Over the past 43 years of my entrepreneurial career, I've started many businesses. (www.peterjburns3.com)
Every one of them needed money to start and grow. Banks are not an entrepreneur's friend...never have been and never will be. As a young entrepreneur in need of capital, I had to get very clever in developing any number of alternative financing strategies. In 150 start-ups, I NEVER used a bank nor did I use Angel or VCs. Instead, I used every imaginable source of "Alternative Capital" to make my dreams a reality. I took that hard-earned knowledge and helped many others access these methods.
In recent years I've started the "Entrepreneur Credit Card" (www.entcreditcard.com), which proved to be a ready source of unsecured capital for many people. For those not qualified to receive immediate approval for the loans from the "Entrepreneur Credit Card," I created a credit repair/enhancement program at www.entcredit.com. These innovations were all well and good but the fact remains that I am a "Start-Up Entrepreneur" and simply have no interest in operating ventures after I create them and prove them viable.
My M.O. is to locate strategic partners and I have definitely found the most credible financing resourse in financing in Wes and Darrell's MIDAS-FINANCIAL. Here in Darrell's own words are what MIDAS-FINANCIAL does...
A quick background on Midas. We incorporated in April of 2004. Since that time we've obtained over $1,000,000,000 on behalf of over 7000 clients. Additionally, we have successfully repaired/rebuilt/restored the credit of over 35,000 consumers and small business owners. Through all that time we've maintained an A+ rating with the Better Business Bureau. We are particularly proud of that designation as normally it is reserved (in our industry) for accredited members only. Midas was one of the original unsecured loan stacking companies. We believe we could be the oldest one in the country but have no way to verify that.
We are a full service business and personal loan brokerage and credit restoration/education company. For the sake of brevity, I am only going to discuss our credit restoration/education and our unsecured funding programs. They are:
Midas has an extensive credit restoration/education program. We have the capability of erasing "anything" off a credit report in 30 business days or less. Our Elite 30 program is one of only a handful in the country that can do this. In a few moments you will understand its importance to you. Additionally, we have our traditional credit restoration/education that is more economical yet takes as long as six months to complete.
UNSECURED LOAN PROGRAMS
Unsecured means exactly that. A borrower pledges NO security against the money lent to them. The lender has no recourse if the borrower defaults. However, the debt can be sold to a junk debt collector who can proceed thru the courts and get a judgement in the case of default. Our programs are:
Unsecured personal loans - we have the capability of stacking as many as 10 personal loans on top of each other. These loans can have a cumulative amount of as much as $250,000. It is predicated on four things. Credit score, credit utilization ratio, current depth and income. The score is merely the baseline. From there the lender will look at the credit utilization ratio. A perfect client will have 10% +/-. We can go up to 40%. Secondly they will look at how responsible you've been with current large lines/loans. We like to see our clients have at least two lines/loans with a limit of $10,000 or more. Finally, you must demonstrate that you have the ability to repay the loan. We like to see six figure incomes but have obtained as much as $150,000 for clients with $75,000 in annual income.
Personal credit cards - Personal credit cards are just that. We have the capability of stacking as much as $750,000 in personal credit cards. The most we've ever obtained was $754,000 that included a $250,000 Wells Fargo Visa card. The qualifying criteria is the same as in #1. However, a client that has a credit utilization ratio of over 30% rarely qualifies for more than $100,000. Maxing out personal credit cards can temporarily damage your score by as much as 150 points due to credit utilization issues. We have many clients that utilize this product as they plan on paying them off quickly and these cards typically have a 12-24 month 0% interest period
Business credit cards- Business credit cards act exactly like personal credit cards with the exception of one thing. You must qualify personally with the credit qualifying criteria mentioned in #1 BUT they do not report your utilization to the personal credit bureaus. Therefore your credit score stays intact. You must have an LLC, S or C-corp but that's about it. The 0% interest is only available in about half the cards we vend.
Our secret sauce at Midas is actually no secret and it's pretty simple. We're experts at how the unsecured markets work. Our average loan for almost 15 years has been $145,000. Think about handing out $145,000 to each of over 7000 business owners! We track daily the trends and have someone in our organization that is scouring the internet and the lending markets for new products. But most important is probably that we aren't middle men. We are direct to the lender(s).
We also take a keen interest in each of our clients. I would encourage you go to our LinkedIn page and read some of the two dozen recommendations people have given us: https://www.linkedin.com/in/darrellhornbacher/. We have hundreds more on our websites and in our database. We get these glowing recommendations because we're completely transparent and we treat our clients exactly how we want to be treated.
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Learn more about the author's "(Ad)Ventures in Capitalism" at www.peterjburns3.com.
Should you reach out to Midas-Financial...tell 'em I sent you!