How to Get Business Credit at 0% Interest
How to get 0%. Interest, funding. For your small business for, real estate investing, for anything that you can think of that's today's show let's dive in here we are our very first, rental, property. Hey. Everyone I'm Clayton Morris longtime real estate investor. And this show is designed to help you build financial, intelligence, so you can build financial, freedom I've done it through buy-and-hold real estate but, you can do it any number of ways it could be buying gold and precious metals, it could be starting your own business getting. Funding that way or buying real estate today we've got a great guest on the show a longtime, friend of the show and, I think this might, be this. Might be your maybe, the most appearances ever, here on the show Mike banks from our friends over at fund and grow is back, my great to see you my friend great, to see you as well Clayton thank you for having me again absolutely. So we're gonna dive deep into this and I'll have a link below make sure that everyone knows how they can learn more and save, $500. Off what, we're talking about today so just follow that link at Morris and best calm slash, funding, if you want to save $500. Off everything. We talked about here, today so, Mike. Is with fund and grow why don't you give and before, we get into all the funding aspects, here and how you can get 0%, interest funding, why don't you just give a high-level overview of, what fund and grow does and what they're all about like yeah, absolutely so. What. We are is a done-for-you service we, establish. Business, credit lines, for, primarily for real estate investors, a lot of buying hold investors, that have come from morris invest and. We. Do all the legwork we set up the business credit lines from start to finish so, you. Won't have to you wouldn't be required to do any of that if you decide to work with us. And. Everything, that we set up is zero interest for an average of 12 months summer as long as 15 months, and the. Cool thing is they. Don't show up on your personal, credit report so if, you're doing a flip or if you're sitting on a rental, while you're waiting for the rehab and you're waiting to place a tenant, before. You do your refinance, it's, not going to show up on your personal, report we also set up entities, as well it's included in what we do so, if you don't if you're a startup investor, you're going to a couple deals that's, also part of what we do so we're. Kind of just a full-service. When it comes to setting up the business credit lines setting, up the entity, we. Do all of that from start to finish and we have a team here who's incentivized. They, get paid a commission based, on how much they get you approved for so they're, on the phone every day with the bank making sure each application, is reviewed by human, being making. Sure they get approved, at, the maximum, limit so that you don't have to waste your time on the, bank on the phone with the bank sitting on hold so.
I Like, to check in with Mike every so often because at, last check, when we checked in with you about, three months ago we. Asked okay how much did your team have how, much has your team been able to raise for, our clients, who are buying real estate and at last check in the fall was eighty million, dollars eighty. Million dollars, 0%, interest just. Before we started the show I asked you that number and where, is it now, 94. Million. 94, million dollars that's amazing, I have. Used it multiple, times, Natalie, and I have used it multiple times the first time we used it it was I think I forget, the numbers exactly but it was a hundred and seventy-six, thousand, dollars that we got the, second time we did it we did we got ninety two thousand, dollars that enabled us to buy two, additional. Rental properties, with that and. Then, because, of the because, of the process that we go through those. Are now paid off and we're rinsing and repeating again. So talk about that rinse and repeat process because. I think that's what I hear from a lot of people that they get excited about it they want to know can I continue, to do this for, a few years yeah. Exactly, that's the cool thing with, us we don't just get you that one round, of funding upfront we, do it over 12-month, membership, and we. Really try to help people keep. The balances, that they carry at zero interest for as long as possible so we'll do around one let's say today and then, at the end of the 12-month membership you'll get your third round, of funding which means we'll, apply for, usually multiple, applications. And then, we'll follow up and make sure each one gets approved, so, at the end of the membership with us you're getting a new, zero interest, at, 12-month, offer and what, you can do is you can move the balances, over to those new, zero interest-bearing, accounts, and then, in some cases we'll, have you merge accounts or close old, ones so that we can reapply in the, future for that same application. Same. Card at zero. Interest and so that really does allow you to go past that twelve months and get closer like 18 or 24, months at zero, interest and a lot of people do. End up buying the or, signing, up with us for a second, third year and that. Allows us to just continue to build more and more over. The 12 months we can usually build up to 250,000. Sometimes more than that we've gotten some clients 500,000. Between, a husband and wife because, what we what we allow people to do is to sign up and then bring someone in with them and we'll, apply for both people and get double the amount of funding so. Typically, around 250, over the 12 months and then people, we can get you more than that if you were to sign up for a second or third year and, for a lot of the rental investors, questions. Probably kicking around their head but what do i do once I buy the property. Rehab. It and place a tenant, now, what I just leave it on the business credit no you, refinance, it once you get the property appraised and it's cash flowing, and then. You do a cash out refine you, repeat the cycle again what, it allows you to do is it allows you to buy at. A discount, off market. Properties buying, a cash buying as a cash buyer because, you can send a wire transfer from the business credit line to. The title company which, many of Clinton's clients have done and that. Allows you to close as a cash buyer it gives you the opportunity at a deeper discount. So. And it's ko2 because you're basically. You're buying a property with a credit card that, enables, you to get points to write like airline miles and other things so that's, how we do that's, how we do every renovation, we pay for on a credit card we do it all through, that system and then with, a parity, you guys have been brilliant which the way that you guys have set this process, up to be able to send a wire from.
