans. Your business credit score will still be a factor in qualifying for a SBA loan, so it is always important to have a good financial history.

6. Knock On An Angel Investor Door

If your business is not able to get funding from a traditional or non traditional financial lender, you can seek capital from business and personal contacts. Since they know you and are likely to trust you, they may be open to investing in your business when other are reluctant to do so. It never hurts to knock on the door and ask!

Conclusion

The steps a business owner should take once a loan is denied are presented. The business owner should determine why the loan was denied. The business owner should consider alternative financial products and types of lenders. The business operating history, payment and credit score will affect the approval process for all types of financial products.

Please call us at (888) 213-3383 to help review which financial product best serves your business needs or Contact Us via Email.

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Applying For A Small Business Loan

Guide to Applying for a Business Loan Ready to apply for a small business loan? Great. Now you need to fill out forms to get the approval… Follow the following steps to get the you best chance of approval of the business loan as noted below. 1. Start By Asking Yourself, Why? Are you planning to expand your business? Does your business need additional cash flow to support future growth… The post Applying For A Small Business Loan appeared first on Nexus...

process_steps

Guide to Applying for a Business Loan

Ready to apply for a small business loan? Great. Now you need to fill out forms to get the approval…

Follow the following steps to get the you best chance of approval of the business loan as noted below.

1. Start By Asking Yourself, Why?

Are you planning to expand your business? Does your business need additional cash flow to support future growth or to pay off debts? You should determine why, how much and your plan on using the additional capital. This will be helpful to the financial lender in their decision process.

Will your business be able to support the additional loan debt (i.e., pay back the loan). Timing is everything in life. If your business is performing well, the more likely approval of the business loan.

There are a variety of lenders and financial options available to small businesses. Do your due diligence and compare the offers before you apply.

Financial lenders have special qualifications or restrictions for a variety of industries due to risk evaluation. For example, construction, online, wagering, non-profits have restrictions or additional documentation requirements. Check your business industry classification before investing considerable time.

2. Organize Your Business and Personal Information

Every financial lenders requirements are different, but there is basic information that all will require to approve your small business loan.

Start with a clear description of your business plan and how you intended to use the small business loan funds together with a plan of repayment of the debt.

You should have available information related to your business: inception date, profits, losses, assets, outstanding debts, customer profiles and references, etc. Also, you should have available your business licenses, permits, articles of incorporation, tax filings, etc.

A personal profile of you as the owner and partners will be of interest to the financial lender. This will include: background section, personal credit report, criminal record, previous legal names, previous addresses, bankruptcies and likely more.

3. Prepare Your Business Financial Documents

The financial lender will require financial documents such as accounts receivables, balance sheets, bank statements, multiple time-span profits and loss statements, and tax returns. You should have your accountant help you with this.

Also your personal and business’s credit scores will be of interest to the lender. (They want to know if they are going to have problems getting their loan paid back.) If your business credit score is less than 600, this may raise a concern with the financial lender. This will affect the the terms and conditions surrounding your final loan offer.

Have your accountant prepare your business debt schedule. This document outlines all outstanding debts, credit amounts, monthly payments, etc.

If your business rents its location, you should have available documentation from the owner as to your tenant status, rental payment history and lease agreement during the loan period.

4. Fill Out the Small Business Application

An organized, well packaged application will speed up the review process and create a positive impression with the financial lender. Have your accountant or business partner review the application package before sending to the lender.

Alternatively many lenders now require that you fill out an online form, provided addtional support documents as attachments. This allows more structure and streamlines the lend process.

Regardless, you need to be transparent and honest about your business and personal information submitted. Lenders want to provide capital businesses. That´s their business. Don´t give the lender any reason to doubt you or they will reject you out of hand.

Conclusion

The steps for applying for a small business loan are presented. The business owner should determine why a small business loan is needed, how it will be used, and how it will be repaid to the lender. Both business and personal information, along with business financial statements, will be needed for the loan application. The business owner should be transparent in the information provided to ensure the trust of the financial lender and loan approval.

Please call us at (888) 213-3383 to help review which financial product best serves your business needs or Contact Us via Email.

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The post Applying For A Small Business Loan appeared first on Nexus Financial.



