How To Get Quick Money Bridge Loan Faster Than A Bank With Nina Duran
Episode 507: How To Get Quick Money Bridge Loan Faster Than A Bank With Nina Duran
A lot of times, banks don’t move fast enough, and we get frustrated. With the overly long process and the endless requirements, we tend to feel like we would not find immediate solutions to our loan needs. Mitch Stephen sits down for a conversation with Nina Duran about how you could get a quick money bridge loan faster than a bank! Nina is the Director of Small Business Loans at Lendio South Central Texas. She has lived in San Antonio for almost 40 years and firmly believes small businesses are the heart and soul of the San Antonio economy. She’s the ultimate matchmaker between small business owners and lenders! People don’t start trying to find the funds until it’s too late. We need to realize that we have to take action now. If you can’t get funded through a bank, Nina is here to help! In this episode, she dives deep into loans, credit, and other financial solutions that are now available for small business owners.
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I’m here with Nina Duran. What a personality. I love this girl. She’s full of fire. She has a dual personality. You’ll have to watch her in Bean & Chisme one day. She’s hilarious with her sidekick, but she’s also quite a businesswoman. She’s here to talk about Lendio, what they can do for you when you need a bridge loan or some quick money to get something done and banks are too slow or asked too many dang questions. With no further ado, how are you doing, Nina?
I’m doing good, Mitch. Thank you so much for having me on. It’s funny because you’re one of the few people that I’ve known for years. I love that we’re still connected. I’m so happy to be here.
I used to run ads in Spanish. I didn’t even connect the dots until a long time ago. I’ve been doing this business for a long time. I know how important funding is. You got to find the deal, find the opportunity or get the job. You have to be able to originate some work. A lot of times, you have to fund it or float it. You have to float the job until the company pays you in 30, 60 or 90 days.
Sometimes that’s a problem. You have the answers to those problems. Most of the people reading this episode, they’re probably interested in, already doing or doing the hell out of real estate investing. There’s a lot of need for money always in that department. Keeping that in mind, who does Lendio South Central Texas serve? Who is the perfect customer for Lendio?
Thank you, Mitch. As a small business owner myself and someone who’s been in the family business for years, Lendio South Central Texas is our demo. We serve small businesses, not only small businesses but small businesses that are in the fight or flight mode. A lot of our customers that come to us are different. I have some small business owners that can’t walk into Bank of America or into Chase Bank because they don’t have a good credit score. Their business took a hit during COVID, so their revenue is down a bit or maybe they’re a new business. They don’t have 2 or 3-plus years on the book getting a traditional bank to look at them. They’re going to get turned away. That is our customer.
Also, small business owners deal with a lot of vendors. You sign a job. You get a nice little purchase order for $90,000. However, you’re not going to get paid out for 60, 90, maybe 120 days but you need working capital now. That is our customer. I work with a lot of small business owners that all have different needs. I love it though. One thing that’s beautiful about Lendio is I want to solve a problem. We’re problem solvers at a very non-salesy process. I was and am a small business owner. I know what it’s like having to deal with lending companies. It can be super frustrating and very impersonal. You feel like someone is selling you money. Someone is going to hard-sell you.
The beautiful thing with Lendio, what I tell all small business owners, is it doesn’t hurt to look to see what’s out there. If you like what I find for you, amazing. If not, you can tell me to hit the road. If you ever need me in the future, no feelings will be hurt. I feel that answers your question, Mitch. Any small business owner that is looking for funding, maybe you’re out of PTP funds, out of emergency funds, trying to pay payroll, trying to keep the lights on or need a bridge loan, I can help you. The beautiful thing too is I don’t need a lot. All I need are 3 to 6 months of business bank statements and an application. That’s it. Nothing else.There’s an easy process in applying for loans where the funding is fast and will not waste anybody's time. Click To Tweet
You go to apply for the loan. What exactly are you looking for? What qualifies you so that Lendio says yes?
