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Frequently Asked Questions
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What kind of company is Bedrock Financial Group, LLC? Bedrock Financial Group, LLC is a Business Loan Broker and Consulting Firm. Bedrock Financial Group is not a direct lender. We set clients up with credit providers that will give them the maximum amount of funding through a variety of factors. Factors include but are not limited to: Personal credit score, business credit, credit history, type of business, use of funds, etc… Bedrock Financial Group's main goal is to get the client the amount of money they are looking for without the amount of funding the client needs, interest rates and other factors are meaningless.
What kind of loans does Bedrock Financial Group offer? Bedrock Financial Group offers loans for business, startup business, equipment leasing, factoring, purchasing order financing, lines of credit, accounts receivable financing, unsecured borrowing, acquisitions loans, SBA loans, merchant cash advances commercial as well as residential mortgages. Bedrock Financial Group is able to obtain almost any type of business loan your company may need.
Does Bedrock Financial Group have any upfront fees? Bedrock Financial Group does not have any kind of upfront fees. We strongly believe in providing everyone with a free consultation. Bedrock Financial Group is typically paid by the lender. This enables us to get the best rate for our customers that their credit will allow. At Bedrock we take pride in putting our customers’ interest first.
What is the amount of Money that I may borrow? The maximum amount of funding that can be obtained is based on a number of factors; Credit history, Location (city and state) purpose of the loan, etc... Credit history is a very important factor when looking at the amount of money that someone is applying for. While credit scores are a factor, they are not the most important. Bedrock Financial Group is looking for clients with a responsible credit history. Let us use this example: client A has a credit score of 780 and client B has a credit score of 689. Client A has credit for one year with their highest credit card limit being $2,000. Client B has credit for twenty years and their highest credit card limit is $30,000. By looking at the credit score you would assume that client A has much better credit. But nothing could be further from the truth. Client B will get more money than client A. The purpose of the loan plays a part as well. Credit providers assess risk when deciding on what amount to lend out.
What is the difference between Loans and Lines of Credit? The main difference between loans and lines of credit is that a loan has a fixed payment and a line of credit payment is a percentage of the balance. Loans Pros: Fixed rate, same payment every month, rate will never go up Cons: Can not reuse, higher rate in most cases, have to use the whole amount at once, will have to pay interest on what you don’t need right now, smaller amounts Clients who ask for a loan are usually looking for debt consolidation. Lines of Credit Pros: Lower rates, can reuse the money that you pay back, can get increased over time, Cons: Rates might increase Clients who ask for a line of credit are usually any type of business.
What are the differences between startup business loans and business loans? The main difference between a startup business loan and a business loan is the amount of time that a client has owned their business. While in some cases certain businesses may qualify for business loans having only been in business for six months the norm is around one to two years. Startup business loans are loans in which the client has owned the business for less than six months or has not started the business just yet. Another major difference between startup business loans and business loans are the fact that startup loans will show up on your personal credit report. Business loans will not report to any personal credit bureaus (Experian, Trans Union and Equifax).
How long does it take to receive Funds? The amount of time to receive funds various from lender to lender and depends on the type of loan you are pursing. An application only equipment leasing loan may be funded in one week but an SBA start up loan may take 45 days. Each situation is unique.
Are there types of businesses that Bedrock Financial Group can not get business loans for? While Bedrock Financial Group takes pride in being able to obtain funding for most businesses, that is not always the case. We are able to get most businesses the financing that they need. We may have some difficulty obtaining financing for business with poor credit. Be assured we will do our best to get your business the money it needs to be successful.
If I do not take the loan that Bedrock Financial Group provides for me am I obligated to pay the consulting fee? While we do not charge a fee unless a client actually takes the loan, Bedrock Financial Group is looking for motivated clients that are looking for capital.
What kind of documentation will I have to provide to get a loan? With Bedrock Financial Group we have access to hundreds of lenders to get your business loan approved. Each lender may require different forms of documentation. Some lenders will require bank statements, W-2s, some may even require business references. There are equipment leasing programs that simply require a quick application and fast approval.
Why not just apply on my own? There are many reasons why a person should not apply for a loan without professional help. The biggest reason is that with Bedrock Financial Group at your side you will get professional help throughout the entire borrowing process. We make sure that we set the client up with lenders that provide financing to each specific industry. With Bedrock Financial Group assisting you with this process, you will avoid costly mistakes. |
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