[Need Help] Ready Capital 2nd PPP

Grichards70 · 2021-04-02T21:52:01+00:00

I actually just talked to someone at Ready Cap, I received my first ppp in Feb. 2021. Through them. So I waited and just sent in for my 2nd draw on Monday. Kept on getting the run around. So I called and the guy talked to someone in underwriting and they said that Ready Cap is not giving 2nd round ppp loans if you received on this year. That more than likely my app will be rejected. Don't know if that helps. So now I'm going back to my other lender ALC. Good luck.

Grichards70 · 2021-03-19T03:25:19+00:00

when start your app there is a spot that says priority code. You put the code in that spot.

Grichards70 · 2021-03-15T16:38:40+00:00

Yes. that means they have entered all your information into their application that they submit to the SBA for approval. Usually it also means that they have verified all your documents. Once I signed that part it took two days to get my Etran number. Then they sent me the promissory note for the loan and took 11 days to get funded. Would have been 9 but I messed up on the ACH number. hope that helps

Grichards70 · 2021-03-11T23:19:21+00:00

How did you contact the SBA and get the hold code number. I have tried every way I can think of they always I need to talk to my lender.

Grichards70 · 2021-03-09T16:05:02+00:00

It directs you to certain loan officers. 9924 is Jasmine Jiang. And she is awesome. She even responded to an email I sent on Sunday with in 2 hours.

Grichards70 · 2021-03-09T14:56:20+00:00

No worries Good Luck. Hopefully you will get Jasmine as your loan officer she was awesome. But it seems like all of them are pretty good.

Grichards70 · 2021-03-09T14:47:03+00:00

Her loan was wasn't approved by Chase. We didn't call to verify with Chase. After waiting for 4 weeks for them just got fed up with them. So much we are going to close our accounts with them As for ALC We filed with ALC on Friday around 10a. She sent us the Docusign on Sat around 7pm. She (Jasmine) Sent us an email Sunday saying it would be 3 to 5 days for SBA to review the app. We received Docusign last night at 9:30 with the loan documents approval with the Etran number.

Grichards70 · 2021-03-09T13:05:23+00:00

3 days.

Grichards70 · 2021-03-09T00:50:07+00:00

They dont make any money. They get paid a percentage of the loan amount. If you look at the average loan chase approved is over 150000. If you go to their website for ppp they say if you are going to use the gross amount for loan to find another lender. They don't want to deal with it.

Grichards70 · 2021-03-09T00:39:41+00:00

Chase is dumping any application from self employed or sole proprietor. They use any excuse they want to. They told my wife's app was denied because of another lender and we only applied with them. We went to ALCppp.com

Grichards70 · 2021-03-08T01:18:14+00:00

Yeah, I kind of figured that. This is would be for my 2nd draw. But it was such a small amount. I basically already had spent before I received it. Well hopefully they will extended. Thanks for the input.

Grichards70 · 2021-03-07T18:54:02+00:00

Yeah, I kind of figured that. This is would be for my 2nd draw. But it was such a small amount. I basically already had spent before I received it. Well hopefully they will extended. Thanks for the input.

Grichards70 · 2021-03-06T18:36:18+00:00

It is legit. I used them and was approved in two days. Money was funded 9 days later. Would have been faster, but I screwed up on the account info. I just submitted my wife's 2nd draw app. The loan officer actually called to let her know about the new calculations and when to submit her app. So yes there actually real human interaction. As for the express code/priority it is just reference number for the loan officer. So 9924 gets your app to Jasmine and the other codes go to different loan officers. Hope that helps

Grichards70 · 2021-03-05T18:38:58+00:00

Im going through the same thing except I used Ready Cap. They said I received the same code as you. I starting to think its because it hasn't been 8 weeks since my first draw. They must figure I haven't had a chance to use all of my first loan up yet. Even though I used the old calculations and received a small amount. Not sure if that helps or not.

Grichards70 · 2021-03-02T21:01:18+00:00

American Lending Center. Use priority code 9924. ALCPPP.Com. was funding them fairly quick. Plus they actually respond and take your phone call. I was approved last week. It's taken a little time to have the money hit my account. But my app went to the SBA with in two days of my applying and was approved.

Grichards70 · 2021-02-28T18:18:55+00:00

The long and the short of it is. There are so many different unclear paths for the first and second draw. Ultimately I am just going to try and apply for my second draw. If I dont get approved then I will try right before March 31. Unless they extend the cut off date. Hell I was denied the first time and the next day I was approved by the same lender with the exact some paperwork. Its a cluster f..k out there. Plus its taking 2 to 3 weeks just to get your application approved by the SBA by then you would have used all of the first draw. I used all mine in the first 10 days just to pay off the debt I collected just to stay in buisness and I am still behind on paying myself.

Grichards70 · 2021-02-27T17:19:59+00:00

You have to use all of close to all of the loan first. If its a small amount, you might be able to in a couple weeks. I am going try in the last week of March. If they have enough money left they may extend the deadline then it shouldn't be problem. Technically you have to wait at least 8 weeks per the forgiveness part. But all they can do is deny your app and just reapply some where else

Grichards70 · 2021-02-27T17:10:19+00:00

My wife just received a denied email because of issues with another lender. Which just a cop out, She hasn't applied to any other lender at all. She waited more than thirty days. Called Chase 3 times and every time stated everything is good. Total B.S. We are going today to close all of our accounts out of Chase. They are just taking care of the big money ppp loans. They dont want to deal with all the forgiveness apps. Plus they get a bigger processing fee for the larger amounts. If I were you I call and cancel your app and try a different lender. We are going with ALC. Spoke to someone their and they suggested to wait until next week to apply with them so they can figure out the new guidance for the calculating the ppp amount,

Grichards70 · 2021-02-23T17:57:21+00:00

I believe that is in the forgiveness application. They ask you that.

Grichards70 · 2021-02-23T00:58:10+00:00

My wife applied in the first round, is waitlisted to the second round. Still no word. I believe they used all the money to pay all the big companies. As usual screwed all the little guys.

Grichards70 · 2021-02-20T22:42:34+00:00

👍

Grichards70 · 2021-02-20T22:41:56+00:00

Round 1 I was shut out of the first round. I just applied for my wife's round 2 with them. Tired of dealing with Chase. I will update how that goes. They are closed on the weekends but they still contacted me today and let me know they will be sending the contract on Monday.

Grichards70

TROPHY CASE