Overclock Labs Startup

[Uwey]

Funds raised here would be used as a down-payment for the full funding we would need for the business. We plan on running a gaming LAN center with a retail front in an area that is prime for this kind of business. Requesting BTC50.0 at 30% APR for 1 year. (Paying back BTC65.0 BTC at term end.)

Our business pitch: https://pitch.liveplan.com/gAUWX/ARpXG

If we can get the funding through the bitcoin community, we plan on adding bitcoin as an acceptable form of payment for our services and products as well as awarding bitcoins for prizes in our tournaments.

If enough people request, I will link out the full 50 page business proposal. Just as a reminder, we are not selling any part of the business, we just need help with down-payment funds.

BTC Jam posting: https://btcjam.com/listings/20087

Thanks!

If you wish to help loan privately (whole or part), please PM and we can discuss.
Or if you wish to just donate small bitcoins to our startup, Here's our wallet below. If you wish to have your BitcoinTalk name on our AwesomeWall in our store just post or PM me what you donated!

12xyh3XrFv1Wkr8pEGMVbBL2hwaD1xrR4R
http://s29.postimg.org/rvwgnol8j/wallet_qr.jpg
*Sending coins to this wallet will be considered as a donation. For returns on investments, please see our BTC Jam post.

[marcotheminer]

What can you offer as collateral?

[Uwey]

What can you offer as collateral?

By investing via BTCjam.com if the loan defaults, they go through an arbitration company that is legally binding. As far as any collateral, the funds here will be for a down-payment on an SBA backed loan. We'll have about $100,000 in computers and equipment when we start this business with a cash reserve of $75,000. If you would like, I can link you the business plan.

Here's the BTCjam policy: https://btcjam.com/faqs#arbitration

As far as personal assets:
2005 Chevy Malibu Maxx
2008 Sun 250cc Scooter
600+ DVD/Blu-Ray Collection
Personal Gaming PC Desktop
Asus G760 Gaming Laptop

[Tomatocage]

You know, you can do a lot better than 30% if you just secure a bank loan and buy Bitcoin. Why does the loan have to be in BTC?

[marcotheminer]

Oh and you spelt computers wrong at least on 1 occasion in your pitch..

[Uwey]

You know, you can do a lot better than 30% if you just secure a bank loan and buy Bitcoin. Why does the loan have to be in BTC?

Our business isn't Bitcoin mining or trading, so we really can't offer more than 30% because we have no other way to generate bitcoin other than accepting as payment on our services and products. The loan doesn't have to be in BTC, the SBA loan is requiring a bigger down-payment than what we have in cash right now, we're hoping that investors with BTC will help bridge the gap. We'd convert the BTC to cash, then buy back into bitcoin when we need to make our payments on this specific loan.

[marcotheminer]

You know, you can do a lot better than 30% if you just secure a bank loan and buy Bitcoin. Why does the loan have to be in BTC?

Our business isn't Bitcoin mining or trading, so we really can't offer more than 30% because we have no other way to generate bitcoin other than accepting as payment on our services and products. The loan doesn't have to be in BTC, the SBA loan is requiring a bigger down-payment than what we have in cash right now, we're hoping that investors with BTC will help bridge the gap. We'd convert the BTC to cash, then buy back into bitcoin when we need to make our payments on this specific loan.

He was saying that you could get a loan and payback much less than 30% + principle IF you take out a loan with a bank and buy the bitcoin with it.

[Uwey]

Oh and you spelt computers wrong at least on 1 occasion in your pitch..

Found and fixed! Thanks! 

[Tomatocage]

He was saying that you could get a loan and payback much less than 30% + principle IF you take out a loan with a bank and buy the bitcoin with it.

This. Sorry for the confusion. A $12.5K fiat loan isn't too unreasonable and most banks can loan this to you for single digit % interest. 30% is basically cutting off your own head.

[Uwey]

He was saying that you could get a loan and payback much less than 30% + principle IF you take out a loan with a bank and buy the bitcoin with it.

This. Sorry for the confusion. A $12.5K fiat loan isn't too unreasonable and most banks can loan this to you for single digit % interest. 30% is basically cutting off your own head.

I get ya now. I'm trying to attract investors so I can bridge the $25k gap that I need so I can get this business rolling along. The retail space we're wanting had other people looking at it too, if that space gets leased out from under us, then the plan doesn't work anymore. So time is of the essence here for us. If people want to lend at less than 30%, I will be more than happy to reduce that rate.

[Uwey]

Sorry mitzie, thought i had this in the right place.

[Vod]

Just as a reminder, we are not selling any part of the business, we just need help with down-payment funds.

In some places (like where I live), it is against the law to borrow the down payment for another loan.

[Uwey]

Just as a reminder, we are not selling any part of the business, we just need help with down-payment funds.

In some places (like where I live), it is against the law to borrow the down payment for another loan.

I do not think thats my issue on this case, heck one of the bankers said to use crowd-funding to get what we needed. I'm just being honest on what I need. Would it be better if I said "I'm using it for rent"?

[Vod]

Just as a reminder, we are not selling any part of the business, we just need help with down-payment funds.

In some places (like where I live), it is against the law to borrow the down payment for another loan.

I do not think thats my issue on this case, heck one of the bankers said to use crowd-funding to get what we needed. I'm just being honest on what I need. Would it be better if I said "I'm using it for rent"?

Whoosh - right over your head. 

I'm not saying you are doing the wrong thing so you should lie to us - I'm saying you are doing the wrong thing so don't do it. 

You want to finance 100% and that means you don't have your own money in there and you won't care as much how it is spent.

[Uwey]

You know, you can do a lot better than 30% if you just secure a bank loan and buy Bitcoin. Why does the loan have to be in BTC?

Our business isn't Bitcoin mining or trading, so we really can't offer more than 30% because we have no other way to generate bitcoin other than accepting as payment on our services and products. The loan doesn't have to be in BTC, the SBA loan is requiring a bigger down-payment than what we have in cash right now, we're hoping that investors with BTC will help bridge the gap. We'd convert the BTC to cash, then buy back into bitcoin when we need to make our payments on this specific loan.

I have $50k, I thought 20% would be enough, but they want 30%. Hence why I am trying to bridge the gap. Not trying to 100% finance anything.

[Uwey]

...also what's with the negative trust already? I haven't scammed anyone at all, I am being upfront with everything, disclosing details as requested, and even encouraged people to invest via a third party with a decent rate. Does this really scream scam to you?

[Vod]

...also what's with the negative trust already?

Love those slips.   

Of course this is a scam.  The arbitration system BTCJam uses doesn't work for their system - no one is going to go through the cost and effort of collecting a few bucks from some guy in another state. 

[Uwey]

This is more than a few bucks. If trust is really an issue here, then I will try to do what it takes to get that.

[Justin00]

Why not go to the bank like others suggested... then you don't need to waste your time here ?
You really are wasting your time. No one really lends to anyone.. Especially some one with like 12 posts, no offence or anything. Just telling you how it is.

You are 2 years to late to the lending party sorry