The Credit card through. To closing, at the title company so, that's one thing that it likely holds people up to like wait a second I get these cards about how do I get it from there to there and you guys have solved that yeah. Exactly yeah. Partner of ours is set, up very huge, company, they're. Set up to essentially. Send. A wire send, a cheque to any place of business so, they're kind of like a bill pay service in, a sense but, what they'll do is they'll, let you set up an account with them and then they'll charge your card and send, a wire wherever. To the title company, Alibaba. To your, HELOC you, can send it to your HELOC over, pay your HELOC and then you can draw cash just, like that we have a lot of clients using, it for down payments, on larger, deals I just, had, a review come in client. Talked about how he put down forty five thousand, on a bigger deal and he. Used that same system in the name of the company is plastic, with the Q if, anyone was wondering, but they'll charge 2.5, percent and then, send that wire transfer. To the title company I'm actually closing, on two deals today and I'm. I'm using that same process and I've got a rehab, I'm in the middle of doing a flip I put, a new AC fully. Remodeled a new kitchen bathroom, everything the whole nine yards and business. Credits what is what it's allowing, me to do that you, know I wouldn't have gotten, that I wouldn't have purchased. That house if, I didn't have access to the funding and you. Know I bought it for 65 I put 20 into it I'm gonna sell it for about 125, so. After I pay the agent I'll probably make about thirty thirty five thousand, not, the best but, you. Know having access to to funding outside of my personal credit my personal expenses, is, allowing, me and allowing a lot of my clients to. Do deals for example I interviewed a client. Called, two college students they, went through the program it. Got like eighty thousand dollars and they bought two rental properties, from from Clayton and so. You know they're now. Real, estate investors, and they're, super grateful for finding out about Clayton because if, it wasn't for Clayton they would not be 22, years old with two rental properties, that's awesome and if it wasn't for funding grow they definitely wouldn't have done it either so, yeah, we're, cool a lot of people to do deals that wouldn't know if otherwise people. Think well okay I can't get money with the bank because I just don't have access to that I don't have any family money how can I do this and here's an opportunity with. You guys to. Be able to get pre-qualified and we have the pre-qualification link. Again if you just go to Morris. Escom, slash funding it's a little simple, pre-qualification. Page just. Type in what info your, name contact info, and your, credit score now we ask you for that personal credit score why do we ask you for that Mike can you where, do we need to be on a personal, credit score I was. Just doing a webinar the, other day and a, guy was like, why. Are you keep talking about personal, credit.
Because. That's part of the process you know yes these are business credit lines but. We are also upfront. With you we're gonna let you know the truth there, is a qualification, that the, main qualification is, having. Decent personal, credit even. Though the business credit lines don't show up on your personal report you, still have to have decent personal, credit to qualify for basically. Any loan, but. Specifically, for business credit lines what we're talking about you. Have to have decent credit so. Typically a 680, and up will get you in the door and get, you something but to, qualify for the larger amounts you're. Gonna want, about a 730 and up and, you. Know I've had clients that have tried to do this on their own they come to us so again I got 750 s but I applied for business credit and I, got denied, because. I don't have any business credit history and that. Does come up sometimes, and that's why we do the negotiations, process that's, why we have a team here who will follow up and speak with the underwriter each bank and have, them review each application, by, a human being and actually, you, know not just go through the computers algorithm, and sometimes. Deny people with a 750, so, the. The great thing about working with us is even if you've got, a 680, a 750. You, take all the guesswork out of it because we know when, someone deserves. To qualify, or deserves to be approved even, if at first the, bank says no. You're denied a lot of times when that happens to the average person they get denied they, just take that decision and that's it but, nine times out it and that, decision can be overturned and and turned, into a high approval, especially, if you've got a 7:30, and you've got some open credit cards like five ten twenty, thousand dollar credit cards open every. Once in a while you know you might get denied on for credit or for a long but if you call and you speak with somebody at the bank and underwrite or not just customer. Service then. You can usually get that application, approved.
