Originally Posted by NemesisEnforcer

You can do something like that or leverage the funds to raise more money. She chose to leverage the funds.

She setup a corporation and received a total of $60K from 2 banks in the company name, $50K in cash and the rest in credit cards. She used $25K to pay off her personal debt to raise her credit score above 700 and used the rest of the cash as show money with another bank that required 10% down to get another $250K. That bank has since raised their requirement to 20% but she was in before it was raised.

BTW, she made the application within the same month at each bank under the company name thus, the 2 loans. If she was doing it via SBA Express, she would only get $25K or just below $25K. SBA does not require borrowers of loans below $25K to produce collateral. Since she had the 680 credit score, each bank chose to give her the money rather than go through the SBA Express program.

FYI, she was broke and in debt but her credit score was decent. If you have no money and your credit score is 680 or better, the magic number is $25K. A couple of other models did the same but they only requested $15K.

I was wondering, are you affiliated with John Fantasy?