Believe it or not, a credit score of around 500. I have helped someone with a credit score of 462, which is insane when it comes to business lending. As far as monthly revenue goes, you want to be making at least around $6,000 to $8,000 a month in revenue. If you can prove that for the past six months that you’ve been maintaining that, you would be an ideal client for us. Those are the only two things, believe it or not.
As far as applying, they would go to LendioSouthCentralTexas.com, which is my website. There’s an Apply button. It takes fifteen minutes. If that, all I need is an application. It will prompt you for the documents to upload. Nobody gets them but me. That’s where we start our conversation. It’s an easy process. The other thing too, as a business owner myself, Mitch, I do not like to waste anybody’s time. If I know that I can’t help you based on what I see, I’m going to tell you and hopefully, through my connections, I’ll have someone else who can.
A lot of times, the banks don’t move fast enough. How long does it take to get a loan from Lendio? If I turn in my paperwork, it’s all that you want. I have the credit score and $6,000 to $8,000 a month revenue. How long can I expect before someone says, “Here’s your loan, sign the papers?”
At 24 hours, sometimes 12, believe it or not. I’ve had customers that I get on the phone on a Wednesday. They need $50,000 now. By Thursday, we close. It’s very fast. Once I have those bank statements, that’s all I need. Backing up a bit, think of me as a matchmaker, but instead of people to people, I’m a matchmaker between small business owners and lenders. Instead of having to apply all these different places, people can go to Lendio South Central Texas. They apply there. I’m connected to 70, 75 lenders all across the nation. You’re one application with one person.
There’s a cool thing, Mitch, which I’ve had happen with this one company that I had that needed $50,000 on a Wednesday. They submitted their app and had their bank statements. Within hours, I started getting offers back. One was for $25,000 and one was for $30,000. I called the lender. I was like, “I’m curious. Why can’t I get this $50,000 for my small business owner?” “Their cashflow is poor, this and this.” I asked them, “If I can show proof that they have money coming in, a purchase order, an invoice, will you maybe consider upping the amount to $50,000?” “Sure, Nina. Go for it.”
I got the purchase order and sent it over. Within twenty minutes, we got the $50,000 offer and it was funded that Thursday. The other cool thing with what I do is if you’re not just another application, it’s not like, “Sorry, this was your offer. It’s the best I can do,” I can fight for my small business owners and get them the number they want. They’re not just another application, which is cool.
I can’t tell you how many times in my life I wish I’d have known there was a Lendio in my corner. I’ve done a lot of things that I could have a lot of money with at the time. You can’t seal good deals in slow motion. You have to move fast when opportunity knocks. If you see that Corvette you can pick up for $0.50 on the dollar, it won’t be there tomorrow. Whatever it is, whatever the product or the service, when you have a chance to do something great, fantastic situations, don’t tend to linger very long. Someone snaps them up or they evaporate somehow for some reason.
Mitch, it’s amazing how many people I’ve talked to and small business owners that deal with it. No offense to banks because they have their process. You’re like. “I applied for funding back in January.” I’m like, “We’re in April. Why have you been waiting?” “They needed this and that.” I’m like, “Let me help you. None of that is necessary.” You’re right.
On the flip end, though, I also want to let anyone that’s reading that’s may be attached to a bank, any bank owners or high C-level positions, if you’re at a bank and you’re finding yourself having trouble funding your current customers, we can also work together. I’m not here to steal anyone. I’m simply here to help. I work with so many banks here in San Antonio and across the states. Whether they don’t want to deal with the loan, it’s too small or they can’t help them.
They don’t have a good credit score, that’s where partnerships between Lendio South Central Texas and banks work well. We can keep your client happy. If you can’t help them, instead of saying, “I’m so sorry, Mr. So-and-so. I can’t help you,” say, “I can’t help you, but I have a girl who can.” If you’re a C-level person working at a bank and you need help helping your people, let me know because I can help as well.
This is a good plan B. I hope you caught that, especially if you’re out there and you’re in the banking business. If you’ve got someone who doesn’t qualify under your terms and conditions, instead of letting them hit the bricks, go out the door and be no help to them, at least refer Lendio. I made a big mistake when I was looking for private money. I have $26 million of private lenders that I function off of.
