I am looking to borrow 10,000 BTC to expand my current bussiness.

muyuu

donator

Activity: 980

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Quote from: JusticeForYou on April 06, 2012, 02:37:54 PM

Quote from: hashking on April 06, 2012, 02:23:20 PM

It seems that people are worried because I'm willing to pay a high interest rate to borrow this money. The reason I'm willing to pay this high of a rate is because the funds that will be used will generate close to a 45% return for me on a worst case scenario with a possibility of it generating a 67% on the best case scenario. Also from my research this seems to be the going rate for this type of loan.

I find this funny and sad. You're willing to offer a collateralized instrument on an investment and offer a very reasonable rate of return. The nay sayers are dubious but they will have no questions about investing in a 30% or more per month program with no guarantees at all.

Hold your ground. Maybe post on ogrr.com forum also with a cross link. Something tells me someone from the EU will be interested if not the U.S.

(watching)

Collaterised instrument except no proof or contract is shown nor put in place. LOL.

I shouldn't have skipped all the obvious scam threads when they were breeding. I've missed a lot of fun.

padrino

legendary

Activity: 1428

Merit: 1000

https://www.bitworks.io

Bottom line is that if he owns his properties free and clear and has decent credit as stated any bank would drop him an equity loan with one of the investment properties as collateral, they don't ask nor care what you do with the money in that case..

exahash

sr. member

Activity: 278

Merit: 250

Quote from: DeathAndTaxes on April 04, 2012, 06:28:58 PM

Why would you be willing to accept 15% rate on $75K? Is your credit that awful?

So now it's 15% apr for $50k? Go to Fatwallet.com, look in the finance forum, read about AOR's. If you have even borderline good credit you should be able to get that much on 0% cc deals and keep rolling it for a couple years.

hashking

sr. member

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Merit: 250

Bump. Changed requested amount from 15,000 to 10,000 or $50,000 USD.

SgtSpike

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Quote from: R- on May 09, 2012, 12:25:32 PM

Quote from: SgtSpike on April 06, 2012, 06:50:34 PM

Quote from: hashking on April 06, 2012, 06:12:01 PM

Quote from: SgtSpike on April 06, 2012, 05:55:35 PM

This makes me wonder if a BTC alternative to Prosper would be viable. Something that matches up lenders to people needing loans...

Last time I checked Prosper and Lending club only do up to 25,000. Usually for first timers loans are under 5,000.

This is true. It doesn't mean that a BTC counterpart should have such limitations though.

A Bitcoin equivalent of Prosper would be made difficult with the automatic anonymity Bitcoin features.

Why? The service itself wouldn't have to keep the borrowers and lenders anonymous.

R-

full member

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Pasta

Quote from: SgtSpike on April 06, 2012, 06:50:34 PM

Quote from: hashking on April 06, 2012, 06:12:01 PM

Quote from: SgtSpike on April 06, 2012, 05:55:35 PM

This makes me wonder if a BTC alternative to Prosper would be viable. Something that matches up lenders to people needing loans...

Last time I checked Prosper and Lending club only do up to 25,000. Usually for first timers loans are under 5,000.

This is true. It doesn't mean that a BTC counterpart should have such limitations though.

A Bitcoin equivalent of Prosper would be made difficult with the automatic anonymity Bitcoin features.

Jaryu

member

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Quote from: hashking on April 11, 2012, 04:55:40 PM

Quote from: JWU42 on April 11, 2012, 03:26:43 PM

Bump - anyone else willing to take 1/3 ($25K)?

Thanks for trying. It looks like this probably won't get done.

I know your pain, several years ago I lost several nice deals due to banks being A@@holes about doing perfectly good deals on easy to repair properties, sometimes hard money is impossible to get due to stupid terms like 60% of fully repaired value being one, it's really hard to find people selling their homes in any condition(good or crap) for less than 50% of their fully repaired value so you have repair funds on hand regardless of them being interest only loans(yay you don't pay the $50 principal on the $1000 payment :p). Based on the home prices you probably live around the SE, lots of homes for that price range that way.

zer0

sr. member

Activity: 350

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Quote from: hashking on April 11, 2012, 04:55:40 PM

Quote from: JWU42 on April 11, 2012, 03:26:43 PM

Bump - anyone else willing to take 1/3 ($25K)?

