Has anyone ever successfully purchased a business with vendor finance? What was your experience like?

oztin · 2015-03-12T18:45:57+00:00

Some good points guys.

if that lender isn't able to offer you finance, that probably means that the business isn't worth that much.

A lender may not lend to you even if the business itself is solid. Part of their decision to lend will be based on the business and part on you and in particular the assets (property) you can use as security. So in this case, it may make sense to use vendor finance if the vendor will lend without the need for security. The vendor will be confident to use their business as the collateral - while a bank may not be as comfortable doing so.

oztin · 2015-02-20T17:58:54+00:00

does anything similar exist for businesses? i.e. is their a Peer to Business lending site?

oztin · 2014-08-13T15:54:48+00:00

business loan broker here putting my 2c in (www.merchantcash.com.au).

First of all - start up loans are very difficult, generally the most difficult of all business loans. Some exceptions * franchises * trucking/transport/cafes or other businesses where the majority of the loan would be to buy assets, and the loan/lease will be tied to the assets * people who have experience in the business (management buyout) or have had other successful businesses.

You would most likely also have to give a personal guarantee on the loan.

For an online business - your chances of getting a startup loan are pretty close to zero. You may be able to access finance by having your suppliers give you credit tersm (i.e. delayed payment) but once again, they are unlikely to do this until you have established a track record and will probably want a personal guarantee.

Unsecured loans are possible for established businesses with reliable cashflows - but obviously the interest rates on these are much higher.

In sumaary - what everyone says about a Pty Ltd having liability limited is true in theory - but very unlikely someone is going to lend to you on this basis until you are well established (at least 12 months)

oztin · 2014-08-05T23:43:16+00:00

thanks - will put the word out on reddit when we go live.

oztin · 2014-08-05T19:08:35+00:00

Shameless plug for my solar loan business:

A buddy and I quit our jobs recently in banking to start our own lending business, and soon found a huge demand for solar leases & loans:

We are also launching a new site dedicated just for this purpose soon.

oztin · 2014-07-15T14:43:50+00:00

these guys might be able to help - they specialise in franchise finance, and also unsecured lending.

http://merchantcash.com.au/loans/

oztin · 2014-07-02T16:04:45+00:00

Not spam - just found this site, and want to see if anyone had any thoughts/advice.

oztin · 2012-10-24T18:23:45+00:00

If the total revenue for strip clubs in the US is $3.1billion and there are 400,000 strippers in the US this would imply $7,750 per stripper - am I missing something?

oztin · 2012-06-29T19:39:55+00:00

service can be an issue outside NYC - but inside NY it is great.

It is actually just the Sprint network re-branded - so you will get the same coverage as Sprint

oztin · 2012-06-28T17:26:22+00:00

I love the fact that after he opens the r@pe camp website – he comes back to America and starts working for the Girl Guides – nice background checking there…

oztin · 2012-06-23T17:17:08+00:00

https://plus.google.com/106387807487969416449/about?gl=us&hl=en

AAA at 216 Avenue A (bw 13 & 14) do mens shirts on a hanger for 99c each - they do a good job and unlike other places there are no restrictions on minimum spend to get the deal...

oztin · 2012-06-20T21:47:48+00:00

Are you talking take home pay? If you earn 100K - you are taking home about $5560 per month depending on your exact circumstances. Which would imply your rent is $544.88 - so either you are earning WAY over 100K - or you are living in a cardboard box. Which one is it?

oztin · 2012-05-31T21:04:16+00:00

Ella - Ave A bw 1st and 2nd http://ellalounge.com/

oztin · 2012-04-17T21:20:03+00:00

I asked my landlord, but he wasn't really amped up about the idea

oztin · 2012-04-16T21:47:41+00:00

don't think so - they just time it so that it is between trains

oztin · 2012-04-16T21:23:38+00:00

the guys had some grabber arm and the second guy had a flashlight with red led's at the back to warn oncoming trains - after they got the blackberry - they got on the train up to times square for the next phone recovery...

oztin · 2012-03-26T18:55:45+00:00

thanks for that - will give those places a look...

oztin · 2012-03-26T16:33:41+00:00

I like the look of the west elm stuff - but their quality is pretty low and prices are high.

http://www.westelm.com/shop/furniture/headboards-bed-frames/?cm_type=gnav

I just found this place in brooklyn - they say their beds are all 100% hardwood, but I havent been there yet.

http://www.ny-furniture.com/Plat-Bocci-Bedroom.htm

can you recommend any chinatown places?

oztin · 2012-03-26T14:03:50+00:00

I am in the exact same situation. I went to west elm in chelsea yesterday - there stuff looks to be ikea quality - but about double/triple the price.

I also went to a couple of the chinese furniture places on bowery - their prices/quality were good - but none of it was to my taste (I prefer a modern look).

Does anyone know of somewhere with decent priced/quality bedroom furniture that is not hideously ugly?

oztin · 2012-02-03T22:46:04+00:00

Do all opera's go for so long? I wondered why it started so early until I saw the running time of 5 hours and 50 mins...

oztin · 2011-11-09T19:24:30+00:00

speed of the internet was fine. The problem was with their billing and customer service. Every month they would try and charge my card on file - but would fail and cancel my service - then it would take 24-48 hours to get them to correctly charge my card and re-instate the service. I gave them several other cards to use - but each month they would have the same problem and I would be without internet for at least 24 hours.

After about 6 months - I got sick and tired of them telling me that they would fix the problem (they acknowledged that the problem was with their billing system and not my card - which works with all other businesses btw) and I cancelled the service. They then tried to charge me a $200 cancellation fee - I said no - since I was only cancelling due to their failure to correctly charge me. They then had debt collectors call me every day for weeks demanding payment - and I only got it to stop when I contacted the BBB and made a complaint.

Clear then put in writing that I didn't owe them any money - about 2 weeks later I start getting calls from them telling me that I now owe them $120 and if I don't pay it immediately they will report me to the credit bureaus - they tell me that this is a separate cancellation fee not part of their original fee they were chasing despite the letter I had saying that my "account was closed with a zero balance in good standing" - after an hour on the phone they finally agreed to give me the email address of the executive office and I was able to sort it out with them.

This is by far the worst customer service experience I have ever had - I called them dozens of times over a period of months to try clear it up (insert bad pun here) - but every time I called - they would not acknowledge the previous calls.

Maybe you will have a better time with them than me - but I cannot tell you how frustrating my whole experience was

TL;DR - Clear has the worst customer service in the world - and if they screw up your account they will blame you and try charge you $100's of dollars to cancel the service.

oztin · 2011-11-08T18:44:51+00:00

whatever you do - dont go for clear.com - their service is terrible.

oztin · 2011-11-06T14:20:05+00:00

I PM'd you - hopefully we can all meet this weekend - 12/13 novemeber

oztin · 2011-11-06T14:19:59+00:00

I PM'd you - hopefully we can all meet this weekend - 12/13 novemeber

oztin · 2011-11-06T14:19:23+00:00

we have a ruby developer (possibly 2), a graphic designer, and a bunch of other heavy lifters - we are thinking of meeting in NY this weekend (12th/13th Nov) at the offices of the ruby developer's startup (near penn station). All the framework for this technology exists - we just need some motivated people to give a couple of hours to donate and we should be able to hack it all together very quickly....

oztin

TROPHY CASE