And That. Is a big deal that's what turns, the initial. Approval amount from a zero or a $5,000. Approval, and then, we turn it into a fifty, to a hundred thousand, dollar approval and this happens all the time we go over that a lot, on our webinar we bring up the credit game view and we show people the initial, approval columns, a bunch of zeros and that's, what most people would get if they applied on their own because. Even if you have strong personal credit the banks still gonna come back and say you, don't have any business credit, but we have, business credit we send about fifteen million dollars, in, credit, lines through the bank every month we originate, 15 million every month so we, have you, know a lot stronger relationships, than the average person does so, it's easier for us to get you approved even. If you don't have any business credit history so back to your question yes. Personal. Credits involved, the, great thing is the business credit lines that don't report. They don't show up on the personal, report so, your 800 score will stay there and it, won't come down if you carry a balance because, it doesn't report so that's a huge benefit a lot of people love that benefit right there that's, huge and it's important, to note look you guys are not a just. Running a charity there you guys actually charge, a fee to work with you but no but the reason you charge a fee is because you guys are negotiating. With banks making. Sure that people are getting extended credit you're doing all of this behind the scenes work setting, up the business accounts, and all of these pieces and and. In. A way that you try to do it on your own you're just not gonna get there so you guys work back and forth and if you think about getting like a hard money loan right. How. Much money you would spend to get a hard money loan like you want to jump on a flip deal right, you want to buy a property with the speed of light and you can't do it cuz you don't have the cash and you go get a hard money loan you're gonna be paying multiple, points, you're gonna be paying like twelve percent Interest ten eleven twelve percent Interest I know a lot of hard money lenders that are right around that price, plus like one or two points at closing so. You guys are far cheaper than that and then you're getting a zero percent Interest, on the back side of that so there is a fee, you guys are not running a charity but, it definitely, makes sense when you compare, it to things like hard money loans and points right oh yeah. Hard money you're gonna spend around fifteen thousand on a hundred thousand dollar loan with, twelve percent interest on a couple points on the origination fee. But. With the wire transfer, method. All. Your spending is 2.5 percent on, let's. Say a hundred thousand that's $2,500. So, it only cost you twenty five hundred dollars to do, a hundred thousand dollar cash, deal, versus. Doing a hard money cash, deal, it's gonna cost you fifteen, thousand and you got a you. Know beg, the hard money lender to approve your deal you, also usually got to have. Experience. You. Know if you've never done a deal before that. Usually is gonna get, you just you know just qualified from a lot of hard money lenders only some of them are gonna work with brand-new investors, right, a lot of them want to see how many deals have you done you. Know what's the spread on this deal is, there enough meat on the bone for me to definitely, make my. 12 percent and for you to make your profit, so, it's harder to get those deals approved like the deal I'm doing right now I wouldn't.
Have A hard. Money lender wouldn't, have approved it, because. It wasn't, that great of a spread the house didn't need a good amount of work I had, it under contract for a price that I couldn't find another buyer to. Offer me a higher price on so. That was my initial plan was to just wholesale, it and just let another buyer come through and fix. It up and flip it but. Everyone, wanted it for 65, and that's what I had it for and I was like yeah I'm not gonna pass it up I was behind and get my first one done anyway. It, nests, it definitely. Wouldn't have been approved by hard money lender and if I did get it approved, I would been paying out you, know ten percent I would have been paying out like sixty five hundred dollars roughly. To. A hard money lender, but. Instead I was able to just pay 2.5 percent which, is way cheaper and, I. Got the deal done and, now I'm still gonna make the profit so yeah business. Credit twenty five hundred basically. Hard, money fifteen, thousand, for, the same function. Closing. As a cash buyer and. Then you get the five hundred dollar discount off, our 12-month membership which, is a huge discount, if, you go to that links, it's it's. Just a no-brainer why not use hard money on some of your bigger deals and then maybe on your roughly. Hundred or under a hundred thousand dollar deals you, use business credit eyes it works great hard money lenders don't touch deals under a hundred thousand either that's. Right that's right and you could use this for a down payment so, if you bought with one of our new you know new construction, properties, through our company using. That as a down payment like you mentioned with, a few lines that are currently doing that so awesome. Stuff Mike and I know you even suffering, through the flu so, I appreciate, you joining us here on the show and be able to talk about that before we wrap up, what. If someone is struggling with bad credit they just you know they want do you guys offer I know you do but how has that evolved, now since we last spoke, about maybe helping people repair, their credit so, they can then get in line to get this funding, yeah. That's, a big part of what we do, specifically. Positioning. Updating. Inaccurate. Pieces, of data that's on your credit report, we. Do that with our