BallzDeep said:
Does anyone know where I can get a substantial private loan at a decnt rate, approx. 7%, looking for around 100g's plus to help open a business, I have good credit and a good income but it's tough in this environment to borrow too much from the banks.
Just for asking the question and assuming such a thing is possible, I think you should be declined for ANY loan. A 7% interest rate for a loan like this? Are you nuts?
As previous posters have mentioned, friends, family, angel capital is the best, and you'll need collateral of at least that amount. Are you buying a fixed asset or a machine? The residual value may be taken into account. However, if you just need the money for basic expenses, employee salaries and marketing, you better have LIQUID collateral.
Oh... where's your business plan, five year cash flow projections, your legals (corporate structure/partnership agreements, can the business operate legally, employee contracts, financing agreements), your business number, your accountant and accounting information? I work hard to throw six-figures a year at MP's and SP's
. Before I - as an angel investor - would invest it, I would want to see these things. Without these, the phrase "A fool and his money are easily parted" comes to mind.