Delancey Street is an organization that acts as a bridge to link up borrowers to lenders. The organization in itself is both a marketplace and a direct lender. There are several loan packages that Delancey Street offers, each being unique in its own way.
There are a few things that come into play in determining whether or not you qualify to get a loan. Once you come to a conclusive agreement with Delancey Street, a lender will be identified to facilitate and provide the loan amount you’ve requested for.
With that said, here are the top 3 things to know about Delancey Street loans:
1. Creativity Is Key To Getting Delancey Street Loans
Unlike the conventional loan application process that puts many factors such as a good credit score into consideration, Delancey Street loans are more focused on the creativity aspect of the idea or need you have at hand that needs funding and its potential to yield profitable returns.
2. There Are Different Types Of Delancey Street Loans
Each Delancey Street loan is unique and targets a certain group of people with specific needs. The first loan type is the Hard Money Loan which is privately funded by lenders whose main concern is equity protection and collateral. Funding time is fast compared to conventional loans. This loan is mostly used by real estate investors in need of money to leverage while making transactions.
The second is the Small Business Loan and it is meant to fund businesses. One major requirement that’s a must-have in order to qualify for this loan is a properly written business plan. Lenders will call you in for an interview where you’ll provide an illustration of what your business plan entails, and if they feel confident in it, they’ll approve your loan.
The third is the Merchant Cash Advance loan which is a kind of factoring where a lender analyzes how much money your business makes and offers you a cash advance against those earnings. It’s a great way to raise working capital for your business when you need it.
The fourth is the Lawsuit Loan that provides plaintiffs with the necessary funds that they need to facilitate their cases. A plaintiff only pays back the loan if he or she wins the case.
The fifth is the Flip and Fix Loan for real estate investors who have an interest in purchasing, renovating, and then flipping a property for a profit.
The sixth is the New Construction Loan for businesses and investors with new construction projects that need funding. The seventh is the Private Money Loan which is given by private money lenders to finance real estate investment properties, for example, buying new homes for commercial purposes.
The eighth is the Bridge Loan that is also used for purchasing an investment property. It helps you top up what you already have in order to acquire a property.
3. Delancey Street Loans Are Funded Quickly
If your idea or need is viable and a lender sees value and potential in it, a Delancey Street loan will be released to you within the shortest time possible so that you can proceed with business.
And if you’ve done business and are yet to be paid by your customers, you need not to wait any longer before customers can pay. You can capitalize on Delancey Street invoice factoring and get your already earned money.
