Bitcoin Forum
May 26, 2015, 01:27:50 AM *
News: Change your password!
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2]  All
  Print  
Author Topic: [FUNDED] Tangible Cryptography LLC seeks LoC to expand working capital  (Read 4136 times)
BTC_Bear
B4 Foundation
VIP
Sr. Member
*
Offline Offline

Activity: 378


Best Offense is a Good Defense


View Profile WWW

Ignore
August 09, 2012, 12:34:28 AM
 #21

Under Option B of LOC request, along with the Money in USD, would you be willing to offer 3% stake in the LLC in the form of Membership Shares?  (Real Shares or Certificates)

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
1432603670
Hero Member
*
Offline Offline

Posts: 1432603670

View Profile Personal Message (Offline)

Ignore
1432603670
Reply with quote  #2

1432603670
Report to moderator
1432603670
Hero Member
*
Offline Offline

Posts: 1432603670

View Profile Personal Message (Offline)

Ignore
1432603670
Reply with quote  #2

1432603670
Report to moderator
1432603670
Hero Member
*
Offline Offline

Posts: 1432603670

View Profile Personal Message (Offline)

Ignore
1432603670
Reply with quote  #2

1432603670
Report to moderator
Private Internet Access™ - No logs, Unlimited Bandwidth, PC Magazine's Editor's Choice
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1432603670
Hero Member
*
Offline Offline

Posts: 1432603670

View Profile Personal Message (Offline)

Ignore
1432603670
Reply with quote  #2

1432603670
Report to moderator
1432603670
Hero Member
*
Offline Offline

Posts: 1432603670

View Profile Personal Message (Offline)

Ignore
1432603670
Reply with quote  #2

1432603670
Report to moderator
1432603670
Hero Member
*
Offline Offline

Posts: 1432603670

View Profile Personal Message (Offline)

Ignore
1432603670
Reply with quote  #2

1432603670
Report to moderator
1432603670
Hero Member
*
Offline Offline

Posts: 1432603670

View Profile Personal Message (Offline)

Ignore
1432603670
Reply with quote  #2

1432603670
Report to moderator
DeathAndTaxes
Donator
Legendary
*
Offline Offline

Activity: 1218


Gerald Davis


View Profile

Ignore
August 09, 2012, 02:34:19 AM
 #22

Sorry for the delay in getting back to potential lenders.  My day job demanded some late hours today.

Quote from: Anonymous Lender
I can finance this on my personal credit card at 9.9% APR however I am looking to refinance my house in the next six months and a $20K advance probably won't help my credit score. Smiley  If I can't secure a loan the backup plan is to wait for the refinance to be completed and then draw an advance from my personal credit card.
So this means that the LoC B is actually a 6-month long loan, at which point you would obviously refinance using your CC for the lower rate, correct?

Most likely although the loan can be canceled by either party with 30 days notice so it may be canceled prior to that.  It is also possible I may refinance later than 6 months but most likely the loan will not be longer than 6 months.
Quote from: Anonymous Lender
You also mentioned home equity. I would never finance a business venture with home equity.  That is just poor risk management IMHO.  Saving a couple % isn't worth the risk of losing your home if things go south.
This statement doesn't instill confidence... I mean, if you got the loan from a forum member, you'd have to back it personally - so what's the difference between that and getting a HELOC?

HELOC is secured by your home.  Indulge me a slight derail.  Nobody should ever get a HELOC for anything.  Period.    I know in this "cradle to grave" ultra-consumerism world we like in that seems insane but the US bankruptcy code provides significant homestead protection.  A protection one voluntarily tosses out the window when they opt for a HELOC.  Nothing is worth that.  The equity in your home is the ultimate safety net.  I have every intention of honoring my bills but what happens if I end up a comma for 9 months, I have to care for a terminal child, or my wife gets cancer and we rack up $3 million in medical bills trying to fight it.   In situations like that most people (myself included) would be financially destroyed.  By business, my savings, and my investments will likely all be wiped out.  My good credit, my name, my reputation equally destroyed.  It is also possible I would lose my job/income.  After a financial anhiliation which wipes out everything you spent your whole life building you might still be able to keep your house ... unless you were foolish enough to attached what would be otherwise unsecured debt to your primary residence via the HELOC.

Of course banksters don't want you thinking like that.  They want you thinking like a HELOC is just a lower interest rate credit card.  SIGN SIGN SIGN get your free moniez.  
TangibleCryptography
Sr. Member
****
Offline Offline

Activity: 476


Tangible Cryptography LLC


View Profile WWW

Ignore
August 09, 2012, 02:36:21 AM
 #23

Under Option B of LOC request, along with the Money in USD, would you be willing to offer 3% stake in the LLC in the form of Membership Shares?  (Real Shares or Certificates)

No.  No equity will be offered as part of these notes.  Still +1 for asking.  Feels good to have someone wanting a piece of the equity.
DeathAndTaxes
Donator
Legendary
*
Offline Offline

Activity: 1218


Gerald Davis


View Profile

Ignore
August 09, 2012, 02:45:18 AM
 #24

Quote from: Anonymous Lender
Gotcha. So the profit potential here is 4.8K in total then if a lender lent out the full 20K.

Correct.

$20,000 * 1% per week = $200 interest accrues per week.  
There is no compounding as interest-only payments are made weekly.
24 weeks @ $200 per = $4.8K.
TangibleCryptography
Sr. Member
****
Offline Offline

Activity: 476


Tangible Cryptography LLC


View Profile WWW

Ignore
August 09, 2012, 03:13:54 PM
 #25

I reduced the request for LoC A to 500 BTC as it now appears likely that both lines will fund.  If Loc B also funds, 500 BTC should be sufficient for our needs.    250 BTC of the 500 BTC has been funded.  Lender wishes to remain anonymous.
TangibleCryptography
Sr. Member
****
Offline Offline

Activity: 476


Tangible Cryptography LLC


View Profile WWW

Ignore
August 09, 2012, 08:16:19 PM
 #26

Update:
LoC A has been fully funded @ 500 BTC.  I think this is an important step forward for BTC based lending.  0.5% per week = 29.6% APR.  While certainly not cheap, it is significantly less than many other similar loans have funded in the past.  A sign IMHO that Bitcoin lending is maturing.
TangibleCryptography
Sr. Member
****
Offline Offline

Activity: 476


Tangible Cryptography LLC


View Profile WWW

Ignore
August 12, 2012, 01:33:09 AM
 #27

Update:
LoC B has been fully funded @ $20,000 USD. 

We would like to thank all the lenders who participated.  Both LoC are fully funded.  We have no further funding needs at this time.
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!