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Property Management Company Receives Unsecured Line of Credit Despite Poor Credit History
Background
An entrepreneur owns a property management business for the past 3 years. The owner's credit report shows a large number of closed collections tracing back to college. Even after debt settlement, the history of closed collections reduced the credit score to below 640.
The Need
The entrepreneur needed an unsecured line of credit to hire more people, improve property management, and move to a bigger office. With a poor credit history, no lender would fund the deal.
Solution
After reviewing the owner's credit report and gathering settlement letters, Biz2Credit referred the entrepreneur to a reputable credit enhancement company. Also, Biz2Credit presented settlement documents to prove the strength of the case to lenders.
Result:
  • All closed collections are removed from the credit report

  • Within a period of 2 months, the credit score is increased to 750

  • Accessed a line of credit at prime plus 1
Benefits:
  • Credit worthiness increases dramatically in only 2 months

  • Accesses funds at a low rate

  • Enhances credit worthiness of the business
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