A Secured advance is a advance against future receivable income for your business. The advance is geared on terms up to 3 years with no pre-payment penalty and no balloon payment. Approvals are based off of annual revenue potential of the business and terms are based off a risk assessment of the business. Liens is recorded and released upon payoff of the advance and may be used to as a credit line again if needed. The difference between a secured advance and unsecured advance is rates are lower, terms are longer and most generally will report to your business credit because of the recorded lien.
Application process is easy and property may have a existing mortgage and still be approved.
NO out of pocket cost to get funded - appraisals and recording cost are off-set at closing so you do not have to put any money down, or pay for services up front. Every secured advance is fast tracked for funding- most fund in under 2 weeks.
Here is example case study
Unnamed trucking company owner with a 520 FICO score with a mortgage on a home worth $150,000.00 has resided in the home since 2005. Founded to owe $100,000.00 on mortgage but homeowner started a business in 2018 and destroyed his personal credit over late payments on home , car and credit card payments. Offer presented to this business owner for $20,000.00 secured advance over 18 months with weekly payments. A lien was recorded until the advance was paid back.
Q and A
What can be used as property to qualify for a secured advance?
You can use land, houses, owner and non owner occupied, large scale equipment, boats, commercial property, vehicles, trade tools, equipment and much more!
Can I still get same day funding?
In about 50% of cases there could be title work that must be recorded for land or property, in those cases it could take 2 weeks to get funded but on trade tools it could be same day.
How do I prove ownership?
You can use deeds, property tax bills, registrations, and much more. Ask your Metromeida Funding rep for more information.
Can I use this to buy property?
No - you should already have vested interest into the property.
I just started my business 3 months ago I own my home, could I still qualify?
Yes As long as you can show you can support the payments and have a plan to grow your business you would still be funded.
I have a partnership and no property but my partner has a house with a mortgage, can we still apply?
Yes you may still apply- as long as the partner with property is OK with a lien recorded to grow your business you should still be able to be funded.