Ability is what you're capable of doing, Attitude determines how well you do it
We're Here To Assist You In Getting The Funding You Need
From Barbara Melvin
I have been in banking for over 33 years, and I have done almost everything in the bank from starting as a part time teller to working my way up to a Vice President position. The good thing about my banking career is that I was able to learn so much and get cross trained in areas like coaching, mentoring, audits, and investments where I had my Life, Health and Annuity Licenses as well as loan underwriting, mortgages, personal & business loans and more. Of all the jobs I had, working with clients who had a lending need was near and dear to my heart.
Being able to watch someone’s dreams come true by getting a loan was the greatest feeling. I realized that the decisions I made, on their behalf, were so special to me because I not only got them the loan they needed, but I made sure they understood how to use the money wisely so they could not only meet their goals but help them become financially stable. Working for one bank, I realized that my hands were tied when it came to helping my clients get a loan. Most banks are limited as to what lending they can or want to do. That is why I decided, after leaving my corporate job, I was able to embark on this new journey where I can help as many clients as I can, to get the lending they need.
At BMR-Melvin Consulting, we have affiliate partners and resources that can help our clients meet their financial goals. We will help each client to not only get a loan but also, if needed, train, mentor, or coach them on how to utilize the loan in the proper manner towards whatever they hoped to achieve from that loan. As a former Vice President of the bank, one of my specialties involved working in the Community
Relations Area where I realized that many businesses needed basic financial literacy training.
At BMR-Melvin Consulting we are committed to provide financial literacy training and support as needed.
How We Can Assist You In Finding The Lending Source You Need
Food For Thought
Traditional Banks are limited to the lending they can do and the strict rules they have to follow, which often leaves their clients not being able to get a loan or sometimes renew their loans. Let BMR-Melvin Consulting be your one stop shop to handle your lending needs and help you to focus on your business or personal life without having to worry about your banking/lending needs.
We Are Here To Assist You
Financial needs can change instantly or in a blink of an eye. Our team is dedicated to providing solutions in a timely manner. We believe that everyone deserves the funding they need to be financially stable and we have the resources available to help meet those financial needs.
Helpful Resources Are Available
BMR-Melvin Consulting can be your one stop shop for financial needs. We partner with lenders that focus on all areas of lending which includes:
Commercial Real Estate, Hospitality Financing, Bridge Loans, Business Financing, Personal Loans, Accounts Receivable Financing including A/R Factoring, Asset Based Lending, Merchant Cash Advance, SBA loans and so much more.
Let Our Experience Work For You
Allow Barbara Melvin's 33 years of working as a VP in the banking industry and Daniel Melvin's over 40 years experience as an entrepreneur and 12 years of working at the Federal Reserve's, Detroit Branch as a Supervisor & 2 time Presidential Achievement Award Winner, work for you.
How Your Credit Score Impacts Your Financial Future
12 Good Reasons to Repair Your Credit
Credit Enhancement doesn’t exactly have the best reputation as a financial service. Scammers love to prey on people’s desire for a quick fix for their credit scores, which had led to a lot of fraud in the industry. But make no mistake. Credit Enhancement is a legitimate service that’s protected under federal law. You have a right to Enhance your credit and there’s plenty of good reason to do so.
With that in mind, we’ve laid out the top 12 reasons why you need credit enhancement.
Reason #1: There’s a 1 in 4 chance your credit report has an error
That’s not some made-up statistic. It comes directly from a consumer credit report study by the Federal Trade Commission. The FTC found that one in four reports contains some kind of error. Even worse, one in five reports has an error that would affect a consumer’s credit score, and one in twenty has an error that would drag down your score by 25 points or more.
So, this is not a small problem that doesn’t affect many Americans. To put it in perspective, you also have a one in four chance of becoming a victim of Credit Fraud. So, think about all the steps you take to prevent fraud. If you’re not putting the same effort into keeping your credit reports error-free, you’re almost certainly leaving money on the table.