On the first of the month, I’m going to write a payment on $26 million to a whole bunch of people who loaned me a little bit of money to buy a house. When I was going to banks and talking to them to try to cash my private lenders out so I could free up my private money so I could make another run at a town to buy more houses, I was going to the banks. When they told me no, I didn’t think to ask for a referral because I thought they were in competition with each other and that they wouldn’t.
When I finally figured out to say, “If you don’t do this kind of loan, do you know which bank that will,” they would tell me with no problem. I used to work with a guy named so-and-so. When this bank broke up or sold, he went over to this bank and he’s the loan officer over there. I know they do these kinds of loans. You may think banks are in competition with themselves and they are, but the banking community is a very small community. If they cannot help you personally from their bank, then they’ll at least be known as a good person because they referred you to someplace who can help you.Some banks would ask for a lot of requirements where there are things that aren’t necessary anymore. Click To Tweet
Ultimately, that’s how they ended up keeping their business. We get to do business together and have a beautiful working relationship.
I want everyone to go to 1000Houses.com/Nina. It’s going to have the websites, the place to make an application, anything you want to do, so you don’t have to remember any of this, how to spell any of that or anything. Nina, all my people out here, they already know the 1000Houses.com/. They need to remember Nina and they can get to you.
It’s been a pleasure talking to you. I hope that some people find the money that they need through you. It’s not always sometimes the cost of the money. It’s about speed and availability. I have been in 1,000 deals that I didn’t care, 8%, 10%, 14%, 18%, 24%. I could solve that problem later. I need to consummate the deal and get it in my possession.
If I can borrow $50,000 and make $100,000, I’m going to borrow $50,000 and make that $100,000. You believe it.
What if the $50,000 costs a couple of grand? I’m only going to make an extra $48,000 instead of $50,000. I’ll do them every day. Is there anything you want to add before maybe we wrap it up, Nina?
Thank you so much, Mitch, for having me on. Even if you’re not a small business owner, if you’re a CPA or somebody who works closely with small business owners, I’m here to help. If you know of someone that’s in need of help, we have a beautiful referral program. Find my contact information and let’s connect. I’m excited to help.
That’s a good idea, too, CPAs. They know people that need loans all the time. That’s a great contact. That’s a great idea. I want to thank each and every one of you for stopping by to get you some Nina Duran, to know about Lendio and the opportunity to pick up some funds within maybe 24 hours of turning in your application. Go to 1000Houses.com/Nina. Check it out. You never know when you’re going to need this.
It might not be a bad idea to get on board before the opportunity or the crisis hits so that your paperwork and everything are already in and you’re on deck. I see this all the time. People don’t start trying to find the funds until it’s too late with a lot of pressure too. If you even think you’re going to need this kind of money in the future, get on deck with your file. Make sure it’s straightened out. That way, you have to say, “Nina, it’s go time. I need $40,000 or $100,000.” Do you have minimums or maximums?
Our minimum is $5,000. That’s the lowest loan we can do, I believe. No max.
I’ll take $25 million, please.
I’m on it.
I’d like to thank LiveComm.com. If you want to see how I am keeping my houses on the market for only four days, how I’ve done that for 200 and something houses in a row and how I’m using LiveComm to sell my product that fast, my owner financed homes, then go to LiveComm.com. Watch the video on the homepage or you can go to YouTube and watch my LiveComm channel.
That is where I go through every feature and show you not only how to plug into that feature, how to turn that feature on or off within the system. I also show you how I’m using that idea to make money, how I’m using it in my marketing, why I’m using it and what it costs. It doesn’t cost that much. It’s stupid how much it costs. We’re out of here. Nina, I hope you pick 1,000 loans in a month.
Thank you so much.
About Nina Duran
Nina Duran has lived in San Antonio for almost 40 years and firmly believes small businesses are the heart and soul of the San Antonio economy.