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June 19, 2019

Term Loans for Amazon Sellers with Bruce Mack (Platinum Financing)

Amazon Seller Term Loans

Term loans for Amazon sellers can be  a great way to increase  business growth and help avoid the dreaded Out Of Stock moments that come from a shortage of cash!

Terms of loans: 12 months up to 60 months

Varying APRs

Term loans for Amazon sellers – the Fintech platform

At a cost of $100Ks, Platinum Financing created a Fintech platform

The key is that you can make a “Soft enquiry” with a lender for a term loan as an Amazon seller, which doesn’t show on credit file. This is critical – if you just apply for 25 loans formally, you’ll destroy your credit rating!

Platinum’s software makes a soft enquiry with 25 lenders. They ask 11 Qs; and within 30 seconds, can get multiple, potential, (soft) approvals.

If you’re sitting on the fence, you have nothing to lose

  • Costs nothing
  • No risk to your credit score
  • If you like what you see,  you can go ahead; otherwise, you can leave it with no bad effect.

What other kinds of credit can you get entrepreneurs?


Investors can pick up equity or have collateral that can be pledged.

That’s unusual unless you have collateral, eg property

Retirement – BDRA

Many companies offer an IRA or a 401K

If individuals have those, there is a special programme that allows them  – if it’s “Rollable” (moveable from employer to employer)

BDRA – have 100% access to those funds for any business purpose

Normally if using from one fund to another, highly restricted

  • Eg real estate
  • Etc
  • Can’t use for Amazon, eBay

People love it!

Another issue: if you have an IRA or 401K, if you cash it out and not Rollable

  • 10% penalty of all the funds in there
    • Say $200K – $20K immediate hit
  • Plus in the year you take it out, you get income tax bill!

Neither is the case with BDRA.

It becomes deferred income until the individual is 70 ½ years old!

Contact details for Bruce Mack


Tel.: (720) 371-2345

Times: West Coast (CA), generally gets into office 9 am. Call 9 am-7 PM Pacific time. Or text.


So you talked about revolving credit, do you have other forms of credit that you would educate people and or help people get all that people can generally go for?

Bruce Mack 1:04
There are two that I think are important to the FBA sellers that are on this call, one of which is our term loan program. And the term loan program is unusual in as much as we have a platform where we have 25 lenders on that platform.

Now imagine, if you will, if you went to 25 lenders, individually, what would happen, where your credit would be destroyed. And the reason is, is you would have 25 inquiries on your FICO, which, of course is going to really hurt your score and have a dramatic negative effect, if other people see that you are have applied for that much credit with different lenders.

So what we’ve done is we’ve consolidated and put all these lenders into one place. And with one inquiry, actually, with no inquiries with a soft inquiry, which means it does not show up on your report. With one soft inquiry. We go out and spider out to these lenders. And we get within a 30 to 45 second period of time, where we either get no offers, or we get offers.

And we get multiple offers from one lender. And oftentimes, we get multiple offers from multiple lenders, the APR is here started 4.9% go up accordingly. From there, depending on the individuals credit, we would like to see that they are employed, and that they do have a provable income, either w two income or 1099 income. And that money’s flowing into their personal banking bank account.

Again, our consultants go through all this with with the individual. But the beauty is there are no hard inquiries, unless you see alone, it’s on the platform or multiple loans that are on the platform, and you want to go forward at that time prior to when you go into the final underwriting stages before they they send you the money and put it into your bank account. Yes, there will be a hard inquiry. But we’ve limited that to only the the lenders that you like what they’ve got to offer, and they’ve actually made you an offer in the first place.

So it’s a great, great program only takes a few minutes. It’s an online process, and very, very easy. And we can take people with FICO scores as low as a 580. And 580. If you if you have a 580 you know, you have multiple credit derogatory, now, I’m not telling you that you’re going to get approved, if you’ve got a 580.

But I am here to say that we’ve had people that have had as low as a 585 score, get some approvals for some amounts of money, the higher the FICO, of course, the more you’re going to get approved for and these loans. We, you put in how much you want. But we have loans that range starting with $1,000. And going up on the other hand to $50,000. And more good news, you can take as I was saying multiple offers.

