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Author Topic: I am looking to borrow 10,000 BTC to expand my current bussiness.  (Read 4702 times)
hashking
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April 04, 2012, 11:19:38 PM
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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.   Smiley

EDIT: Original loan request was for 15,000 BTC.  Lowered amount to 10,000 BTC or $50,000 USD.  
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April 04, 2012, 11:26:23 PM
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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.   Smiley

This sounds like a good deal for a low-risk USD-pegged loan. It's exciting to see the loan market heating up Smiley
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April 04, 2012, 11:27:34 PM
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First it was single-digit loans, then it was 3-digit loans, and now we're going into 5 figures Smiley
This is the first major use of Bitcoin outside SR, I believe.

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April 04, 2012, 11:28:58 PM
 #4

Why would you be willing to accept 15% rate on $75K?  Is your credit that awful?
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April 04, 2012, 11:38:33 PM
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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?
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April 04, 2012, 11:39:21 PM
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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

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hashking
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April 04, 2012, 11:39:25 PM
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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.

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April 04, 2012, 11:42:00 PM
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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!
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April 04, 2012, 11:44:34 PM
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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.   Smiley

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.


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April 04, 2012, 11:44:57 PM
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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.


Corporations have been enthroned, An era of corruption in high places will follow and the money power will endeavor to prolong its reign by working on the prejudices of the people until wealth is aggregated in a few hands and the Republic is destroyed. ~Abe Lincoln 1ApJdWUdSWYw8n8HEATYhHXA9EYoRTy7c4
hashking
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April 04, 2012, 11:47:00 PM
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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.  
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April 04, 2012, 11:51:41 PM
 #12

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.


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April 04, 2012, 11:56:12 PM
 #13

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.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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April 04, 2012, 11:56:41 PM
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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.  
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April 05, 2012, 12:01:34 AM
 #15

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.

Corporations have been enthroned, An era of corruption in high places will follow and the money power will endeavor to prolong its reign by working on the prejudices of the people until wealth is aggregated in a few hands and the Republic is destroyed. ~Abe Lincoln 1ApJdWUdSWYw8n8HEATYhHXA9EYoRTy7c4
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April 05, 2012, 04:10:15 AM
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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.

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April 05, 2012, 04:33:46 AM
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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 Smiley
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April 05, 2012, 04:47:04 AM
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He'd also give you a crapload more coins if price went to $0.01 Smiley

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

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April 05, 2012, 10:37:59 AM
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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.

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April 05, 2012, 10:52:11 AM
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Is this the next level of 419 scam?

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