Tag Archives: Direct

Leading Direct Response Television Production Firm, Marcus Productions, Inc., Refuses to Produce Loan Modification and Debt Consolidation Commercials

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Hollywood, FL (PRWEB) September 15, 2010

With years of directing and generating some of the most productive direct response commercials, Director Steve Marcus refuses to accept projects from loan modification and debt consolidation organizations who try to scam the customer by asking for money in advance. It issues Steve that other businesses will accept these projects knowing that they are ripping off consumers.

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Steve, who has directed hundreds of effective, national Television campaigns, is concerned that these commercials are getting developed by other companies just to make a quick buck. Marcus productions prides itself for being quite selective with the projects it accepts.

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Forty percent of the projects that come to Marcus Productions are refused because the claims produced by firms can not be substantiated. And, with the way the economy has been more than the last couple of years, the scam artists are coming out of the wood function with new suggestions to rip individuals off via television.

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Borrowers taking advantage of the temporary SBA 504 refinance program with Industrial Loan Direct advantage from better terms and reduced rates

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Atlanta, GA (PRWEB) April 30, 2012

With the SBA 504 refinance program coming to an end on September 27, 2012, Commercial Loan Direct a business division of CLD Capital, one of the top online originators of commercial loans and apartment loans in the country is seeing more borrowers than ever taking advantage of the higher lending limits and take-out option of the SBA 504 loan program for owner-occupied properties.

Commercial Loan Direct, a business division of Atlantas CLD Capital, is making a call to borrowers with owner-occupied properties that would qualify for SBAs 504 program. They say that now is the time to take advantage of this program, especially for borrowers that have properties that are difficult to refinance through conventional means, before it ends this coming fall.

USES. Proceeds may be used for the refinance of existing commercial loans whose proceeds were used substantially (85%) to acquire fixed assets eligible for the SBA 504 program. In addition, loan proceeds may be used to pay Eligible Business Expenses such as maintenance of building (no expansion to building), equipment purchases, rent, utilities, inventory or other obligations. These expenses must be incurred but not paid prior to the date of the application or come due within 18 months of the date of the application. All proceeds must have been used for the benefit of the small business concern.

STRUCTURE AND BORROWER EQUITY.

50%, varies – Loan secured by a senior lien from a third-party lender for not less than the net 504 loan.

Up to 40% – SBA 504 Loan secured by a junior lien from CP/SBA.

Not <10% – Borrower equity in the existing real estate and/or cash injection as needed. Additionally, the Borrower may pledge equity in any other fixed assets that are acceptable to SBA as collateral.

The Third Party loan and the 504 loan combined may not be more than 90% of the fair market value of the fixed assets securing the loan. In no event may it exceed the outstanding principal balance of the debt refinanced, eligible business expenses & closing costs.

COLLATERAL. An independent appraisal supporting the fair market value of the fixed assets being refinanced and any other assets being offered as collateral whether commercial or residential must be submitted at SBA application. The appraisal(s) must be dated within six (6) months of the date of application.

FEES. The Borrower is required to pay an annual guarantee fee to cover the cost of the refinancing program in the amount of 1.043%.

ELIGIBILITY REQUIREMENTS.

Commercial Loans being refinanced must have been current for the past year according to the original or modified terms, with no payment being past due for more than 30 days. Any modification must have been entered into prior to issuance of SBA final rule on 10/12/11. A transcript must be provided to demonstrate compliance with this requirement. For the refinancing of same institution debt, the transcript of account for the entire period of the loan must be provided. This will be used to determine the overall creditworthiness of the Borrower.

No refinancing where the creditor on the debt to be refinanced is in a position to sustain a loss; causing a shift to SBA of all or a portion of a potential loss from an existing debt.

Debt being refinanced must have been incurred not less than two years prior to the date the application is received by SBA. Additionally, the small business concern must have been in business for two years prior to the submission of the application.

Debt may be refinanced even if it does not meet the job creation requirement or other public policy goals set forth by the SBA. In such case, the 504 loan size may not exceed the amount obtained by multiplying the number of full-time equivalent employees (40 hour work week) of the Borrower by $ 65,000.

