- need 50K euros loan (Doable)
- no collateral (Here is the problem)
- duration : 1 year (Doable)
- interests : 5% per month (Hard money works with much higher rates)
The problem, as I see it, is the lack of collateral. The interest rate you are suggesting is also unacceptable for those who are in the "hard money lending". If you have "excellent credit" and your banker feels you are worth the risk, your bank would be the first place to visit. Otherwise, be prepare to face a "Hard Money Lender" with an interest rate around 18% to 28% APR.
Best wishes,
Trb
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5% a month is 60% p.a. the guys who lend that kind of money on the promise from your blue yes certainly will want more and ah, they will not go to court to collect, they have a more direct approach.
I believe you are in the wrong place here
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Actually Richard is right in the sense that the stated annual rate is monthly rate * 12 or otherwise, so 60% as if some "black robbery bank" stated it as 60% p.a.
However compounded ( or actual effective) will be 80%.
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thanks for the compounding, didn't want to go to the length of doing that, indeed 80%, anyhow still not enough when the average for that kind of hard money from the tough guys is more like 400% p.a.
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A color scan copy passport of the above-mentioned DD (Olivier Fanni) has been obtained via one of reputable financial institution with mostly negative complimentary comments.
Anyone need one, provide the email address and a copy will send accordingly for future reference diligence.
Thank you.
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