Reason #2: You can boost your credit score if you enhance your credit
To be clear, the goal of credit enhancement is not to boost your credit score. The goal is to remove errors in your credit report. But often, doing so improves your score. Again, there’s a one in twenty chance that you have a mistake that’s dragging down your score by at least 25 points.
That means that with one Credit Dispute, you could see a pretty big jump in your score in as little as 30 days. If you’re looking for a fast way to build credit and get on the road to an excellent score, this is it. Although improving your credit score is more of a happy side effect of credit repair, it’s often the fastest way to boost your score.
Reason #3: You can refinance all your loans for lower interest rates
One of the main benefits of better credit is lower interest rates on all your loans. The interest rates you can qualify for are directly tied to your credit score. Better credit means lower rates. It also means that you can get in while the getting is good on low-interest rates available now.
Lenders set interest rates based on several factors, starting with your credit score. But the strength of the economy is another big deciding factor. When the economy is strong, the Federal Reserve raises its prime rate. This, in turn, causes lenders to increase their interest rates as well.
You can refinance most types of loans if you achieve a better credit score:
- Personal loans
- Mortgages
- Auto loans
- Consolidation loans
- Private student loans
The only time a better credit score won’t lower your interest rates on a traditional loan is with federal student loans. Federal School Loan Rates are not set based on your credit score. But every other type of traditional financing is, so it’s worth your time to repair your credit now and then see about refinancing any existing debt.
Reason #4: You can negotiate lower credit card interest rates, too
Almost all credit cards have variable interest rates. The rates on your existing credit cards rise and fall based on different factors. Right now, as the Fed raises the prime rate, your creditors are probably also increasing your credit card APR, too. The good news is that you can call your creditors to request lower rates. The key to making that happen is a good credit score and an error-free credit report.
Reason #5: Getting approved for new financing will be far less stressful
There’s nothing more stress-inducing that waiting to hear from a lender if you’re approved for a loan. It’s nerve-wracking sitting around wondering if your credit score is strong enough to get you the loan you want. And getting rejected for financing is heartbreaking.
The good news is that fixing your credit through credit enhancement is an easy way to increase your chances for loan approval. The two biggest factors in financing approval are credit score and debt-to-income ratio. Credit Enhancement helps you fix your credit score. Then you just need to worry about DTI, which is something we can also help you with. Once you know your DTI is good and you’ve fixed your credit, you can apply for loans with confidence.
If you have better credit, you get access to better credit cards. The best credit cards with the most rewards and lowest interest rates are reserved for consumers with excellent credit scores.
Reason #6: You can become mortgage-ready
Buying a home is still a big part of the American Dream. And with rising rent prices, homeownership has become the more affordable option in many places… if you can qualify.
Getting your credit right is a big part of becoming mortgage ready. When it comes to lower interest rates on loans, no loan is more important than your mortgage. Interest charges on mortgages add up to tens of thousands of dollars over the life of the average loan. Just half a percentage point difference in a mortgage interest rate means big money paid out of pocket.
Consider total interest charges on a 30-year fixed-rate mortgage for $300,000 with a 20% down payment:
- At 5.0% APR, your monthly payment would be $1,288.37 and the total interest paid would be $223,813.88 over the life of the loan.
- At 5.5% APR, the monthly payment would be $1,362.69 and total interest charges would be $250,569.70 over the life of the loan.
That 0.5% difference in your interest rate means almost $75 more per month and $26,755.82 more in interest charges. This is why you want your credit score to be as high as humanly possible before you apply for a mortgage. Leave no stone unturned and start by repairing your credit. TODAY !
Unlock Your Business Potential
Our Credit Insights also monitors your credit report daily and can let you know if there are any big changes detected, like a new account being opened, change of address or employment, a delinquency has been reported, or an inquiry has been made. Monitoring also lets you keep an eye out for identity theft.
