Posted: 6/16/2015 11:34:52 PM EDT
Anyone ever used a private source for bridge financing? I've heard of people using it before, like a short term loan. I'm not talking like a pay day loan, and it's not something I can go to a bank for(unless anyone knows of a bank that will accept firearms as collateral) 
Had a friend ask me if I wanted a couple of MG's for what he has in them. So like $15k for $40k worth of guns. With the forms only taking 3ish months it would be pretty short term. I'd rather not dump other items to get these if I can figure something else out. Even if I had to pay back $20k that would still be a heck of a deal. And no I wouldn't sell the MG's, I have a settlement coming in Aug that will cover them. |
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Never heard of them. Worth a look. Thanks. Quoted:
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Are you thinking companies like Prosper.com? They have sent me offers for up to $35k. I didn't check the APR because I wasn't in the market. Never heard of them. Worth a look. Thanks. Prosper has a pretty big range, like 5% - 30%. Aren't you self-employed? We do term loans up to $100M unsecured to small businesses and I'm sure most large banks do the same, mostly based on personal credit.. Just call it working capital for your business. |
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Speak of the devil, Prosper offer was in today's mail. Their lowest APR is 6.68%, which good for an unsecured loan. I heard on NPR that Goldman Sachs is going to start making loans like these to non-rich people (usually you need a net work of over $10m to do business with them). |
| Yeah, I've done a few hard money loans for real estate deals. The problem I forsee is that it will be very hard for a lender to use a MG for collateral since it is registered to you and it's not easy to repossess. Do you have a balance sheet you can put up? Maybe equity in your house or other assets? |