Merchant Cash Advance In Retail

Merchant Cash Advance Retail Financing Uses Merchant Cash Advance (MCA) retail financing can offer your business a variety of benefits to be more successful. To stay competitive in the retail industry, it is important to continuously improve your business, which often requires additional short or long term capital investment. Your business improvements will likely include new technology, marketing, inventory, personnel and business practices. With merchant cash advance financing, your...

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Merchant Cash Advance Retail Financing Uses

Merchant Cash Advance (MCA) retail financing can offer your business a variety of benefits to be more successful. To stay competitive in the retail industry, it is important to continuously improve your business, which often requires additional short or long term capital investment. Your business improvements will likely include new technology, marketing, inventory, personnel and business practices.

With merchant cash advance financing, your business receives a lump sum of capital while the financial lender receives a percentage of your business´ future credit card sales. Instead of a traditional small business loan, where there is a fixed interest rate and loan period, your business financing cost will vary based on your daily credit card sales. Generally the requirements for a retail business to qualify for a merchant cash advance are easier than other financial options, with the added benefit of having access to the capital in a short period of time. Since a retail business normally accepts credit cards, your business can likely qualify for merchant cash advance financing.

There are a variety of ways your retail business can take advantage of a merchant cash advance as noted below.

Modernize Your Technology

Technology is always advancing, particularly in the retail industry. It often can can be expensive, but it can be valuable to your retail business. Retail technology can include point-of-sale (POS) systems, mobile apps, electronic progressive payment services. And don´t forget the Internet! Many of your future customers may first look to the Internet to find your type of retail business. As with any investment, as a business owner you will need to evaluate the investment versus potential value and return..

Inventory Management

A retail business always has some type of inventory on hand. Often this is seasonal and constantly in movement. Your customers visit your store in search of a specific item and if not available, will either defer the purchase at that moment or go visit your competition. Due to a mismatch of inventory, you may have lost that customer and their future sales. To avoid this, be sure that your business inventory is well stocked, particularly with popular or seasonal items that fly off the shelves. The payment terms with your inventory suppliers may limit your future inventory purchases. Your retail business can use merchant cash advance financing to “pre-purchase” seasonal inventory, with future higher credit card sales quickly paying back the additional capital to your business.

Personnel Expenses

Your retail business is open to the public. Your business needs experienced employees who can sell merchandise, provide customer service, and maintain your store’s appearance. If your business does not have the right amount of employees, properly trained, the quality of your business will likely suffer. If there is the need to add additional personnel for the seasonal buying period, your business can take advantage of merchant cash advance financing to help your business cash flow. The additional capital to your business ensures that your personnel get paid, offset by the future credit card sales during the seasonal buying period.

Update the Interior

A potential retail customer forms an opinion of your business, the moment they see your storefront and walk through the door. Does the storefront need a makeover? Does the lighting need to modernized? Does the store layout need a redesign to improve the customers’ shopping experience? Does the personnel need new uniforms? Does the signage need to be revamped? A retail business always needs some type of maintenance and merchant cash advance financing can help you reach your goals.

Conclusion

Merchant Cash Advance financing offers a retail business owner quick, flexible capital paid from future business credit card sales. We presented a variety of ways a retail business can take advantage of using merchant cash advance financing. A retail business owner should evaluate the cost versus benefit of this type of financing and their immediate and long-term affects on the business.

Please call us at (888) 213-3383 to help review which financial product best serves your business needs or Contact Us via Email.

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Merchant Cash Advance versus Business Line Of Credit

Two popular financing options available to a small business owner are the Merchant Cash Advance (MCA) and the Business Line of Credit. Each financing product has their strengths and best type of use for a business. Let´s look at the differences in these two popular financing products. Merchant Cash Advance (MCA) The small business MUST process credit cards as a form of payment, generally with a minimum average monthly amount.… The post Merchant Cash Advance versus Business Line Of...

process_stepsTwo popular financing options available to a small business owner are the Merchant Cash Advance (MCA) and the Business Line of Credit. Each financing product has their strengths and best type of use for a business. Let´s look at the differences in these two popular financing products.

Merchant Cash Advance (MCA)

The small business MUST process credit cards as a form of payment, generally with a minimum average monthly amount. With merchant funding, the business receives an upfront sum of cash in exchange for a portion of future credit sales. The business makes daily payments, based on a percentage of credit card transactions automatically being deducted. There is no minimum fixed amount deducted. This is NOT a loan.