Having a bad credit score can make it difficult to borrow money and cost you more in interest. However, we can fix your bad credit score.
If you have NO CREDIT, we can help with at as well. Remember, before you can work on improving your credit score, it's crucial to check your credit reports and scores to better understand the basic factors that go into calculating your credit scores. We can then identify what is making the biggest negative impact and take a targeted approach to address it.
When you think about a credit journey, one of the first things that will come to light is your credit score. That number represents your history of borrowing money, including your debt and payment history. Your score is used to help potential lenders determine whether they can trust you to borrow money and repay it in a timely manner, generally through a loan or credit card.
Your credit score is a number between 300–850 and the higher the score, the better you look as a borrower to potential lenders. Credit scores can vary greatly, and when you’re first getting started, yours might not be exactly where you want it. But that’s OK! There are plenty of ways to work toward a number that will make you feel more confident in your financial wellness.
What is a good credit score?
A good credit score depends on which scoring model gets used (see below).
As of May 2024, Vantage Score® ranges are
- Excellent: 781 to 850
- Good: 661 to 780
- Fair: 601 to 660
- Poor: 500 to 600
- Very Poor: 300 to 499
As of May 2024, FICO® score ranges are
- Exceptional: 800+
- Very Good: 740 to 799
- Good: 670 to 739
- Fair: 580 to 669
- Poor: 579 and below
Knowing this information is key to helping you understand how we can take appropriate measures to help improve your score and Enhance Your Credit.
Benefits of AI in Credit Repair Time
and Cost Efficiency
AI automates repetitive tasks, reducing the time and cost associated with traditional credit repair methods.
We achieve better results in less time at a lower cost.
Artificial intelligence (AI) can help with credit repair in several ways, including:
- Automating dispute letters: AI can automatically generate and send dispute letters to credit bureaus, which can save time and effort.
- Identifying errors: AI can quickly analyze credit reports to find errors and discrepancies that could hurt credit scores.
- Monitoring credit: AI can monitor credit reports in real time and alert users to any changes.
- Predicting credit scores: AI can use predictive analytics to predict future credit score trends based on an individual's financial behavior.
- Providing personalized recommendations: AI can assess an individual's financial situation and provide tailored recommendations for improving their credit score.
- Identifying trends: AI can identify patterns and elements that influence a credit score.
- Automating tasks: AI can automate tasks like budgeting and paying bills on time.
- Identifying loans and credit cards: AI can help identify loans or credit cards that an individual is more likely to get approved for.
- Addressing fraudulent activity: AI can help address complex issues like fraudulent activity on credit reports.
What a good credit score can get you
Having good credit matters because it determines whether you can borrow money and how much you'll pay in interest to do so. A good credit score can also help you get approved for credit cards with higher credit limits, extra benefits and other incentives. In many states, people with higher Credit Based Insurance pay less for car insurance.
Here are some other things a good credit score can help you get:
- An unsecured credit card with a decent interest rate, or even a balance-transfer card.
- A desirable car loan lease If your credit score is around 700 or below, prepare for questions about negative items on your credit record when shopping for a car. People with major blemishes on their credit are routinely approved for car loans, but you may not qualify for a low rate.
- A mortgage with a favorable interest rate. You don’t need flawless credit to get a mortgage. In some cases, credit scores can be in the 500s. But credit scores estimate the risk that you won’t repay as agreed, so lenders do reward higher scores with lower interest rates.
- An upper hand in the rental application process. Landlords or property managers use credit scores to screen tenants, although they generally aren't looking for immaculate scores. They're more interested in your credit record. Learn more about what landlords look for in a credit check.
- The ability to open new credit. This flexibility can help you cover expenses in a crisis or grant access to specialty rewards and travel cards. No matter the reason, being able to open a new line of credit when needed is a real benefit of having a good score. Come on...Do you get it yet?
Programs
Loan Program Advantages:
Loan Program Advantages: • No collateral required • No tax returns or financials • Quick fundings •The interest is tax deductible • Early pay-off options are available .
