Seeking loan 75K, payback 93K by year's end.

WhatTheGox

legendary

Activity: 812

Merit: 1000

Dam thats a big chunck of a loan Grin

, didnt think that was possible to get here. Be great if the bitcoin community came up with a system to run loans this large so people of "alternative" incomes could get a loan on a house etc. Banks mostly only loan to people with "normal jobs".

Quickseller

copper member

Activity: 2870

Merit: 2298

Quote from: ?? on ??

Quote from: Quickseller on April 17, 2015, 10:20:36 PM

Collateral? If you don't have any then don't even bother responding and just lock this thread.

It is from tax credits, it has been audited and submitted to govt but there is a wait of several months until they are granted. The tax credits at market value are worth 93K. I have spoken to private buyers but their offers are too low because there is not much competition for this market.

If they have not yet been approved and it will be several months before they will be done so then you will most likely receive lower offers to lend with them as collateral as even if you receive a legal opinion that they will be granted that does not mean the government bureaucracy will do so.

As a general rule, most lenders will want at least 120% worth of collateral of the repayment amount if the collateral can easily and quickly be sold. However based on your description, neither of these will apply so lenders would likely want a higher ratio of collateral to repayment amount.

I would encourage any potential lender to do their due diligence prior to funding the loan and ensuring that the collateral is properly secured.

dznuts85

full member

Activity: 140

Merit: 100

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Quote from: ?? on ??

Quote from: Quickseller on April 17, 2015, 10:20:36 PM

Collateral? If you don't have any then don't even bother responding and just lock this thread.

It is from tax credits, it has been audited and submitted to govt but there is a wait of several months until they are granted. The tax credits at market value are worth 93K. I have spoken to private buyers but their offers are too low because there is not much competition for this market.

this is quite a big amount. even if you have collateral i dont think if anyone can give this loan to you. btw, goodluck!

coinmaster222

hero member

Activity: 756

Merit: 500

If you have property valued at 125%of loan value,would need an independent survey private or commercial and full title deeds I would be interested

Light

hero member

Activity: 742

Merit: 502

Circa 2010

Yeah for a loan this size - unless you know a couple of members IRL personally you might want to look to your bank (it'll probably cost you less in terms of interest than what you're offering here). It'll also be hard to find collateral of that value - you might need to engage a lawyer to draft if you find someone.

Quickseller

copper member

Activity: 2870

Merit: 2298

Collateral? If you don't have any then don't even bother responding and just lock this thread.

kingcrimson

legendary

Activity: 1025

Merit: 1000

Edit: will wait and re-post when its a bit closer

Topic: Seeking loan 75K, payback 93K by year's end. (Read 920 times)