Thanks for trying. It looks like this probably won't get done.

Wait until the new #bitcoin-otc exchange opens up and try to sell bonds or something, if you have ratings there

hashking

sr. member

Activity: 308

Merit: 250

Quote from: JWU42 on April 11, 2012, 03:26:43 PM

Bump - anyone else willing to take 1/3 ($25K)?

Thanks for trying. It looks like this probably won't get done.

JWU42

legendary

Activity: 1666

Merit: 1000

Bump - anyone else willing to take 1/3 ($25K)?

JWU42

legendary

Activity: 1666

Merit: 1000

Oh well - worth asking...

brendio

hero member

Activity: 518

Merit: 500

Quote from: JWU42 on April 06, 2012, 11:14:04 AM

@Kluge & @brendio

Would you have any interest in all 3 of us taking the 75K (split in thirds)?

The trouble is, my funds are currently tied up in other (short-term) investments, giving me greater than 15% annualised, so I don't have the free cash on hand, although I could come up with in if needed to pay out on a CDS. Also, for diversification, I probably wouldn't lend more than $10k.

SgtSpike

legendary

Activity: 1400

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Quote from: hashking on April 06, 2012, 06:12:01 PM

Quote from: SgtSpike on April 06, 2012, 05:55:35 PM

This makes me wonder if a BTC alternative to Prosper would be viable. Something that matches up lenders to people needing loans...

Last time I checked Prosper and Lending club only do up to 25,000. Usually for first timers loans are under 5,000.

This is true. It doesn't mean that a BTC counterpart should have such limitations though.

hashking

sr. member

Activity: 308

Merit: 250

Quote from: SgtSpike on April 06, 2012, 05:55:35 PM

This makes me wonder if a BTC alternative to Prosper would be viable. Something that matches up lenders to people needing loans...

Last time I checked Prosper and Lending club only do up to 25,000. Usually for first timers loans are under 5,000.

SgtSpike

legendary

Activity: 1400

Merit: 1005

This makes me wonder if a BTC alternative to Prosper would be viable. Something that matches up lenders to people needing loans...

hashking

sr. member

Activity: 308

Merit: 250

Quote from: vampire on April 06, 2012, 04:04:33 PM

Quote from: Tomatocage on April 06, 2012, 02:40:30 PM

Seriously? You own rental properties and can't come up with 75 large? I rent a 1-bedroom apartment and drive a clapped out Cavalier and I can almost come up with that much money in 24hr notice. I noticed that straight out of the newbie section you headed right to Lending too. You're a walking contradiction IMHO.

75K is a large sum. He buys properties in very bad condition, I assume does some kind of repairs, and then rents them out to section 8. My grand parents did that for some time, not that profitable as you think. Also as far as I recall, Section 8 doesn't pay 100% of the rent. So the rest is up to the renter, a lot of times they wouldn't pay their part.

Not all properties I buy are in horrible condition. I have bought some that only need a little bit of work and are ready for rent. I can't speak on why your grandparents had so many issues, but in the state I live in the tenants are held responsible for their actions. Some have a rent portion and some don't. If they decide they don't want to pay or decide to cause trouble they will lose their housing assistance. I have never had to evict any of these tenants. They always pay because they need a roof over their head.

vampire

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Activity: 574

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Quote from: Tomatocage on April 06, 2012, 02:40:30 PM

Seriously? You own rental properties and can't come up with 75 large? I rent a 1-bedroom apartment and drive a clapped out Cavalier and I can almost come up with that much money in 24hr notice. I noticed that straight out of the newbie section you headed right to Lending too. You're a walking contradiction IMHO.

75K is a large sum. He buys properties in very bad condition, I assume does some kind of repairs, and then rents them out to section 8. My grand parents did that for some time, not that profitable as you think. Also as far as I recall, Section 8 doesn't pay 100% of the rent. So the rest is up to the renter, a lot of times they wouldn't pay their part.

ineededausername

hero member

Activity: 784

Merit: 1000

bitcoin hundred-aire

Quote from: Tomatocage on April 06, 2012, 02:40:30 PM

I noticed that straight out of the newbie section you headed right to Lending too.

