- Lender Company Owner Must Be A US Citizen
- Owner's Personal Credit Score Must Be Greater Than 600
- Owner Must Personally Guarantee Each Lender Financing Loan With GFC
- Lender Must Be A Registered Company (LLC, Corporation, ect.) With An EIN
- Lender Must Be In Good Standing With Their Secretary of State
- Lender Must Pay For Default Insurance (Costs about 1% of each loan and comes out of your profit automatically)
- Lender Must Allow GFC To Hold On Deposit Up To 10% Of Their Profit As Ongoing Collateral & Loan Loss Reserve Fund
Do You Need A Lending License?
If your state requires you to have a lending license and you do not have one, we can optionally either place you under our lending license as a "branch" (or) if you want to be on your own license, our partner legal firm can help do this for you nation-wide. As a valued lender with Go Fish Capital, you will receive a discounted service fee when working with our trusted legal partners. This can save you from the challenges often associated with some state regulator approval processes. To obtain a lending license 95% of the process is simply providing your personal and company information, such as addresses, ect. Only these 6 US states require you to have a lending license to make commercial loans: (AR, CA, NV, ND, SD, VT). Most US states do not require you to have a lending license to make consumer loans or small loans. You can view the NMLS Website HERE to determine if your state mandates a lending license for conducting lending activities or lending to borrowers in each state.
Do You Need A Legally Formed Company?
When you join our platform, you will need to confirm that your company has been legally formed in accordance with our Terms of Service. As part of the signup process, we will request that you upload supporting documentation, such as your Articles of Organization, to verify the legal formation of your company.
The Onboarding Process
- You Signup Your Company Into Our Member Lender Network:
- We optionally either place you under our lending license (or) we connect you with our partner law firm to help you obtain your own lending license.
- You work with us to add any end-borrower requirements
- Add any clauses to your loan agreement (with end-borrowers)
- Set your basic interest rate spread (by setting the interest rate that you charge your clients/end-borrowers higher than what we charge you). End-borrowers will also be charged a higher or lower interest rate based on their credit score and overall quality.
- Once you are approved, we provide your lending company:
- Ongoing lender financing for each end-borrower loan
- An online administrator panel to view all of your clients & loans
- A borrower application web page on our website with your logo
- (or) Code that embeds your borrower application web page with your logo into:
- Your own website
- (or) Any retailer's website (meaning if you're a pure lender (not a dentist, retailer, etc.) you can partner with any dentist, retailer, automobile dealer, etc. to finance their customers (your clients/end-borrowers)
The Lending Process
- When your client (the end-borrower) is pre-approved or fully approved, you will see them in your admin panel.
- The loan terms are displayed to the end-borrower in their admin panel, where they sign the loan repayment agreement between them and your lending company.
- You are then presented with the lender financing loan terms (between lender & GFC) for each end-borrower loan in your admin panel. Here, you sign each GFC repayment agreement. Optionally, to "fully" automate your lending process, after 1 month of manually signing your lender finance loans with GFC, you can set your system to automatically sign each time your end-borrower is approved.
- GFC then automatically conducts final approval and signs each loan agreement (between GFC & you, the lender).
- GFC then acts as a nominee & payment processor on your behalf (the lender) to:
- Fund the end-borrower.
- Automatically debit the end-borrower's monthly loan payment via ACH.
- Deduct your monthly payment due to GFC and your collateral (up to 10% of the lender's profit).
- Deposit the lender's profit in their GFC admin panel (withdrawable at any time).
- The loans between you and your clients (the end-borrowers) remain on your accounting books.
- Go Fish Capital services your loans for you.
- You use our funds to scale up your loan portfolio.
- Each time your loan portfolio hits $2M and you want to sell it, GFC's offers that as a service.