Topic: Business Investment 2.43BTC - United Kingdom. (Read 499 times)

oh...I got it

No.

There are a lot of ICOs already and they take time to plan and program. OP suggests he can gather the funds within a few months to pay back the loan.

Meanwhile, this is irrelevant as I've already funded him with a solicitor taking his company as collateral.

So why don't you start ICO for collecting money?

Jackg I can’t reply back to your PM due to a limit of 2 per day. If you want to PM me your email address or I can reply tomorrow.

Sorry, Will be borrowing £20,000 for 12 weeks paying back £2,000 a week works out at £24,000 or if its in BTC value would be borrowing 2.61 at this current value adding 20% for interest. (If the price of BTC drops inbetween lending and paying back I will pay it back at the rate it was borrowed if its goes up I will pay the current rate on that day.

I've tried on BTCJam but they are closing and currently awaiting verification on BTCPOP to apply for a business loan.

The turnover per month is £50,000 the profit ranges from 9k per month to 12k per month. As December was a busy time of year due to the accidents with the ice/snow in the north west.

I do have £20,000 saved which will be put with the loan to buy the equipment.

http://prntscr.com/i4tw50 Screenshot of the Decembers paying in/paying out.

Some things are unclear, like this:

Does this mean you will only pay back £20,000 regardless of how BTC's price changes? If so it might be a bad idea.
Otherwise, does it mean you are willing to pay a larger amount if BTC's price increases?

But other than this, the concern raised by others still stands.
Websites like BTCJam tried to establish trust in users by requiring identity verification, and prior trust and everything, but it generally tended to be a bad idea without actual collateral.
Even if you could actually prove without a shred of a doubt that you had a business as you stated, there's no reason to believe you wouldn't run away with the money, which is an issue.

Furthermore... it has been about a week since you posted this... and with an actual monthly profit of £50,000, you should already have £12,500 of the £20,000 you wanted.....  If your numbers aren't bogus, maybe you should just wait a few more days and you'll be able to afford everything  

Hi Jackg,

Yes tried with a few banks and also asset finance companies. Shown them the profits the companys making per week but they all base it off a credit rating rather than proof of income.

Company number is; 10544504


Thank you for your offer for half/quarter hopefully someone else will be interested investing the other percent.

You could probably get a loan from the bank if you've tried them?
If you have the earnings you say you have, they'll be fairly happy to lend to you (other than the fact that you're self employed).

Also, what's your company number, I might consider investing half or a quarter if someone else can come up with something as well.

Thats true Parodium, Plus the cost of moving a spraybooth is around £2,500 and the same to reinstall it.

I dont think that I've got any other collateral which I could use.

The problem is, the spray booth isn't valid collateral, as you would have to give it to the lending party to hold whilst you repay the loan. However, I'm pretty sure you actually need the spray booth for your business, hence it cannot be used as collateral.

As a last resort;

I am happy to do the following;

Loan Amount: 2.43 BTC or £20,000 depending on current value.
Repayment: £1,800 per month or £1,000 per week.
Bitcoin Address: 19r7vaHwT839qaEkrdx2Fvnw9YvUhHLHcm
Number of days: 12 Weeks £2,000 per week return.
Collateral offered: Spray booth valued at £28,000 and 49% Share in business to be bought back after the loan has been repaid.
Purpose: Business Assets

Hi Ferall,

I tried that with the bank, but it isn’t possible to apply for a loan with then type of account they gave me. I would need to change the accounts to a business current account but they won’t allow me to have one. So stuck between a rock and a hard place.

I’ve only got until Thursday or I’ll just have to cancel the contract with the NHS for there to be enough time to install the new spraybooth.

Why not go into your branch and speak to the manager? They can pull up your accounts and see your profits. Perhaps they can make a decision.

Hi warningsigns,

Thank you for your comment and I appreciate your input. I've commented above regarding my credit score and the reason behind it being so low.

Understand about the valid and solid collateral, The meaning behind me putting up the Spray booth as its currently my biggest asset along side the other spray booth I would be purchasing with the Loan without them I wouldn't be able to work or earn a living if they were sold due to me not paying back the loan. I wouldn't be able to support my family or pay any bills which isn't an option I know these are just words to other people but I just wouldn't risk losing everything.

Hi ThatRandom8543,

Yes, I've tried with the bank I've got the Business account with and also tried my personal back which is Barclays. Both were turned down due to credit rating which I wouldn't say is really bad, no missed payments.
I've got an amigo loan from 3 years ago which my Mother is a guarantor on so I could build my credit rating its currently got £538.87 left to pay at £200.09 per month. Apart from that Loan I do not currently have any other credit lines. I've got the usual BT Phone Line/Broadband, Phone Contract but that is paid monthly on time.

The only reason I can think my credit score is low is lack of credit, and when I was a teenager in college 14 years ago Phones4U use to give cash back on mobile phone contracts so I use to take one our per week and never pay them. Learnt from that mistake and paid them off when I finished college and started working full time. I also wasn't on the Electoll Roll at my currently address which I changed before Christmas which should show on my next credit report.

The funny thing is I've applied for a mortgage and been accepted, which will be complete at the end of Feb which was my last resort of security as I've only applied for 63% equity but with it being passed the deadline of the 29th I couldn't afford to wait that long, as I will need to install the spray booth before the Vehicles are delivered next week.

Yes my Business name is ABC CAR CARE CENTRE LTD company house number; 10544504.

Not really got much family, my Mum and Dad are older now so isn't possible for them to get a loan or borrow against their house. I've asked Friends but due to being 32 everyone is getting married, having kids and settling down so do not really have much spare cash available. I honestly wish it was that simple to borrow the funds its really frustrating that I can prove my income but still be turned down for a loan.

Poor credit scores are usually an indicator of mismanaged finances and a lack of financial responsibility. This is a risk factor. While I appreciate the open and honest disclosure of this information on this thread (which speaks in your favor) the risk of lending on the strength of private equity assets outweighs the positive aspects of your loan proposal.

A bad credit rating is also a warning sign of past repayment issues which of course will affect how lenders feel about entrusting you with a loan. Because of this risk factor, they will want valid and solid collateral.

This is not to judge you unfairly. I know nothing about the cause of your bad credit score so it would be wrong of me to assume or presume anything about your integrity. I’m just commenting here based on a general sense of how bad credit affects a lender’s impression about borrowers, particularly if large amounts are being discussed.

If youre making such a large profit but get turned down by banks, then something is wrong, imo. Most banks that offer business accounts can overlook personal credit history if your business is doing extremely well. Have you thought about applying for a loan from another bank?

Also, if you do not mind me asking, why is your credit score poor? Could you also provide your business name that is currently registered?

Ask your friends and family. Since this sounds like a "sure thing", I have no doubt some of your relatives would love to chip in to make a quick buck.

Hi Coinmarble,

Thank you for the very good question, the bank account I’ve got for the business is with Natwest Bank due to opening the account with a poor credit rating they only given me a basic business account which doesn’t have the facility for an overdraft or able to apply for a loan. I did try with the bank but said it wasn’t possible without upgrading my account which I tried but was turned down due to my credit score again.

I have tried other Loan companies but they all use a credit score to determine if your accepted or not. Not the profit which the company is making in profit per month.