I'm looking into securing lines of credit through seed capital LLC, I have maxed out my debit to income ratio with banks and I am self employed, has anybody used this product and is it worth the hit to your credit score? I have an excellent credit score, they have accepted my application but then I find out they are applying for credit cards in my business and personal name. Isn't this something I could do on my own, the fees total $3450 and that secures at least $50K, they have estimated that I could receive $70-80K with 0% interest rate for the first year, what do you think of this strategy
Sounds like a RIP to me, it's not zero interest if you pay a few grand up front to get the money, that's about 4 points, so the APR is not zero! :)
I started working with Seed Capital recently and figured I would add my thoughts. There is a place for every strategy. If you need credit and have an active or pending project, getting access to credit will make you money and reduce your risk of running out of money.
So far, I have had a good experience. They are very knowledgable and helpful.
To put in perspective most hard money lenders charge 3 - 5 points plus 10% - 15% and tons of fees. So if you are comparing this is a equal or better option. Feel free to reach out me directly if you have any other questions.
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