Hackett Lu Holdings LLC is pleased to offer loans and lines of credit as a solution to gap funding for real estate and business acquisitions and for working capital.
Unsecured Business Funding
Unsecured Business Funding (UBF), is one of the most popular loan options. It’s the easiest to qualify for and is often the first step in obtaining and building business credit. UBF does not require proof of income, making it the perfect choice for start-ups.No industry restrictions, and can be used for GAP funding for some real estate transactions.
Requirements:
- ● 680 Credit Score
- ● No proof of income required
- ● No more than 5 new accounts opened in the past 24 months
- ● No late payments in the past 12 months
- ● 4 or fewer inquiries in the past 6 months
- ● No bankruptcy in the past 10 years
- ● 2+-year-old credit card with a limit of at least $2500
- ● Free of unpaid collections or charge-offs
Funding Limit: $150,000
Funding Form: Business/Personal Credit Cards
Funding Timeline: 4 Weeks
Rate: 0% interest for the first 12-24 months. After that interest varies based on the credit profile
Fee: 9.9% Success Fee
Hybrid Program
This is the best of both worlds..business credit with personal term loans stacked on top! No industry restrictions can be used for GAP funding for some real estate transactions.
Requirements:
- ● 680 Credit Score
- ● No proof of income is required for biz credit, to stack personal term loans does require income verification
- ● No more than 5 new accounts opened in the past 24 months
- ● No late payments in the past 12 months
- ● 4 or fewer inquiries in the past 6 months
- ● No bankruptcy in the past 10 years
- ● 2+-year-old credit card with a limit of at least $2500
- ● Free of unpaid collections or charge-
Funding Amount: $250K +
Funding Form: Credit Cards/Term loans
Funding Timeline: 2-4 weeks
Rate: 0% interest for 12-24 months on the business
credit. On personal term loans 5.25+ Terms: 3,5 or 7 years on term loans Fees: 9.9% Success Fee.
Business Term Loan
Similar to traditional bank-style financing, a Term Loan is a set amount that the borrower pays back at a fixed amount. Commonly used for: business expansion, working capital, and equipment purchases.
Requirements:
- ● Minimum income of $25,000/ month
- ● Minimum of 2 years in business
- ● Minimum FICO 660
- ● No Bankruptcy in past 3 years
Funding Range: $10,000 – $5,000,000 Funding Timeline: 3+Days
Rate & Terms: Determined case-by-case. 1 to 2-year terms
Fees: Determined based on deal
Business Line of Credit
A Business Line of Credit (LOC) provides flexibility for the business owner. Rather than a fixed amount issued at once, funds can be accessed when needed. Funds are made available as soon as any previous balance is paid.
Requirements:
- ● $ 15-25K+ monthly gross sales or $ 240,000+annual gross sales
- ● At least 1 year in business
- ● 600 min FICO
- ● Clients typically qualify for 1-1.5X monthly gross
Funding Range: up to $250,000
Funding Form: Line of Credit
Funding Timeline: 3+ Days
Rate & Terms: Varies upon credit profile Fee: Determined based on deal.
Real Estate Funding
Requirements:
- ● Minimum 640 Credit Score
- ● 20-25% down payment(we can assist w/GAP funding)
- ● Commercial only- we are unable to fund primary residence
Funding Range: We can fund the small deals (under 100K) up to ?? no limit
Funding Timeline: 3 days to several months on large projects
Rate: Depends upon credit score and experience Fee: Determined based on deal
Deals We Fund: buy & hold, fix & flip multi-family, single family, commercial, bare land, ground-up construction, and developments