By Chris Meyer and Dean Sioukas, founders of Magilla Loans | Photos by Zephyr McIntyre
I own a funeral home. I also own a tech company called Magilla Loans. Seems natural, right?
And to make matters even more absurd, twelve years ago I was an aspiring screenwriter in Los Angeles. I had been “aspiring” for ten years. My wife worked very hard as a PR executive, fully supporting us on her salary. Then, we had a son.
There is nothing more sobering than a baby looking up into your eyes and connecting on some deeper level.
"Daddy, are you gonna be a loser your whole life? Daddy, what does line 22 of your IRS form 1040 say? It seems kinda…small.”
It was all the motivation I needed. A family friend was a mortician and told me it was a great business. We found a funeral home with some “hair” on it, turned it around, and I had a solid vocation. Then, the babies kept coming.
So, I kept expanding. Each time I expanded or bought new equipment, I needed a business loan. Over and over again, I had to gather three years of personal and business tax returns, fill out a Personal Financial Statement (PFS) and take it to as many banks as I could to obtain the best terms - the mortgage rate, number of years to pay back the loan, the down payment and closing costs.
I did this seven times in a nine-year period…it was incredibly time consuming and draining. So at lunch one day, I told my friend, Dean Sioukas, what I went through each time I needed a business loan. He said, “There’s got to be an easier way. I’ll find you a site on the Internet and call you in the morning.”
Sioukas called me the next day and said, “Get to my office!” He said, “It doesn't exist, but give me forty-eight hours.” And in forty-eight hours Magilla was born.
Now we have spent many arduous months since then, but this is how a funeral home owner, nay an aspiring screenwriter, and a land developer became tech company owners…we couldn’t find it, so we built it. We built an easier way.
Magilla puts borrowers in the driver's seat. It’s a free and anonymous search engine connecting borrowers with FDIC-insured banks to generate competitive loan options. It takes about twenty seconds to submit a loan request and, within days, you receive quotes from lenders like Wells Fargo, Bank of America and Bank of the West. What distinguishes Magilla even more, is that you NEVER have to enter any personal information (like your name or social security number) to run a search. When you find the bank with the best terms, you contact them directly; Magilla NEVER captures any personal information except the email you give us.
From the real estate developer in need of a $50 million acquisition loan to the mom-and-pop pizza shop eager for a $10,000 line of credit, Magilla is an easy solution that saves an enormous amount of time. It allows you to focus on your business, instead of trekking from bank to bank for a loan. Within a just few months since launching in Sacramento, we've already facilitated over $250 million in loans.... revealing the need for an "easier way" of obtaining business loans.
Check it out at www.magillaloans.com.