Our Funding Sources Have Expanded Their Accepted Industry Types To Include:
Various Restaurants that have a drive through and/or delivery component • Liquor Stores • Auto Repair & Service • Dry Cleaners • Business Cleaning Services • Hair and Nail Salons • Independent Pharmacies • Medical Equipment & Supplies • Specialty/Ethnic Grocery Stores • Family Doctors • Dentists • Urgent Care • Home Healthcare • Veterinarians • Pet Supply Stores • Pet Grooming • Dollar Stores • Hardware Stores • UPS/Mailing/Shipping Stores, Aerospace, Defense Contractors • Architectural Services • ATV / Golf Cart Dealers • Auto Parts • Beer, Wine & Liquor Production • Building Materials & Equipment • Computer Software • Electronics • Food Processing & Sales • Medical Services (Medical Imaging) • Manufacturing – Chemical & Related Manufacturing – Drug Manufacturers – Electronics Manufacturing & Equipment – Food Products Manufacturing – Pharmaceutical Manufacturing • Nutritional & Dietary Supplements • Other Health Professionals • Pharmaceuticals / Health Products • Steel Production / Steel Fabricators • Wholesale and More.
Programs
Business financing refers to the process of obtaining funds or capital to support the operations, growth, or expansion of a business. It is an essential aspect of running a business, as it provides the necessary financial resources to cover expenses, invest in new projects, purchase equipment or inventory, and manage cash flow. There are various types of business financing available, including loans, lines of credit, and alternative financing options Here are some of the industries that this encompasses.
TRANSPORTATION
HEALTHCARE
MANUFACTURING
OIL & GAS
STAFFING
SUBCONTRACTORS
EDUCATION
RETAIL
MEMBERSHIPS
MEDICAL DEVICES & SERVICES
COLLECTION SERVICES
and More.
A personal loan allows you to borrow a lump sum of money to pay for a variety of expenses and then repay those funds in regular payments, or installments, over time. For example, you might use a personal loan to cover:
- Moving expenses
- Debt consolidation
- Medical bills
- Wedding expenses
- Home renovations or repairs
- Funeral costs
- Vacation costs
- Unexpected expenses
- and So Much More.
Personal loans are different from other installment loans—such as student loans, car loans, and mortgage loans—that are used to fund specific expenses like education, vehicles, or homes.
Generally, you can use a personal loan for any expense. But some personal loan lenders restrict how you can use a personal loan. For example, you may not be able to get a personal loan to pay for college tuition, fees, or other expenses.
A personal loan is also different from a personal line of credit. A line of credit is not a lump sum amount but instead works like a credit card. You have a set credit line that you can spend money against. As you spend, your available credit is reduced. You can then increase available credit by making a payment toward your credit line.
Whether you’re a first-time homebuyer or someone looking to invest in real estate, the lack of real estate financing knowledge can make it hard for you to achieve your goals. Investing in real estate has many benefits, including home appreciation, tax benefits, and increased cash flow.
However, many individuals think homeownership and real estate investment aren’t options available to them because of their credit lines, poor credit history, or lack of money available for down payments for mortgages.
There are various real estate financing options available for both residential and commercial real estate.
Conventional Loans
Jumbo Loans
Government-Insured Loans
FHA Loans
USDA Loans
VA Loans
Hard Money Loans
Commercial Real Estate Mortgage Loans
Working Capital Loans
Hospitality financing encompasses various aspects such as new construction, re-financing, and acquisition. Whether it's a brand-new hotel, a renovation project, or acquiring an existing property, hospitality financing provides the necessary funds to make these ventures possible.
New construction financing supports the development of hotels, resorts, and other hospitality establishments from the ground up. Re-financing allows owners to take advantage of better interest rates or access additional capital by replacing existing loans with new ones.