clients, outside, of credit repair so. Let's, say you your, credit is pretty good you don't really have a bunch of negatives in the, beginning of the program we. Will review your credit report and then we'll make sure everything's updated make, sure everything's accurately. Reporting, the addresses. For, example some limits, sometimes a limit on your credit card will. Not show, an actual, limit it'll show a 0, in the, limit field. And. What that means it's usually unlike these you, know fair, inflexible or no limit cards, like that there's, marketed, to the high-end person, and they, basically say that there's no limit but then, when, you look at the credit report, the. Credit report shows a zero in the. High limit field or the high credit, or the limit field. And then in the balance, field. It'll, show whatever your balance is five thousand, ten thousand, dollars right so you got a ten thousand dollar balance but, your limit, is showing, zero so. What does that tell you tells you that you're over, your limit based. On the numbers so, when it's calculated, based on the numbers you're. Over 5000, on you're on your zero, on your limit on your credit report even though they tell you it's a no limit card. Exactly, is exactly, how it reports, and I. Could bring up a screenshot we, show people on webinars the, point is there's other things like that for example months. Reviewed, okay, your, account, might have been opened in 2010. Which. Is almost. 10 years right. Of seasoning, but. If you go to the months review field it. Tells you it's supposed to tell you how many months that, account has been has been reviewed, it was open ten years ago that's. A lot of months right but. In that month's review field a lot of times it'll only show a one or, two or five whatever. It, doesn't, match up with the actual amount of time that. Accounts. Been open so. What that does is it is basically reporting, lower. Months reviewed, then the actual accounts been open for with it what that does is it, sends a code which, pops up at the top right, by the scores and it'll say times, since account.
Too. Soon time since the most recent account too, soon or. Basically. Saying that. You have too many accounts, that are new even, though that accounts 10 years old and all of your accounts might be 3 plus years old because. That one accounts showing one month reviewed, but it's really been open for 10 years that. Is gonna bring your scores down and that'll, be a reason that you'll get denied and you won't even know why 750. Score but, because, some of these accounts are reporting, inaccurately, the, limits showing a zero when, the balance is showing five grand bringing your debt to credit ratio. Way. Up bringing your scores way down those. Are the types of things that we reviewed in the beginning and there's, a lot more examples like that I can go on and on but the point is that's, not credit repair that's just improving, your credit just based on inaccurate, data millions. Of Americans, have inaccurate, data on their credit report look it up it's a known thing behind, then moving, on a credit repair credit, repair is another whole, other animal and we. Have a credit repair company that we work with are very aggressive they do a four-channel, dispute process so they'll dispute, by, phone online, fax. And send, a letter so. It's their aggressive, they've gotten bankruptcies, removed four years old early and they do a lot of great, work for our clients they've gotten my, scores increased, by 150, points years ago so. You, know credit repair and then positioning. There's kind of two different things and we, handle, both those things but it, really does go a long way even the simple. Things like updating your addresses, so that they're correct on your credit report all these little things help. To get you approved because in the bank runs your credit they also do it like a public record search so they're looking at everything and they're looking at your report and they look on your public record stuff and I can't really, match up and it's, just easier, it's a smoother process when, everything is accurate and we, handle all that for people so bad credit people yeah we can work with you still, ideally. We're looking for the people that are qualifying, right now because every time people come to us they, want funding immediately and. So once they find out they need credit repair it usually that takes a little time to get that done so, yes. Even, if you're in a bad credit situation we help you so you, just reminded me of one more question which is you. Guys have shortened, the window on being, able to get funding I know when we first started working together a number of years ago it was about a thirty or thirty days or 45 days to get funding, now you guys have gotten that down to what like two weeks or something yeah. Yeah we used to make people wait for a consultation. So, they'd sign up but then we have to book a consultation and. Then we had so many clients that. They just had to wait longer and longer for their first consultation. So, I said you know what why. Are we doing that let's cut out this whole week plus waiting, for a consultation thing, and we're. Just as soon as clients come in we're just gonna jump on them review, their credit and then we're gonna call them within two days so. We've changed the way we'd handle it internally. Now. People. Get basically. They get their consultation, within two days and. We. Review their credit and we let them know hey here's what you qualify for, we're, gonna call you tomorrow, or, the next day and we're gonna be applying, for you that day so, you sign up you. Get, your pre-qualification. And we review your credit within, a couple days and then after that we'll call you within the next couple days from there and put you on the apps list and let you know exactly, when we're gonna apply where.
