Forums: Discussions for entrepreneurs and small business.

Yes I have.  A friend has sent in the application and the fee.  They will know by next week if they are to get the funds.  Sounds too good to me. 

I have talked with SIF and asked them to prove they are real.  The basically said they have enough clients where they need to prove anything.

Can you say how far your friend is through the process?  The whole deal takes about a month....
 

Well, I don`t know if it sounds too good to be true...it still is a loan, not like its free. 

If they are this close, I just wondered if they had any forms notarized or signed corporation documents, etc?  This is just part of the process.

Whenever there’s an upfront fee involved with granting a loan, it’s usually a good indicator that the company behind it is up to no good.

I tried to look up some information on SIF online and couldn’t find anything except that may be an unrelated or not so unrelated company was involved in some mortgage fraud and got shut down by the state of California.

So, while the idea of coupling insurance with high-risk loans isn’t necessarily a bad idea (the SBA does exactly the same thing), the cost of insuring the credit risk is usually factored into a higher interest rate. The insurance after all benefits the lender and not the borrower.

Given, that there’s hardly any information available on the company and that they charge upfront fee, should make you want to stay away from them. Having said, that I wouldn’t be surprised if “nipper44’s” friend receives some sort of standard letter in the mail notifying him that his application was denied.



Mark



-------------------------


Jackson Steiner
http://www.JacksonSteiner.com

Advanced Document Design for entrepreneurs, intermediaries, and the financial services industry.
http://www.Publications.FastVentures.com

I just got an email from a Liz O`neil who works for this apparent company, has anyone actually gotten financing from these guys???? Here is the email she sent me, because I was asking a ton of questions: 

Yes

The number I gave you is my cell number .  I work out of my home.  There is no law against that.  My company Amerisaver is a legal entity. I am registered with the state of Illinois.

I do not need to explain myself to anyone.

 

This is a legitimate program.  the company that I work for is SIF out of Colorado, who is called Secured insured Fundoing Group, previously known as Bankers Funding Group.  They specialized in hard commercial lending up until last year when they started this program.

 

Good luck and much success to you.

 

Liz

 

Have you heard anything back from your friend who was trying to get financing?

I checked on there LLC through the colorado SOS and they were known as bankers funding a couple years ago and changed their name to SIF Funding Group last month so what she says is true. I want to know if someone has actually gone through because I am very interested. The link is here...http://www.sos.state.co.us/biz/BusinessEntityCriteriaExt.do;jsessionid=0000VCZwnhUwR16OBQ_jzWA7Owe:11nm16ef4