Over the weekend, our favorite monkeys, Frank and Leslie caught up to discuss work and business over a hit of tennis.
Leslie: Frankie mate, I've been receiving HomeSec's newsletters and I've noticed you have been using their short term business loan product. I'm still a bit unsure how they work, what are your thoughts….are these guys the real deal?
Frank: I’ll give you a very simple answer buddy… It's business owners using the equity in their home to borrow money. You don't need financials, valuations or to pay thousands of dollars up front, like you do with other lenders.
Frank Continued… Question for you Les, How many people do you hear each week say I'm asset rich but cash flow poor, and I could do with a few hundred K for a few months for cash flow?
Leslie: Every week mate! In fact, I have a few builders that I have a beers and bananas each week, and they are always waiting for progress payments, which means they can’t pay their trades on time. This means the trades can’t pay their own staff on time and it becomes a snowball effect.
Frank: Exactly Les, and that kind of situation is where HomeSec can save a lot of nasty headaches for your mates.
Leslie: Is it expensive? I'm not sure my clients would pay it?
Frank: Leslie buddy you have to start shifting that old school mindset. Let's say for example your client borrows money and it's going to cost them $15k and they are going to make $100k from borrowing the money….well that’s $85K profit versus no profit or even going backwards and that’s exactly how you need to look at it. It comes down to a cost base analysis, and if they are going to make money from borrowing the funds, it’s a no brainer.
Leslie: They can really provide the funds the same day?
Frank: Yep they can settle the same day. I've been making an additional $10k a month settling loans with HomeSec Business Finance. Quite often my clients will borrow for two months, and then I will refinance them. I charge up to 4% brokerage and I don't even need a mandate, then I get a commission from the bank with the refinance. Plus with each loan I settle, I receive points to go to Hawaii, and you know how good the banana cocktails are there!!!
Leslie: Stop licking the tennis racket Frank! I'm calling HomeSec Business Finance today and getting accredited with them.
It's that simple folks - even the peanut gallery has figured it out!