Acquisition financing assists in purchasing existing hotels or properties, enabling entrepreneurs to enter the hospitality industry or expand their portfolio. These financing options play a vital role in fueling growth and innovation within the hospitality sector.
A bridge loan, also known as bridge financing or bridging loan, is a short-term loan used to bridge a financial gap between the purchase of a new property and the sale of an existing property. It provides temporary financing until a more permanent funding source, such as a mortgage, becomes available. Bridge loans are commonly used in real estate transactions to facilitate smooth transitions between properties.
Commercial property bridge loans are typically paid off when the owner places permanent financing on the property, after the improvements are completed and the new tenant(s) move into the property. Most bridge loans have no prepayment penalty.
Recapitalization is the process of restructuring a company's debt and equity mixture, often to stabilize a company's capital structure. The process mainly involves the exchange of one form of financing for another, such as removing preferred shares from the company's capital structure and replacing them with bonds.
Recapitalization is a strategy a company can use to improve its financial stability or overhaul its financial structure. To accomplish this, the company must change its debt-to-equity-ratio by adding more debt or more equity to its capital. There are many reasons why a company may consider recapitalization including:
- A fall in share price
- To protect itself against a hostile takeover
- To reduce financial obligations and minimize taxes
- To provide venture capitalists with an exit strategy
- Bankruptcy.
When you need capital, we can help
Our Affiliates and Resources
When it’s time to take your business to the next level, our Affiliates/Resources provides the expertise you’re looking for so you can get the financing you need to grow.
- Help you find the capital you need, without the overwhelm. From paperwork to packaging, we’ll walk you through the entire application, document, and approval process.
- Help you understand SBA lending better. Unlike any other loan source, we’ve mastered the complexities of all the lending programs offered by most banks and non-bank lenders, and keep abreast of any changes or new loan programs available.
- Help you match your specific needs with the right lender to ensure greater probability of getting the loan you need in record time.
- Help you to navigate the complexities of the lending process in order to package and structure your loan in the most favorable terms, and in the format specific for each lender.
- Pre-underwrite a loan request to enhance the probability of getting your loan approved and help keep your business moving forward.
Don't see what you were looking for?
With hundred of lenders in our network offering dozens of programs, we're confident we can source the right loan structure for you.
Some other loan types offered, but are not limited to
- Purchase order financing
- Factoring
- Equipment financing
- HUD loans
- USDA and B&I programs
- Merchant cash advance
- and more, Including FLEX PAY!
FLEX PAY LOANS
Giving You the Flexibility to Reduce Your Payments up to 50%!
Borrow Now, Grow Now, Pay Later
Many merchants simply don’t dream big because they believe they can’t afford to borrow the funds they need. Flex Pay solves that problem. Flex Pay Loans allow you to defer up to 50% of your loan principal into the future, resulting in dramatically lower loan payments now! Things like renovations, remodels, additional locations, equipment purchases, partner buyouts and more are not out of reach. Not anymore! A Flex Pay Loan is the perfect solution to get your project completed and begin earning a positive return on your investment now – without the need for collateral and without the stress to your cash flow! Flex Pay also has a unique early pay off option designed to minimize your interest costs. Couple this flexibility with our 6-month Line of Credit and the Flex Pay solution becomes even more powerful!
Now that’s the flexibility every business owner wants!
Pay Less When It Matters
Pay Less When It Matters
Pay Less When It Matters
Pay Less When It Matters Defer up to 50% of your loan principle for more affordable payments now. Use the funds to grow your business, and pay it back when the time is right.
Pay Weekly Not Daily
Pay Less When It Matters
Pay Less When It Matters
Use the funds for what you need, and make low, fixed weekly payments. Our financing is a loan not a cash advance, so repayment is not tied to your daily credit card receipts.
Pay On Your Terms
Pay Less When It Matters
Pay On Your Terms
To help you pay off your deferral, we have a variety of options that will benefit you. You can roll it into the future, allow it to amortize over time, or simply refinance it.