So let’s just say you wanted a lot of inventory, you could put in for $50,000 and takes a two offers and parlay that right to $100,000 right there. And then so it’s a great program, we’ve had tremendous success, it’s a win win. That sounds like

Michael Veazey 5:02
a very, again, super smart. I’m using the terribly American language and why not? What the hell as we get to Americans, super smart, very, very smart in the sense that you understand exactly how the system works. So the soft inquiry is basically a bit like me saying somebody some making a job offer or somebody somebody said, Look, you know, I’m not saying that this is available, what if you were free? Would you be free on Saturday, you know, so I’ve done that in the past, and I was an orchestral conductor, and fixing orchestras, I say, Listen, this isn’t a job offer, because then it’s a contractual thing. And that goes into all sorts of trouble if you renege on it. But it’s basically that soft inquiry things is very, very smart. And it makes total sense to me immediately if you don’t trigger an official thing.

But unofficially, you’re basically saying, Look, I’m not actually asking for a loan. But like, if I were to ask you for a loan, would you say yes, in fact, seems very British as well, if I may say, so that’s a very British way of looking at things. So like, well, I’m just gonna flip the possibility passed you here. So I love that. I love the fact that works so well for you. And obviously, the FICO score, you can deal with is, you know, as you say, no guarantees, but it’s very worth inquiring for people who’ve had quite a lot of credit issues.

The other question, then apart from the fact that you could get up to $100,000, which again, would move the needle, particularly if you got something in q4, you got to get some some inventory now and and you’re gonna have to order it maybe in September, or even August or something to get it in maybe even earlier. And then the payoff on K through to January. This brings to the other question is, what kind of term loans are we looking at? I mean, we’re talking about a few months or years, or what sort of duration term loans.

Bruce Mack 6:31

That’s another good question. The term loans vary in length, as little is 12 months, and as long as 16 months, which is five years. So we’ve got everything. And when I said earlier, you’ll get potentially multiple offers from each lender, or for from more than from lenders. They will sometimes make an offer for 24 months alone at x APR and why payment and one for 36 months and one for 48 months and they may even make a 16 month offer. So okay, so always an old upon the lender.

Michael Veazey 7:08
Yeah. Okay, excellent. So now one of the questions I wanted to ask about that they want to see is a W 10 or a 1099? These are not familiar with me, but that they would be to American listeners, I guess so. And they want to see some income from employment. Now, if you’re a serious hours in business owner, then assume your employment is going to be through your Amazon company. So is there an issue of your employment income is coming from the same Basic source?

Bruce Mack 7:33
No, that’s okay. And it likely would be a 1099 income, if that would be the case, W two income is usually relegated to people who are working for another employer. And then they get their w two income and they get their pay stubs and, and so on and so forth. So if you getting into their FBA selling, and maybe they’re not full time, blah, blah, blah, so on.

So you can handle by six, you said the W two is basically for the person who’s got a day job and running their business, their Amazon business evenings, weekends, and then the the 1099 would be maybe if you’re a director of a company receiving a salary or something like that, if you’re a director of a company, you’re probably still a W two, usually 1099 income is relegated to people who are solo printers, and have their own company.

Michael Veazey 8:35
This is why it’s worth digging around into these details, because obviously, the devil is often into detail. So if you’re like a solo printer, and you own 100% of the business, then that’s one thing that if you, for example, if you are the managing director or the CEO, depending on which side of the pond you’re on, have a company that also has a couple of other investors in it or something like that, and you’re getting paid a director salary, then that would still be okay, within the auspices of this program is what I’m basically asking,

Bruce Mack 9:00
in most cases, I would say yes, but we need to look at the look at the situation. And it’s just a question of us being able to derive and source the income and everything lines up. We are good to go.

Michael Veazey 9:13
Great. Yeah, just a quick so sanity chat that they didn’t require somebody to be having a day job that is off Amazon or something, right?

Bruce Mack 9:19
Okay. Absolutely not.

Michael Veazey 9:21
Cool. Alright. So that sounds very, very powerful. Obviously, again, this this FinTech pro platform has an extraordinarily quick and efficient way of bypassing an awful lot of problems. And so very clever stuff. What are the kinds of credit if, if any Do you offer?