Listed below are features of a Merchant Cash Advance:

  • Ease of Qualifying – Business history of 3 to 6 months processing credit cards
  • Minimum Documentation – Basic business owner information, 3 months credit card statements
  • Rapid Funding – Normally one week or less
  • Repayments – Monthly payments are a percentage of credit card invoicing
  • Flexibility – Repayment allows for seasonality of business activity
  • Cost – Higher versus alternative finance options

Business Line Of Credit

The small business does NOT need to process credit cards. The business receives a pre-established amount of credit from the financial institution, that is available for use as needed, subject to making interest payments. The business makes monthly payments on the outstanding balance. This is a loan.

Listed below are features of a business Line Of Credit Loan:

  • Stringent To Qualify – Business history of one or more years and higher annual revenue
  • Extensive Documentation – Owner and business tax information, incorporation documents and financial statements
  • Slower Funding – Normally one month after documents submitted
  • Repayments – Monthly payments are a percentage of outstand credit used
  • Less Flexibility – Repayment does not allow for seasonality of business activity
  • Cost – Lower versus alternative merchant cash advance options

Business Examples

Because of the differences between these two financing options, some businesses will benefit from one more than the other. A landscaper, for example, who is usually paid in cash would not necessarily be well-suited for a merchant cash advance because of the few credit card transactions. Instead, he might want a business line of credit to help him meet payroll when business is slow during winter months.

A merchant cash advance and a business line of credit can both be a great fit for certain businesses. For example, a retail store may need a rapid lump sum of cash to fix unexpected damage to the storefront, but also need access to capital to bridge the gap between payroll cycles.

Assuming your business make a relatively high number of credit card transactions and can qualify for a business line of credit, these two finance options could efficiently solve both your business issues. The business line of credit could act as a stopgap measure anytime you need help meeting payroll and the merchant cash advance would ensure that you have capital on hand necessary to make a large, one-time investment.

Conclusion

A Merchant Cash Advance and Business Line Of Credit differ in three main ways: 1) business qualifications, 2) how the business receives the funds and 3) how the funds borrowed are repaid.  A business owner should evaluate these financial options based on these three categories and their immediate and long-term affects.

Please call us at (888) 213-3383 to help review which financial product best serves your business needs or Contact Us via Email.

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Note Due Diligence

A note buyer will perform an investigative process known as note due diligence prior to making an offer to purchase your mortgage note.  The buyer is making a financial investment by purchasing your note. Therefore time and resources will be invested to confirm (that is, audit) all material facts regarding the sale, plus anything else deemed material to the sale.  The buyer (investor) will verify the material facts related to… The post Note Due Diligence appeared first on Nexus...

note due diligenceA note buyer will perform an investigative process known as note due diligence prior to making an offer to purchase your mortgage note.  The buyer is making a financial investment by purchasing your note. Therefore time and resources will be invested to confirm (that is, audit) all material facts regarding the sale, plus anything else deemed material to the sale.  The buyer (investor) will verify the material facts related to purchasing your note to determine whether it fits his return requirements, risk tolerance, income needs and asset goals.   While it sounds complicated it really isn´t, but it will help your negotiation position with the note investor if you are prepared for this process.

Note Due Diligence

What are the “material facts” that a note investor will investigate?  The majority of this are the documents that you likely already have in your possession once you completed the seller financing process.  However, if you inherited the mortgage note, you will likely need to do some additional work to get the note support documents in order.

Listed below are the documents that a note investor will require from you as part of the note due diligence process:

  • Mortgage, Real Estate Note or Deed of Trust
  • Property Sales Settlement Statement
  • Promissory Note
  • Real Estate Tax Payment Status
  • Hazard & Fire Insurance Policy
  • Title Insurance Policy
  • Additional Seller property debts and payoff statements
  • Property photos
  • Payment history of Borrower and current balance

Listed below is additional information that a note investor will investigate as part of the note due diligence process:

  • Credit Status report of the note Borrower
  • Current property market evaluation
  • Property inspection or drive by visit
  • Borrower interview or Estoppel letter
  • Other special needs

Conclusion

After completing this process the note investor will present you a note purchase and sale agreement.  You should review this agreement to determine whether the note investor is assuming all or part of the costs related to the note due diligence process.   Note that this investigation involves varies parties with their associated costs.  These costs will be reflected in the note offer.

Please call us at (888) 213-3383 to help establish the market value of your mortgage note or Contact Us via Email.

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