We're Applying the, whole plan of action how much you're gonna get all, that can happen within the FIR a few days first week max and then, within, two weeks you can have the credit in your hands two to three weeks you'll, have the credit in your hands but, the process is much more instantaneous. Now it used to be you, know you signed up and then you gotta wait a week week and a half to get your call now, you, sign up we, review it in two days we get back to you right then and there and then we're, usually letting you know we're gonna call you tomorrow. Or like a couple days after, and we will have you on the applications, list and we'll begin applying, for you within the first week so yeah there's turnaround, times much quicker so a lot of people for. Example we're getting a lot of leads that want hard money loans but then we're calling them and then we're offering business credit we're converting, a ton of them and a lot of these people they already have a deal that's, why they're reaching out for hard money so, that they need the funding quickly so. We're, making things happen for people who like have deals right now on their plate and they need the money short term that's, great, that's, great that's why you guys the experts and ninety four million dollars, for our for, our clients, at Morris invest so go to that pre-qualification. Page right now check it out and, see if it's a fit for you again it's just Morris, invest, comm, slash funding. There's a funding tab right there on the page, been. Great partners with them and their team we work side by side for many many years so it's been great having you as, a as a long-term partner here my thanks again for everything yeah. Thank you so much thanks again for you know sending us so many clients it's been probably over a thousand, to, date but your, clients are great you know they're super easy to work with and we. Definitely look forward to working with everyone who goes and puts a call that's, awesome and, thanks to everyone out there for taking action you know you can use this kind of business credit of course for, you know starting a business you. Know paying, down some really ridiculous high interest debt that you've got right now that you can convert and get rid of maybe it's some student loan stuff you've got to deal with maybe, it's going out and buying a real estate deal you're waiting on some hard money loans you, can jump on this business credit it's a great tactic, and I have to say Mike one thing you know when we bought those two additional properties, just a short time ago using it and we. Went through that process and they said to my wife I said it's, that amazing we just we bought two, properties, that they're, done now renovated. Cash flowing, with tenants in the and we. Use credit cards to do it and. We got we, got a vacation with airline, miles as a result of it so it's so great well. Yeah it's just kind of mind-blowing people are like wait what, yeah, and. Then of course you'll have all the naysayers out there that say you can't do it and whatever don't, pay attention to them like you're you know living proof of actually doing it so, right so you've gone through it you can't say yeah we've we've been doing this for 12, years now we've done over 600, million we're doing an on average, 12. To 15 million every, month in new credit lines we established, we got a couple hundred new clients, every. Month we're on the Inc 5000, list four years in a row we're, you know well over 1,600. Positive, reviews, you. Just look it up like we are it's.
Legitimate, Thing it works it's, not you know some pie-in-the-sky pipe dream it's it you know business, credit it's. A real thing there's other companies out there though who are gonna try to tell you you, can get, 250,000. Without, a personal credit check that's. That's. Not the case so what we're telling you is is the truth your there's gonna be a personal credit check but, it doesn't, show up on your personal report and you. Know everything else is a hundred percent accurate. We're you know we really care about our clients that's why we have these kind of relationships with guys like Clayton and so many other real. Estate educators. Out there because, we're we work out of integrity we actually stand behind what we say we're gonna do and you. Know what we deliver meets. And matches, up with what, we say up front so it. Definitely works for people especially investors. That's like our bread-and-butter most, of our clients or real, estate investors, yeah because it makes the most sense for this for, this vehicle right by an old real estate or fix and flip so get, $500. Off if you go to that link right there and and, sign up and book a call with the team, Mike. Once again thanks for suffering, through the flu here and still, being able to do this I appreciate it thank, you so much Clayton and thanks to all of you for subscribing and make. Sure you hit that little subscribe button and little bail notification. So anytime we publish a new video, or podcast you'll, be notified of that now go out there take action become a real estate investor, I believe, it's the number one way to build, wealth and you do it with creative, financing, like, we talked about today we'll see you next time.