So we talked about a revolving lines of credit, we talked about trade lines that you then parlay into credit lines, credit cards, and that was, those are the ones that are available to domestic or US based people? And then the term loan program? Again, that’s domestic one. And then, yeah, for us based or domestic lending? Are there any other possibilities?

Bruce Mack 9:54
Yes, there is. Now, many of the people who are on the call that are domestic here in the United States, either worked for an employer where they received or are still receiving a formal or participating in a 401k or IRA, investment retirement account, they could potentially move those funds.

And when I say potentially, let me let me clarify and then have the ability to use those funds for anything that they wanted. That was a business nature. So first of all, with our BD era, which is our business directed retirement account, you must have rollable funds. What do I mean by that? Well, if you’re currently working for an employer, and you’re participating in their 401k, or their IRA, however, you used to work for another company, and you took a chunk of money before 100 or more thousand dollars and moved it over to your existing company, IRA or 401k, you can actually carve out that money that you brought from the previous employer and roll it over into a very specialized type of self directed account that we can get you involved with, which is called the BB IRA or business directed retirement account, likely won’t be able to move your 401k or IRA from the present employer because they usually have a stipulation that says, as long as you’re employed here, you can participate.

But you cannot, meaning you can invest will put a certain amount of your paycheck in there for you, that’s tax deferred, but you cannot take the money. Now the day they quit, or retire, as the case may be at that particular point, then that 401k indoor IRA monies is accessible from their current or now becomes their past employer. Right? With most of these IRA and or 401k, self directed companies that are competitors of ours is they have what’s called a very narrow, narrowly defined focus, very narrowly defined focus of what you can use the funds for, you can use the funds for real estate investing and for securities investing, and these types of things.

And that’s pretty much it, you certainly cannot be using it for buying goods on Amazon. However, a BTR a that business directed retirement account is hugely successful based upon its flexibility. when in use, you can use the funds for any business purpose whatsoever, obviously, encapsulated in that statement, would be utilizing those funds for making purchases to fuel your business with Amazon. So if you have a 401k, or an IRA, and it’s rollable, you definitely need to look into this BTR a, it’s phenomenal, if works.

And we’ve been able to have clients of ours get access to, in certain cases, hundreds and hundreds and hundreds of thousands of dollars that they couldn’t have previously because it was unattainable and or not usable because of the rules of the road.

Michael Veazey 13:47
Amazing. So that’s can be potentially very, very powerful thing indeed. So let me just double check sort of sanity check. And well, first of all what it is. So basically, you need to have a 401k or IRA, there’s rollable. And that basically happens, because you’ve changed employer at some point, which could include, obviously, the lovely situation where you go to your boss, say, I quit my day job, and I was focused on my Amazon in business. And by the way, that means a bunch of funds become rollable at that point, if I understand.

And the thing you offer as opposed to most people’s is that the there’s a narrowly defined focus of what you can use that money for. Whereas a BTR is very much more flexible. And that means you can use it for stock or you know, advertising or whatever else I guess. So. Is that an accurate summary, first of all? And now I’ve got a couple of questions. Yes. Excellent, good. I’m getting some good students. I’m learning Americans financial situation here. And this is all part of the joy of being an internet marketer, you constantly have to expand your sphere of knowledge, which I find very, very interesting.

So hopefully, listeners are finding it interesting as well. The other question then is, obviously we’re dealing with some of his pension. That sounds to me that something obviously just like putting your house on the line, or you know, or any other real estate’s for business sounds like sent to be treated with caution, all those sort of downsides that we need be aware of here that could affect your pension in the future?

Bruce Mack 15:04
Well, the the notion of an IRA or 401k, is it going to be for retirement funds. And if you were to take those funds out, without rolling them over, you’d be subjected to first of all a 10% penalty on all the funds. And you would also incur the ordinary income in the year that you took those funds out, which if you took 100 or $200,000 out, and you are at a 43% tax by which you could be in the United States, obviously.