Except he was handing out loans, not begging for them.
Have you seen so many scammers that you don't even think before judging people?

JWU42

legendary

Activity: 1666

Merit: 1000

Quote from: JusticeForYou on April 06, 2012, 03:09:01 PM

Quote from: JWU42 on April 06, 2012, 02:55:07 PM

Quote from: JusticeForYou on April 06, 2012, 02:37:54 PM

I find this funny and sad. You're willing to offer a collateralized instrument on an investment and offer a very reasonable rate of return. The nay sayers are dubious but they will have no questions about investing in a 30% or more per month program with no guarantees at all.

Hold your ground. Maybe post on ogrr.com forum also with a cross link. Something tells me someone from the EU will be interested if not the U.S.

(watching)

30%+ programs for BTC loans (say $1K tops) ... I am NOT investing $75,000 USD Wink

Ok, we are getting somewhere. It isn't the offering; it is the Amount that deters you. Understood.

Yep - That is why I was proposing 3 go in for 25K each...

JusticeForYou

vip

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Quote from: JWU42 on April 06, 2012, 02:55:07 PM

Quote from: JusticeForYou on April 06, 2012, 02:37:54 PM

I find this funny and sad. You're willing to offer a collateralized instrument on an investment and offer a very reasonable rate of return. The nay sayers are dubious but they will have no questions about investing in a 30% or more per month program with no guarantees at all.

Hold your ground. Maybe post on ogrr.com forum also with a cross link. Something tells me someone from the EU will be interested if not the U.S.

(watching)

30%+ programs for BTC loans (say $1K tops) ... I am NOT investing $75,000 USD Wink

Ok, we are getting somewhere. It isn't the offering; it is the Amount that deters you. Understood.

hashking

sr. member

Activity: 308

Merit: 250

Quote from: Tomatocage on April 06, 2012, 02:40:30 PM

Seriously? You own rental properties and can't come up with 75 large? I rent a 1-bedroom apartment and drive a clapped out Cavalier and I can almost come up with that much money in 24hr notice. I noticed that straight out of the newbie section you headed right to Lending too. You're a walking contradiction IMHO.

Maybe you should make that call, get the funds in 24hrs and lend it to me and make a safe and healthy 15% annual return.

JWU42

legendary

Activity: 1666

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Quote from: JusticeForYou on April 06, 2012, 02:37:54 PM

I find this funny and sad. You're willing to offer a collateralized instrument on an investment and offer a very reasonable rate of return. The nay sayers are dubious but they will have no questions about investing in a 30% or more per month program with no guarantees at all.

Hold your ground. Maybe post on ogrr.com forum also with a cross link. Something tells me someone from the EU will be interested if not the U.S.

(watching)

30%+ programs for BTC loans (say $1K tops) ... I am NOT investing $75,000 USD Wink

Tomatocage

legendary

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brb keeping up with the Kardashians

Seriously? You own rental properties and can't come up with 75 large? I rent a 1-bedroom apartment and drive a clapped out Cavalier and I can almost come up with that much money in 24hr notice. I noticed that straight out of the newbie section you headed right to Lending too. You're a walking contradiction IMHO.

JusticeForYou

vip

Activity: 490

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Quote from: hashking on April 06, 2012, 02:23:20 PM

It seems that people are worried because I'm willing to pay a high interest rate to borrow this money. The reason I'm willing to pay this high of a rate is because the funds that will be used will generate close to a 45% return for me on a worst case scenario with a possibility of it generating a 67% on the best case scenario. Also from my research this seems to be the going rate for this type of loan.

I find this funny and sad. You're willing to offer a collateralized instrument on an investment and offer a very reasonable rate of return. The nay sayers are dubious but they will have no questions about investing in a 30% or more per month program with no guarantees at all.

Hold your ground. Maybe post on ogrr.com forum also with a cross link. Something tells me someone from the EU will be interested if not the U.S.

(watching)

hashking

sr. member

Activity: 308

Merit: 250

It seems that people are worried because I'm willing to pay a high interest rate to borrow this money. The reason I'm willing to pay this high of a rate is because the funds that will be used will generate close to a 45% return for me on a worst case scenario with a possibility of it generating a 67% on the best case scenario. Also from my research this seems to be the going rate for this type of loan.

