Looking for lenders that will do weak credit deals based on collateral
you better go see tony in the back room..just have an extra set of knee caps when you cant make a payment..LOL..
Some of my NY friends told me that when loaning money for less than savory reasons they would get a $100 per $1,000 a week in interest! If you didn't pay well you know the deal, knee caps or who know what! In answer to the poster's question. There are places that do it, rates will be high. If you have sufficient receivables sometimes borrowing against those is better. A little searching on the net should yield some info. Before making a deal I'd sure read close, check with the BBB etc. Some places really want to help and some just wanna screw ya!
Check out pawn shops....don't know if they lend without holding the collateral though. Last resort, of course.
Not looking to do anything illegal, just looking for a lender for a Logging equipment client with weak credit that will consider the collateral more than the credit.
I have never heard of a bank that would not lend money if you have adequate collateral to cover the loan. The loan value will not be what the machine retail is however. Is there some history that the banks are suspect of the collateral, or concerned it may not stick around?
Loan officers in general want as much as they can get their hands on. I applied for a floor plan with a local bank, basically a line of credit secured by the inventory. They came back and wanted not only the inventory, but to be a lien holder on land worth ~4x what the floor plan credit limit was. I told them they were crazy, I could get a credit line for 3x the size of their floor plan and not have to deal with the equipment securing the line... all at a cheaper rate!
credit union perhaps? If you are a member there they might look out for your best interests more then a bank
in todays financial climate you better have 10x the value in equipment to put up as collateral before anyone would loan you a nickel, especially with bad credit and no money..whose to say 2 days after you get the loan you dont sell off your equipment and run for the hills, then what does the place that loaned you the money have to come after?..I know a few places that will loan $$ against property( open land) as you cant take off with that....but the interest rates are probably more than a loan shark..lol..the other area you can look into , are private investors to finance what you want, you can go see a lawyer and ask if they have clients that want to invest, but again you must supply all kinds of paperwork and business plans and how you are going to make money to repay the loans..
I guess I'm not sure what you're up to. This is from another posting you made in the financing section, if you're a lender/leaser, what exactly are you looking for? another bank to offer to your clients?
Pawn shops aren't illegal, if that's what you're referencing. They're basically just a lender of last resort.
sounds like the OP is being less than upfront on what he is doing...time to label it for what he represents..SCAM...........
Bad/iffy/weak credit shuts a lot of doors. If you have a good credit reference most small town banks have little issue on working expense loans, as a farmer we do line of credit loan renewing annually.
Equify Finance....they do this type of thing. http://equifyllc.com/ Any time your credit is bad you better prep for taking some time & having a bunch of paperwork. These old boys that own it got $2 billion of their own cash from selling a frac company. Why they chose to f with this I don't know...but call them.
2 words...shark tank...............they are looking to get in on companies or business ideas that can make big profit with proper funding.....im sure they will only loan out money to people that have a good business plan and will make good money with a little financial help and then they sit back and reap the profits..once you have that kind of $$( a few billion) it comes down to the art of the deal , otherwise what else would they do with their time...
Not trying to scam anyone just trying to help a logger with weak credit find financing for other equipment I won't get anything if he does not get financed my sources don't want to do it, I am just trying to broker the deal for him. Sounds like some of you guys have a guilty conscience . Hope you never need anyone to help you get financing for your business. I don't charge anything upfront, just try to help people buy equipment
Thanks for your honest reply, I thought this forum was to help people with Heavy Equipment and that is why I joined but most of the replies have been I am doing something illegal or trying to scam someone. I am just trying to help a logger get financing for additional equipment that has some credit issues. Again thank you for your kindness and help.
I can only go by what you post, now that you have explained your position and what you are trying todo, something you should have put in your first post, it sounds alot more legit on what you are trying todo, before it just didnt make sense and yes there are LOTS of scammers that post on many forums...dont take it personal..especially when you only had 1 post and no history to be guided by...