A new loan funded this afternoon (Business Consolidation Loan (Loan #6028) — $25,000 10.38%). I participated via my standing order: Low DTI — NAF. Which is this loan was funded as low debt to income ratio and was a non auto-funding loan. The borrow had AA credit and this is within 3 basis points of the best interest rate I will ever give out.
For the readers that believe in reading the actual description without modification:
I sold off a business I started from the ground up to a family friend who defaulted on his personal loan, with me as guarantor. The sales price was significantly lower than market value, as I was trying to help him get established. I subsequently incurred the debt of the business which has ceased operations. Around this same time, I acquired a small pub in Houston, a local neighborhood bar, that had an upfront debt. I wish to receive this loan to consolidate the business debt, but to also free some capital to re-invest in the business to bring it to the 21st century. The bar was 20 years old when I acquired from an owner who was very sick at the time. I have been a consultant for the restaurant and bar industry for over 18 years. I am a full time director of a large local company in addition to running the bar. I have no problems repaying this loan over the next 3 years. I look forward to the opportunity.
I think this is another fine example of a quality standing order borrower and interest rate. What do you think?