JWU42

legendary

Activity: 1666

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On $75K with some type of deposit insurance?

chungenhung

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Quote from: hashking on April 05, 2012, 04:08:40 PM

Quote from: JWU42 on April 05, 2012, 03:52:18 PM

I wonder how many other places I can get 15% compounded annually. You would do a straight USD loan?

Pegging to USD helps but would just assume not buy 15,000 BTC just to return them to USD on your end a few moments later...

I can't even think of one place that would pay 15%. You are lucky to get 2% at a bank. I would also accept a straight USD loan.

actually there are two off the top of my head right now.

JWU42

legendary

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@Kluge & @brendio

Would you have any interest in all 3 of us taking the 75K (split in thirds)?

brendio

hero member

Activity: 518

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Quote from: Kluge on April 05, 2012, 11:17:02 AM

I'm willing to co-sign up to $5k. $15/$500 insurance. I trust HK, but am unwilling to tie up funds for the time required.

Hope it helps move things along. Cheers!

I'd be willing to do the same. I can provide evidence of financial backing if there is serious interest.

hashking

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Activity: 308

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Quote from: stochastic on April 06, 2012, 12:31:11 AM

Quote from: hashking on April 04, 2012, 06:47:00 PM

Quote from: Rothgar on April 04, 2012, 06:39:21 PM

Good point Death and taxes. A mortgage would be at 5% tops. This is a strange request indeed.

I'll just leave this here.

http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otc#Safety:_avoiding_fraud

A 5% interest rate would be nice. The properties that I purchase cost under 30K and need repairs. The traditional bank isn't willing to lend out money on a house that isn't liveable. As far as the fraud issue goes, I am willing to divulge all my business information as well as personal. I would also sign a promissory note so if I didn't pay someone could take legal action. My assets are a lot more then the loan that I'm asking for.

Can you take a loan out on an asset that is already paid for and use that money to buy/fix your new property?

The properties that I purchase cost under 30K and need repairs. The traditional bank isn't willing to lend out money on a house that isn't liveable. I have talked to a couple of loan officers and their response is that the banks don't really do these type of loans anymore. They are worried about lending out the money on a property thats not liveable, not receiving payment and being stuck with a house in a market that is already flooded with houses that can't sell.

stochastic

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Quote from: hashking on April 04, 2012, 06:47:00 PM

Quote from: Rothgar on April 04, 2012, 06:39:21 PM

Good point Death and taxes. A mortgage would be at 5% tops. This is a strange request indeed.

I'll just leave this here.

http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otc#Safety:_avoiding_fraud

A 5% interest rate would be nice. The properties that I purchase cost under 30K and need repairs. The traditional bank isn't willing to lend out money on a house that isn't liveable. As far as the fraud issue goes, I am willing to divulge all my business information as well as personal. I would also sign a promissory note so if I didn't pay someone could take legal action. My assets are a lot more then the loan that I'm asking for.

Can you take a loan out on an asset that is already paid for and use that money to buy/fix your new property?

hashking

sr. member

Activity: 308

Merit: 250

Quote from: JWU42 on April 05, 2012, 04:57:39 PM

I wish I had more faith -- return is nice but not worth the risk on 75K.

If you could find 2 others I might be interested in 25K. I show that as a P&I of 866.63. 25K @ 15% over 36 months.

"Safer" investment than 2 mini rigs Wink

PM'd

JWU42

legendary

Activity: 1666

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I wish I had more faith -- return is nice but not worth the risk on 75K.

If you could find 2 others I might be interested in 25K. I show that as a P&I of 866.63. 25K @ 15% over 36 months.

"Safer" investment than 2 mini rigs Wink

DeathAndTaxes

donator

Activity: 1218

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Gerald Davis

Quote from: JWU42 on April 05, 2012, 03:52:18 PM

I wonder how many other places I can get 15% compounded annually. You would do a straight USD loan?

Propser and LendingClub.

Of course default rates are in the asinine range because obviously anyone more credit worthy would be getting a lower rate.

hashking

sr. member

Activity: 308

Merit: 250

Quote from: JWU42 on April 05, 2012, 03:52:18 PM

I wonder how many other places I can get 15% compounded annually. You would do a straight USD loan?