Borrower must currently occupy 51% of the building being refinanced.

RESTRICTIONS.

No refinancing of loans with an existing federal guaranty; such as an SBA 7(a) or 504 loan or an USDA loan.

No refinancing of debt to an Associate of the Borrower, an SBIC, or New Market Ventures Capital Companies (NMVCC).

When the debt being refinanced is same institution debt, the Third Party Loan cannot be sold on the secondary market as part of a pool of guaranteed loans.

CLOSING.

All loans approved must be closed within 6-months. Loans will be canceled by SBA if not funded during this time period.

When loan being refinanced is Same Institution Debt, either an escrow account or an interim loan may be used. When loan being refinanced is not Same Institution Debt, an interim loan must be used.

Any delinquency on loans being refinanced after SBA approval but before the loan funding must be reported to the SBA as an adverse change.

Approved under the Small Business Jobs Act of 2010, the SBA 504 Temporary Refinance Program allows for the refinance of qualified debt under the SBA 504 Loan Program through September 27, 2012.

View CLD’s SBA Commercial Interest Rates







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Direct Capital Slashes Finance Transaction Time with eSignatures

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Portsmouth, NH (PRWEB) June 8, 2010

Direct Capital, a leading nationwide provider of commercial lending services, has launched a new electronic documentation system that enables its customers to securely execute lease, loan, and working capital transactions electronically. The system, the first of its kind in the equipment leasing industry, is drastically reducing turnaround time for business customers and delivering meaningful cost savings for the company.

“We have launched the most streamlined, convenient lending process available to businesses today,” said James Broom, Chief Executive Officer for Direct Capital. “This was a major undertaking that significantly improves the efficiency and experience for businesses when they need to access capital. Equally as important, we have also enhanced our industry leading competency in fraud detection.”

According to Broom, the initiative has reduced the customer documentation processing time from five days to five hours on average. “It’s a win-win for all parties,” he said. “We are completing transactions with remarkable speed while reducing costs involved with express delivery services and expensive errors, and we are also greatly reducing our impact on the environment.”

The new process has also been very well received by Direct Capital’s vendor partners, according to Shawn Arnone, Vice President of Business Development for Direct Capital. “We have a large base of vendors/dealers who offer financing to their customers using our services,” said Arnone. “You can imagine how pleased they are to receive a purchase order the same day they submit an application to us. We are even providing same day payments in some cases. This is a game-changing efficiency in the vendor sales cycle.”

According to Broom, the initiative was built through a partnership with electronic solutions provider eOriginal. “Our vendor selection hinged on the capability to deliver robust eSignature technology and management together with a trusted repository,” he said. “eOriginal has a long and successful history providing the capability to transfer and securitize electronic loan transactions. eOriginal is one of the best technology partners we have ever worked with.” Broom also noted that Direct Capital has successfully implemented the process with its secondary market financing sources.

“Partnering with Direct Capital on such a dramatic and successful business process transformation has given both companies the opportunity to showcase our strengths in the finance market,” said Steve Bisbee, CEO of eOriginal. “We realized the depth of the Direct Capital commitment when we saw their due diligence in confirming legal, audit and secondary market requirements and their requirement to incorporate only the best practices.

About Direct Capital

Established in 1993, Direct Capital provides specialty finance solutions, including capital equipment leasing, commercial loans, working capital, and merchant cash advances. Direct Capital markets its services through direct relationships with businesses and through partnerships with franchisors, vendor dealers, and manufacturers of capital equipment. Superb execution on its exceptional and unique direct service delivery model is the cornerstone of Direct Capital’s success in an increasingly commoditized financial services industry. Direct Capital is headquartered in Portsmouth, NH with offices in New York, New Jersey, California and New London, NH. Subscribe to the Direct Capital blog at http://blog.directcapital.com. Follow Direct Capital on Twitter at http://twitter.com/directcapital.

About eOriginal

eOriginal provides advanced electronic signature, vaulting and electronic transaction solutions that are tamper-sealed, auditable and legally enforceable through either a SaaS or as an on premise software model. eOriginal SmartSign