TOOLS & RESOURCES
We've made these tools available to you so that you can better control your future. We hope you find them helpful.
Financial Calculators Real Estate Calculators
Lease Payment Affordability Calculator Refinance Calculator
Lease Residual Payment Calculator Fixed Rate Mortgage Calculator
Lease Payment Amount Calculator Adjustable Rate Mortgage Calculator
My Lease Rate Calculator Balloon Mortgage Payment Calculator
Equipment Affordability Calculator Mortgage Payment Saving Calculator
Equipment Lease Payment Calculator Mortgage Qualification Calculator
My Equipment Lease Rate Calculator
HOW IMPORTANT IS CREDIT?
We understand that "life happens" and bad things happen to good people. What makes First Capital Solutions unique is that we don't just look at numbers, we tell your story. We help our lenders see YOU. Because we are consultants and not brokers we take the added step of helping prepare you to become "bankable" while also helping package you in the best light. We use underwriting procedures to review your funding request and help you make adjustments before we put you in front of a lender because we know that the more times your credit is pulled, the lower it makes your score. There is no point in putting you before a lender and allowing him to pull your credit when we know you will not pass his guidelines. We focus on building a relationship with you, not just turning over applications; this takes longer but it is a win-win situation.
You may have heard of the Five C's of Credit that are the foundation upon which lending decisions are made. These are:
Credit History - This is where your story becomes so important. Why do you have a low credit score? Why did you make some late payments? What happened that caused you to file bankruptcy? Very often the answer to the "Why" question can make a difference between "Approved" or "Denied" but without telling that story, if all we do is report the numbers, the ":Denied" becomes a given if your score is below the 650s. The very thing that sets us apart is what will set you apart - the human factor!
Capacity - Can you service the debt is the big question lenders will ask. Your current debt-to-income ratio (DTI), past income and employment history are all factors here. Because we have experience as bankers we understand how to speak their language and position you in the best light. If we determine that your DTI is out of line we will offer recommendations and assistance in realigning it so that you put your best foot forward at the onset. That's a value-add that most in this industry do not provide.
Collateral - Collateral refers to items that the business (and you personally) own that you will pledge as collateral; in the event the loan defaults, the lender can take possession of the collateral and sell it to recoup their investment. Banks are asset-based lenders. If you have no assets, you get no financing. We offer options.
Capital - Another way to look at this is liquidity, what liquid assets do you have that will enable you to service the debt? What is the cash flow of the business? Do your bank statements and average balances reflect the ability to handle the monthly payments? If you have low liquidity we most likely will have other options for you. That's the beauty of working with First Capital Solutions, we know that "one size does not fit all" so we don't try to do so but offer options instead.
Conditions - How will you use the funds (also called "Use of Proceeds")? The lender will often weigh whether or not that falls within their parameters. For example, some lenders will not lend in the medical industry due to the high litigation risk. Others may not lend in the restaurant industry due to high failure rates. That is why it is so important to know the risk-tolerance level of the lender before proceeding with the application. It avoids unnecessary credit pulls and wasted time.