Pegging to USD helps but would just assume not buy 15,000 BTC just to return them to USD on your end a few moments later...

I can't even think of one place that would pay 15%. You are lucky to get 2% at a bank. I would also accept a straight USD loan.

JWU42

legendary

Activity: 1666

Merit: 1000

I wonder how many other places I can get 15% compounded annually. You would do a straight USD loan?

Pegging to USD helps but would just assume not buy 15,000 BTC just to return them to USD on your end a few moments later...

vampire

hero member

Activity: 574

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Quote from: gorgo1 on April 05, 2012, 01:41:57 PM

Seeing how people are more willing to make large loan requests I wish that people would make it easier for people like me to get single figure loans instead of making it difficult.I want rep by successfull payback of small loans.

Why don't you make a business outside of loans? HK does something else that loans, so should you. If you can't afford well $10.... then we know that you're broke.

Kluge

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Quote from: gorgo1 on April 05, 2012, 01:41:57 PM

Seeing how people are more willing to make large loan requests I wish that people would make it easier for people like me to get single figure loans instead of making it difficult.I want rep by successfull payback of small loans.

Will someone please lend to me here? https://bitcointalksearch.org/topic/fulfilled-looking-for-a-2btc-loan-74854.If interested please reply to my thread rather than here thanks. I will need loans in future to build my mining rig after this one.

HK has good rep among lenders (given he is a lender and talks with us), a solid plan, and plenty already invested in his venture. We know about where he lives. You have a request for a consumer/confidence loan (tend to be very high risk), a fuzzy plan, and nothing apparently invested in your venture. Your given payback date is right around today, yet you are still asking for the loan.

gorgo1

member

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Seeing how people are more willing to make large loan requests I wish that people would make it easier for people like me to get single figure loans instead of making it difficult.I want rep by successfull payback of small loans.

Will someone please lend to me here? https://bitcointalksearch.org/topic/fulfilled-looking-for-a-2btc-loan-74854.If interested please reply to my thread rather than here thanks. I will need loans in future to build my mining rig after this one.

Kluge

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I'm willing to co-sign up to $5k. $15/$500 insurance. I trust HK, but am unwilling to tie up funds for the time required.

Hope it helps move things along. Cheers!

ineededausername

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bitcoin hundred-aire

Quote from: anu on April 05, 2012, 06:27:44 AM

Quote from: hashking on April 05, 2012, 05:58:29 AM

So please explain to me how you would consider this a scam.

I don't consider it anything. I am asking if this is a 419. No idea where you live but in my country you'll get 3.5% or better given the collateral you claim to have. What's the reason you offer 15% then?

yup, because asking whether it's a 419 will help you determine whether it's a 419

anu

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RepuX - Enterprise Blockchain Protocol

Quote from: hashking on April 05, 2012, 05:58:29 AM

So please explain to me how you would consider this a scam.

I don't consider it anything. I am asking if this is a 419. No idea where you live but in my country you'll get 3.5% or better given the collateral you claim to have. What's the reason you offer 15% then?

hashking

sr. member

Activity: 308

Merit: 250

Quote from: anu on April 05, 2012, 05:52:11 AM

Is this the next level of 419 scam?

Why would this be considered a scam? I have enough money coming in every month to more then cover this loan and have very solid proof of income which I would be willing to share with the right lender. So please explain to me how you would consider this a scam.

anu

legendary

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RepuX - Enterprise Blockchain Protocol

Is this the next level of 419 scam?

hashking

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Quote from: Rothgar on April 04, 2012, 11:10:15 PM

Quote from: hashking on April 04, 2012, 06:56:41 PM

I did request the loan to be pegged to the dollar so this wouldn't happen. I also would be willing to do this in USD.

Well then maybe you should clarify. If you borrow 15,000 BTC today. Peg this to the dollar at $5/BTC would be $75,000. If BTC goes up to $25 the next day, are your terms that you would pay back $75,000/25 or 3000 BTC. This is an extreme example yes, but readers may not be clear on your terms.

It would be paid back at the current exchange price at the time. You could also look at the other extreme, if bitcoins goes to 1 then that lender would have lost alot of money. It removes a big risk for both parties.