And then the 10% penalty, half your funds just went Goodbye, that ain’t pretty. On the other hand, I always tell people, look, the IRA, the 401k monies that are there, even coupled with your Social Security, are likely not going to get you the retirement, to even keep you close to the lifestyle that you’ve enjoyed during your working life. You need to make an eyes both open decision, if this makes sense for you know, if you are looking at making homerun deals, like so many of the Amazon sellers that I’ve seen, of course it makes sense.

And or if you’re looking to have access and control the destiny of your of your future, because you know that you need to make more money with that money that is available to you for the days that you’re going to retire, then a beat era certainly makes more sense. Okay, it makes no sense. In frankly, if if you feel rightfully or wrongfully that by leaving the money there, then you’re going to least have something, then likely making that move might not be the right thing for you, I cannot make that decision for an individual. I can only tell you that many individuals who have made that move and access that money, have been able to parlay that money into five and 10 and 20 and 50 X of the monies that they had in the first place.

Michael Veazey 17:32
Yeah, it makes sense. I mean, from what you’re saying is a really drawing back out from the business even just thinking in terms of not just e commerce but business as a whole. But just going further back to the investment, hundred thousand foot view if you like I mean, it comes down to asset allocation, right.

So that might make sense to have some of your stuff is not rollable, presumably, if you’ve got $100,000 in rollable funds, and maybe half a million in non laudable funds, that’s just parks in safe boring investments anyway. So it’s a question of how much of your assets Do you allocate to a high risk, high reward thing like business and particularly Amazon is very, very high reward if you get it right. But like in a business ventures is risk, right? So I guess I can say is no financial decision, right. And,

Bruce Mack 18:13
Michael, if anybody, I don’t know, if a lot of your books that our listeners and our viewers are looking at the stock market stock are in the stock market, ain’t that safe haven, we’ve hit we’ve hit a year in this calendar year where people in most cases have lost money. So just leaving it parked where it is.

I’m not saying it’s a bad thing. But it might not be a good thing. Because if you’re losing money, and you’re not even gaining money, well, then when you factor in inflation, cost of living increases, then you’re really getting behind the eight ball and then in a very unfavorable way. So again, the choice is up to the individual. It really just depends on on risk tolerance with the final goals are, and we’re here to help if it makes sense for you.

Michael Veazey 19:15
That makes a lot of sense. Yes, of course. I mean, it’s, we’re stones, yeah, this is ultimately the thing one has to have as entrepreneur. And and that balance of risk reward and having an aggressive but not you know, self destructive level of risk tolerance, I guess. And that’s a very personal thing, as you say. So just going back to one little issue that you raised, just want to dig bottom this out, as they say, if it’s not rollable, you get a 10% penalty of all the funds plus you get taxed on massive income tax bill, so that’s not good. So neither is the case with the BTR a Is that right, just to clarify that

Bruce Mack 19:47
with a BTR a because all the money that the person is going to be utilizing becomes deferred until you’re 70 and a half the answer is this is no, you’re you’re deferring out just like you would, with your normal self directed or your normal 401k or IRA, that you don’t get taxed on until you have to take taxable distributions at 70 and a half of those it basically, you know, better tax but down the line and only on the income way down the line. Exactly would also be subjected to that 10% penalty for blowing it all up in the first place.

Michael Veazey 20:25
Yeah, it makes a lot of sense. Yeah. Okay. Yeah. So this is if you’re going to use your pension at all, it sounds like the only sane way to do it is the beat era. And then it comes down to an asset allocation decision really doesn’t matter. I mean, and you know, some of it in apparently stage things I take your point about stocks, I mean, here, there’s this is to be taken with a pinch of salt, whether they’re even safe and bonds, which an interesting one with all the all the countries in the world, USA, UK, eu, Japan now as well, doing quantitative easing, and the bonds are also not the greatest investment right now right now.

But yes, it’s a question of asset allocation and ultimately risk tolerance. So yeah, that’s just for people decide for themselves. But it does sound like if you’re going to do it at all, this is a very smart way of doing it. So look, this is all very, very interesting stuff. And as certainly if nothing else, eye opening, I think I would say to any British listeners, I hope you stuck with it so far, because whenever whatever happens in America tends to come over to the UK in the next few years.

