Real Estate Line of Credit with Oracle Loans?

[Marenda Bullock]

Hello all,

Has anyone had any experience with Oracle Loans? I've searched the forums but nothing. There also isn't much about them online, good or bad. Interestingly enough, they claim to be endorsed or connected in some way to BP (see image), if that's the same BP.

Here's what they proclaim on their site (I tried to post the actual website link but BP wouldn't let it post):

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Here at Oracle Loans we offer a unique solution for real estate investors seeking financing without the hassle and uncertainty of traditional lending. Among these programs one truly stands apart from the rest; the Real Estate Investor Business Line of Credit which is specifically designed for real estate investors who engage in both fix & flip and fix & hold. This program offers a hassle-free experience for real estate investors who want to use their business to access credit without having to worry about the time, costs, and documentation requirements often associated when getting a mortgage, loan, or home equity line of credit.

The beauty with this program is that there's no income verification, no financial documentation, and is 100% unsecured which means there is no collateral requirement. Also, since these credit lines do not report to your personal credit report it will not affect future financing transactions, such as getting a mortgage.

Because of this flexibility it comes as no surprise that our most popular clients include real estate investors. Whether seeking to fix and flip, or fix and hold, this program allows investors to have open credit lines to make repairs or improvements not only for current projects, but future projects as well.

Whether you were turned down in the past due to the property type being ineligible, LTV was too high, DTI / DSCR was too high, or qualifying income was too low, the Stated-Income Business Line of Credit bypasses all of those major obstacles and lets you stay on track to accomplish your fix & flip goals.

REAL ESTATE INVESTOR LINES OF CREDIT:

• Credit Lines: $10,000 - $250,000
• 0% interest for first 6 – 12 months
• After introductory period ends, rates start at 8.99%
• If you have a 700+ FICO, no co-signer is required
• If your credit score is between 400 – 699 FICO, a co-signer will be required and must have a 700+ FICO. The co-signer does not need to be affiliated to the business.
• Upfront Fees: None
• No income verification
• No financial documentation required
• No collateral required, this is an unsecured program
• All type of real estate investors are eligible
• Credit lines WILL NOT report to your personal credit report
• Business must be active for a minimum of 1 day
• Must have a legal US entity with Tax ID (LLC, Corporation, Partnerships, etc.)

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You can see more on their site but I'm really looking to get started and having a real estate line of credit seems to be a fairly straight-forward way to get -- and keep a steady source of -- funding.