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Total Merchant Resources CEO, Jason Reddish, was interviewed by real estate investor, Brian Stark of the Stark Group, on WERE News Talk Radio 1490-AM in Cleveland, OH. Listen to the interview and hear Jason talk about lending to and funding small business, TMR’s appearance on Shark Tank, and Brian taps into Jason’s mortgage industry experience to offer real estate funding suggestions to the show’s listeners.
Jason talks alternative lending for real estate investors who are rehabbing houses and flipping them. While TMR funds small businesses, these types loans are better handled by small banks in local markets.
I don’t want to be a technology company, I want to be the old school relationship business when you went in on a Saturday and you said, this is what I did with my business. And the deals made on the golf course…you shake hands.
Brian Stark asked Jason, the following questions:
What are three things business can do in the next 90 days to make their business more attractive to a lender like Total Merchant Resources.
- Be in business for 3 months.
- Make sure you’re depositing at least $10,000 a month.
- Keep current with your landlord. We do a landlord verification. If there is risk the business will lose their lease, it’s a concern.
Jason also reminded listeners, with Total Merchant Resources, there are no monthly payments. He said, “The way we get repaid…is we take a percentage of the business deposits. We score that business based on repayment or the time of repayment.”
“We have prepayment incentives. If you pay us back sooner, we’ll give you a cheaper payoff,” Jason said. He continues, “We look at your deposits and your cash flow. The most important thing, we don’t want to put your out of business to get paid back.”
Brian asked, what are three things business can do to grow their deposits in the next 90 days.
- When you’re building your business, you have to make a living. But you also have to reinvest into your own business with your capital. You have to prioritize your business first.
- You have to go with the times. If you don’t change with change, you’re going to get changed inevitably. You have to get savvy with computers. You have to learn the Internet. And, you have to watch your expenses. I’ve seen businesses go under, because the business hired someone who blew out their marketing budget. You have to get savvy online to market your business.
- Call Total Merchant Resources at (855)-ASK-TMRE to get funding to grow your business.
Are you a small business owner seeking funding for your small business? Contact us today and one of our account managers will work with you to assess your business and get you funded in 24-48 hours.