Rothgar

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Tune in to Neocash Radio

Quote from: copumpkin on April 04, 2012, 11:33:46 PM

He'd also give you a crapload more coins if price went to $0.01

Just buying 1.5 Million coins would drive the price up, at least to .02

copumpkin

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I'm actually a pineapple

Quote from: Rothgar on April 04, 2012, 11:10:15 PM

Quote from: hashking on April 04, 2012, 06:56:41 PM

I did request the loan to be pegged to the dollar so this wouldn't happen. I also would be willing to do this in USD.

Well then maybe you should clarify. If you borrow 15,000 BTC today. Peg this to the dollar at $5/BTC would be $75,000. If BTC goes up to $25 the next day, are your terms that you would pay back $75,000/25 or 3000 BTC. This is an extreme example yes, but readers may not be clear on your terms.

He'd also give you a crapload more coins if price went to $0.01

Rothgar

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Tune in to Neocash Radio

Quote from: hashking on April 04, 2012, 06:56:41 PM

I did request the loan to be pegged to the dollar so this wouldn't happen. I also would be willing to do this in USD.

Well then maybe you should clarify. If you borrow 15,000 BTC today. Peg this to the dollar at $5/BTC would be $75,000. If BTC goes up to $25 the next day, are your terms that you would pay back $75,000/25 or 3000 BTC. This is an extreme example yes, but readers may not be clear on your terms.

JusticeForYou

vip

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Quote from: hashking on April 04, 2012, 06:56:41 PM

Quote from: Rothgar on April 04, 2012, 06:51:41 PM

Why not just ask for a loan in dollars? Have you considered that under the terms of the proposed loan, someone could loan you 15,000 BTC and would be paid back 7,500 or less depending on the market.

I did request the loan to be pegged to the dollar so this wouldn't happen. I also would be willing to do this in USD.

And using BTC as an intermediary opens up the possibility of international investment garnering further potential suitors. It is a world currency.

::Hint:: There is talk of the EUR breaking up. Any EU lenders could protect from that eventuality possibly.

hashking

sr. member

Activity: 308

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Quote from: Rothgar on April 04, 2012, 06:51:41 PM

Why not just ask for a loan in dollars? Have you considered that under the terms of the proposed loan, someone could loan you 15,000 BTC and would be paid back 7,500 or less depending on the market.

I did request the loan to be pegged to the dollar so this wouldn't happen. I also would be willing to do this in USD.

casascius

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The Casascius 1oz 10BTC Silver Round (w/ Gold B)

The way I see it, dollars are the ideal currency for borrowing money.

Borrow dollars today - pay back tomorrow with dollars that will certainly be worth less.

Rothgar

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Tune in to Neocash Radio

Why not just ask for a loan in dollars? Have you considered that under the terms of the proposed loan, someone could loan you 15,000 BTC and would be paid back 7,500 or less depending on the market.

hashking

sr. member

Activity: 308

Merit: 250

Quote from: Rothgar on April 04, 2012, 06:39:21 PM

Good point Death and taxes. A mortgage would be at 5% tops. This is a strange request indeed.

I'll just leave this here.

http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otc#Safety:_avoiding_fraud

A 5% interest rate would be nice. The properties that I purchase cost under 30K and need repairs. The traditional bank isn't willing to lend out money on a house that isn't liveable. As far as the fraud issue goes, I am willing to divulge all my business information as well as personal. I would also sign a promissory note so if I didn't pay someone could take legal action. My assets are a lot more then the loan that I'm asking for.

JusticeForYou

vip

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Quote from: DeathAndTaxes on April 04, 2012, 06:28:58 PM

Why would you be willing to accept 15% rate on $75K? Is your credit that awful?

Have you tried getting a SBA loan these days?

Plus this is 36 Months, not 30 Years. Banks love you paying 5% for 10 to 30 years amortized.

All relavent information tends to get worked out for these types of loans.

Seems reasonable given the so far supplied information.

bitlizard

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Quote from: hashking on April 04, 2012, 06:19:38 PM

The rate that I would be willing to pay is 15% per year. The loan would be pegged to the USD. Doing it this way would protect the lender and the borrower in the event of a huge fluctuation up or down in the Bitcoin price.

I think that these types of loans would be good for the Bitcoin community.

