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Looking to get a 100k loan on a deposit of 10k

Discussion in 'Business & Tax Advice' started by SuperBlackHat, May 20, 2011.

  1. SuperBlackHat

    SuperBlackHat Power Member

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    Im about to receive a sum in the amount of 10k and would like to know if i can reasonably expect to get a loan granted to me in the amount of 100k, strictly off of the deposit alone (no collateral, credit, etc). Im trying to use the fractional reserve banking system for all its worth. Does anybody know?
     
  2. Arche

    Arche Newbie

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    People with mediocre credit have trouble getting that kind of loan with a house as collateral. You would likely need to have a well established income history with a bank for them to agree to it.

    There are people who can get you that kind of money, but you're probably not going to like the interest rate, or what happens if you can't pay.
     
  3. hpv222

    hpv222 Power Member

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    your chances are < zero, did I make that clear or would you like me to elaborate?
     
  4. clyde

    clyde Elite Member

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    Sure you can, borrow from the mob.
     
  5. SuperBlackHat

    SuperBlackHat Power Member

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    I dont care much about the interest rate. I just want to know if i can get the initial 100k. I have systems where i will be able to flip the cash quick, so im not really worried about the repayment. I only ask because I know the backbone of fractional reserve banking is banks gain the ability to loan out 10 to 1 on every dollar they have in actual deposit. I just want that 10 to 1 to apply to me
     
  6. khaotikk

    khaotikk Newbie

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    Without a good credit rating or some kind of collateral your chances are slim to none. You can try to get a family member to co-sign for you.
     
  7. SuperBlackHat

    SuperBlackHat Power Member

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    But.....isnt the money itself a form of collateral???
     
  8. crashed

    crashed Jr. VIP Jr. VIP Premium Member

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    No... The bank takes into account the "risk" of being able to recoup the other $90k..

    Collateral is an alternative way of recouping their money if you fail to pay.

    If you had collateral like a house the risk is less.

    If you want them to risk $90k with no collateral you not got any chance.
     
  9. eBayMafia

    eBayMafia BANNED BANNED

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    What is this for? For a house, it's possible with decent credit, income/employment history, actual property value, and your past history, it's possible.

    For a business loan (which is pretty much a personal loan), then it depends on the structure of your business, the current state of your business, business plan for an undetermined amount of time in the future, business profit history, and collateral that could be easily liquidated for more than the 90k-100k you are hoping to get.

    To make things more simple to understand... banks and most other financial institutions aren't loaning out money like they used, and if they do, its for well functioning and well profiting businesses that don't likely need the loan to do much more than quick growth.

    I was selling a product to the big W, had a couple thousand units but they wanted 200,000 and the ability to order 800,000 more within 4 months. Had the warehousing, distribution, and manufacturing capabilities, all I needed was the money to invest in materials and labor and by the time I was able to get a loan through some of the larger banks, the big W was reconstructing the contract likely to push me out and allow for the offer to pass to someone offering it for 10 cents cheaper per unit. Keep in mind, the loan amount was less than half of what I was offering as collateral, I had already paid for licensing, have great credit, owned and sold businesses before, and even offered 34% of the loan amount in cash, and would have the money returned to the bank within 6 months... and it almost didn't happen. Now banks don't even want real estate, so things are getting much harder.
     
  10. liquidadvisor

    liquidadvisor Newbie

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    I know how to do this, depending on what you are trying to do.

    As I thought, I can't send you a PM after just signing up, so PM me.
     
  11. Mugshots

    Mugshots BANNED BANNED

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    Your best bet would be to build the cash that you have. So take 10,000. Do some stuff that builds income off the initial amount.