So even if stuff like this isn’t happening here yet, I got a feeling that these things may well be happening and they’ll be equivalents and if not, they’ll start to open up but also for the American listeners and your domestic listeners. There’s obviously a ton of different stuff that you guys offer that’s very powerful, very savvy, really know how the system works. You’re working around it in a very elegant way. Um, how do people get in touch or apply? Just find out more about this stuff, please?

Bruce Mack 21:43
Oh, that’s a great question. And and thank you very much for opening that. Opening up that door. First of all, people can email me at anytime. And my direct email address is  Bruce B. Are you see at the answer? platinum, p la t i n un financing? group, f i na n ca n g group gr Oh up now I’m asked constantly is calm. yes.com? Yes. There are two G’s there. So it’s Bruce at platinum. financing. group.com. Yeah. Likewise, feel free.

Pick up the phone, give me a call. I’ll give you my direct number. Number. My direct number is 702. Area Code 3712345. Again, my direct line is 702-371-2345. Just a little heads up. I’m on the west coast in California. So for people who are different time zones meridians, I generally get in the office 9 or 10 o’clock in the morning.

I know that sounds late. But I’m also usually in the office till 10, 11 or 12 o’clock, feel free to give me a call anytime between nine o’clock and seven o’clock, California time. That should be plenty of a good chunk of a window to get in touch with me and or feel free to text message me should you wish to. But email is a great way to get started. And then what we’ll do is we’ll get back to you and delve into your specific issues. And we’ll try and solve them and get you as much money and funding as as you’re looking for to achieve.

Michael Veazey 23:44
Amazing. So that’s that’s delightfully traditional. By the way I like our minister, it’s not a criticism, I like his email or call me and by the way, folks, we will be putting on a sort of prelude to this in the in the what am I trying to say in the audio is what I’m trying to say in the podcast.

So we’ll get that at the beginning and end. So if you missed that number, don’t panic, we’ll put a link to some show notes where you can get all those details from Bruce and all the explanations of what we’ve gone over today as well in summary, as well. So panic not we will get you the information if you want to get in touch with Bruce.

So, Bruce, just a couple of things to ask me. First of all, thank you so much for sharing a lot of wisdom. But can you give us any last sort of summary advice to specifically ecommerce sellers, regarding funding? So if you had to sort of give them two or three bits of general advice, what would they be?

Bruce Mack 24:34
I’m going to keep it very 20,000 foot if I if you don’t mind, please do. And I’m going to take this. And I’m going to kind of widen this to any business. And this sort of goes back to the discussion that we’re having just a few minutes ago, utilizing IRA or 401k funds, and that’s this, to do nothing is to get you nothing, the sum total is going to be if you are in action and not moving forward, I can guarantee you that things are not going to change.

And they’re going to stay very much the same. Likewise, if you put your foot in forward, and your next Flipboard, and your next Flipboard, and you create vision, and goals and expectations, and you start to move towards those, you’re going to get a result. As long as you give some forethought, some planning.

That result likely will be beyond your wildest dreams as it has for so many of my clients locally, nationally, as well as internationally. So I only want to wish you the very, very best. I’d love to be able to work with you. I’d love to be able to see you take the next step towards the success that you can, should and will achieve.

Michael Veazey 26:08
Wow, excellent. That’s quite the sign off as a proper California based big picture in a positive thinking I like it very much.

So, Bruce, thank you so much for clarifying so much of the mysteries of funding and giving some very interesting options to chew on. And in some cases, I hope, as you said, to do nothing to get nothing. Absolutely, I hope that people will, at the very, very least explore things that they got the flavor of who you are, and you’re not going to be trying to sell them a used car, you can explore it together.

And I think that’s always the thing that I would advise anyone to do even doubt, find out. And then if it’s not for you, that’s fine. You’ve wasted much time. But it could be the answer. And I certainly know that the funding question isn’t going to go away, the more ambitious you are 100% sure that the more you’re going to need to raise funds. So this is something that’s not going to go away. Very, very helpful. Bruce, thank you so much for coming on to share your wisdom and insights and to share what your company does for people.

Bruce Mack 27:00
Thank you so much, Michael, for having me on your show. This has been fantastic. Again, it’s just been been a wonderful experience.

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