15% compounded annually 3 times = 52.09%

pegging the loan to USD would provide protection to the investor in the event that BTC should decrease in price during the investment period. However if an investor believes that Bitcoin will be worth more that Approx. $7.45 USD (current price X 52.09%) in 3 years time, then they would be better off keeping their BTC rather than pegging them to the USD for the investment period.

SgtSpike

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Quote from: hashking on April 04, 2012, 06:39:25 PM

Quote from: DeathAndTaxes on April 04, 2012, 06:28:58 PM

Why would you be willing to accept 15% rate on $75K? Is your credit that awful?

My credit is good. Traditional banks aren't interested in doing these types of loans anymore due to the housing bubble. I have explored the hard money lending avenue and they like to charge a higher interest rate with points up front, making the loan costly.

Makes sense then. Best of luck getting the loan. If I had 15,000 BTC, I might consider it!

hashking

sr. member

Activity: 308

Merit: 250

Quote from: DeathAndTaxes on April 04, 2012, 06:28:58 PM

Why would you be willing to accept 15% rate on $75K? Is your credit that awful?

My credit is good. Traditional banks aren't interested in doing these types of loans anymore due to the housing bubble. I have explored the hard money lending avenue and they like to charge a higher interest rate with points up front, making the loan costly.

Rothgar

sr. member

Activity: 374

Merit: 250

Tune in to Neocash Radio

Good point Death and taxes. A mortgage would be at 5% tops. This is a strange request indeed.

I'll just leave this here.

http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otc#Safety:_avoiding_fraud

SgtSpike

legendary

Activity: 1400

Merit: 1005

Quote from: DeathAndTaxes on April 04, 2012, 06:28:58 PM

Why would you be willing to accept 15% rate on $75K? Is your credit that awful?

My question as well. Why not just go through traditional loan channels? Get a mortgage on one of the properties, perhaps?

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Why would you be willing to accept 15% rate on $75K? Is your credit that awful?

ineededausername

hero member

Activity: 784

Merit: 1000

bitcoin hundred-aire

First it was single-digit loans, then it was 3-digit loans, and now we're going into 5 figures

This is the first major use of Bitcoin outside SR, I believe.

copumpkin

donator

Activity: 266

Merit: 252

I'm actually a pineapple

Quote from: hashking on April 04, 2012, 06:19:38 PM

About my business
I own a handful of rental properties that generate a nice cash flow every month. 90% of my rent payments are guaranteed by the government. All of my units are currently rented except 1. I have been doing this for the last 4 years and have an established LLC. All of my properties are free and clear with no mortgages except 1 of them.

Loan Request Information
I am willing to send proof of rent roll(government statement) and share my business and personal information with anyone who is willing to take this loan on. I would prefer bigger loans versus a bunch of smaller ones. The loan would be amortized over 36 months and payments of principal and interest would be paid(Same setup as a mortgage). The rate that I would be willing to pay is 15% per year. The loan would be pegged to the USD. Doing it this way would protect the lender and the borrower in the event of a huge fluctuation up or down in the Bitcoin price.

I think that these types of loans would be good for the Bitcoin community.

This sounds like a good deal for a low-risk USD-pegged loan. It's exciting to see the loan market heating up

hashking

sr. member

Activity: 308

Merit: 250

About my business

I own a handful of rental properties that generate a nice cash flow every month. 90% of my rent payments are guaranteed by the government. All of my units are currently rented. I have been doing this for the last 4 years and have an established LLC. All of my properties are free and clear with no mortgages except 1 of them.

Loan Request Information
I am willing to send proof of rent roll(government statement) and share my business and personal information with anyone who is willing to take this loan on. I would prefer bigger loans versus a bunch of smaller ones. The loan would be amortized over 36 months and payments of principal and interest would be paid(Same setup as a mortgage). The rate that I would be willing to pay is 15% per year. The loan would be pegged to the USD. Doing it this way would protect the lender and the borrower in the event of a huge fluctuation up or down in the Bitcoin price.

I think that these types of loans would be good for the Bitcoin community.

EDIT: Original loan request was for 15,000 BTC. Lowered amount to 10,000 BTC or $50,000 USD.

Topic: I am looking to borrow 10,000 BTC to expand my current bussiness. (Read 5426 times)