am
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Post by am on Dec 10, 2015 12:34:38 GMT
Over on the FC forum a potential borrower wishing to borrow £30,000 (and intending to contribute £15,000) to purchase and provide working capital for a restaurant business has been told that he can't have a loan. Would any of the other P2P lenders be willing to provide loans for startup capital?
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Post by ablrateandy on Dec 10, 2015 12:38:20 GMT
Restaurants no. Other things, yes.
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Post by lb on Dec 10, 2015 12:40:53 GMT
Over on the FC forum a potential borrower wishing to borrow £30,000 (and intending to contribute £15,000) to purchase and provide working capital for a restaurant business has been told that he can't have a loan. Would any of the other P2P lenders be willing to provide loans for startup capital? why would anyone fund a start up without an equity stake unless they are dumb - send them over to seedrs
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bigfoot12
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Post by bigfoot12 on Dec 11, 2015 12:31:25 GMT
How about asset finance for a startup secured on stock for example a secondhand watch shop secured on a floating range of say Rolex's, Breitlings etc that have a known and non-depreciating value? Any of the p2p's look at that? That sounds exactly like the sort of thing funding secure might do. I haven't leant with them, but i know they often have loans secured by items such as Rolex, and have a car dealer borrower who funds using his stock and so on. At a much greater scale and not start up Thin Cats have funded a number of retail outfits by securing their stock. Sometimes the stock has to be held off site. From ablrateandy 's reply it sounds like they might do that sort of thing too
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mikes1531
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Post by mikes1531 on Dec 11, 2015 12:36:34 GMT
How about asset finance for a startup secured on stock for example a secondhand watch shop secured on a floating range of say Rolex's, Breitlings etc that have a known and non-depreciating value? Any of the p2p's look at that? That sounds exactly like the sort of thing funding secure might do. I haven't leant with them, but i know they often have loans secured by items such as Rolex, and have a car dealer borrower who funds using his stock and so on. I don't think FS would work, because they usually take possession of the items used for security. But it couldn't hurt to talk to them.
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Post by ablrateandy on Dec 11, 2015 12:48:39 GMT
We'd look at it.... but there are better players in that space than us (FS, MT probably a good starting point).
Funnily enough we are looking at a start-up working with restaurants but with pretty good security and lease cashflows rather than just the restaurants themselves backing it.
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huxs
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Post by huxs on Dec 11, 2015 13:14:21 GMT
I think I remember a loan on unbolted which was exactly that a loan on a collection of watches held by a jeweller? Give them a try.
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Post by emoney on Dec 12, 2015 9:05:29 GMT
Good morning, we would consider the applicant if the borrower was a homeowner with equity in his property and/or has a home-owning Personal Guarantor. Proving the ability to service the loan would be required.  |
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Post by Financial Thing on Dec 12, 2015 14:16:01 GMT
Not I, restaurants have the one of the highest failure rates of any small business.
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Post by batchoy on Dec 12, 2015 18:59:33 GMT
How about asset finance for a startup secured on stock for example a secondhand watch shop secured on a floating range of say Rolex's, Breitlings etc that have a known and non-depreciating value? Any of the p2p's look at that? The problem with finance secured against stock, as AC lenders have found in the past, is ensuring that the stock levels are maintained (or even physically exist), are actually the business's property and that when push comes to shove the assets can be realized at close to their valuation. Stock, WIP, plant and equipment, order book and invoices are all at very risky end of assets to lend against.
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