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This closed post was written 4 months, 1 week ago | V/U/S: 135, 8, 1 | Edit Post | Report Post


Reciprocity (2) Many thank yous! The poster has helped others since their own post was made.

Since writing this post runzxc870 has helped in 2 other users' posts within the last 4 days. runzxc870 is a verified member, has been around for 4 months, 1 week and has 1 posts and 9 replies to their name.

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business, start ups, financing, Lending, Capital, investors, Economy, Ideas (How Tags Affect Reciprocity)

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Anonymous #
4 months, 1 week ago (6 minutes after post)

i say spend it all in amsterdam

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runzxc870 offline Verified User (4 months, 1 week) Long Term User Shouts: 0 #
An Unknown Location | 4 months, 1 week ago (17 minutes after post)

I wish. The money is already out there, so there is no turning back now.

Either we make it to the grand opening day and, at worst, break even after a few years (but more likely become wildly successful)… or I’m out $200,000 before anything even comes to fruition.

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runzxc870 changed the tags on this post: they were "business, start ups, financing" 4 months, 1 week ago.

sacrator offline Verified User (4 months, 1 week) Long Term User Shouts: 0 #
An Unknown Location | 4 months, 1 week ago (27 minutes after post)

i think you need to get very business minded and spend your money on things that will guarantee a steady growth. Banks are evil they rule the world if you are losing assets i suggest you try to keep on to them the best you can. This isn’t the place you go for help in a matter like this anyways i would seek advice from a professional another thing you could do is spend the rest of your money on Google stocks since they are launching a hell of a lot of stuff over the next 20 years and are expected to become a competitor over Microsoft.

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runzxc870 offline Verified User (4 months, 1 week) Long Term User Shouts: 0 #
An Unknown Location | 4 months, 1 week ago (42 minutes after post)

Thank you for the reply. Yes, I have already had to cut about $200k off of our initial project costs due to a number of build-out and permitting expenses that were far more expensive and time-consuming than I was originally led to believe. So we are now down to essentials until the cash flow starts coming in and we can begin working on further improvements.

I’ve also negotiated with our landlord to abate a full year worth of rent to make up for costly time delays.

This is just the newest (and hopefully the last) of our start-up speed bumps. But the time in which this problem must be solved is killing me. Which professionals do you suggest I speak to? That is primarily why I’m on here, because I’ve seen some really good responses on other topics and am hoping I’ll find someone. I have already talked to quite a few though.

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runzxc870 offline Verified User (4 months, 1 week) Long Term User Shouts: 0 #
An Unknown Location | 4 months, 1 week ago (45 minutes after post)

And yes, I would definitely would consider investing in Google, but the remaining funds that I have would not represent a huge investment.

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runzxc870 closed this post.

runzxc870 edited this post 3 months, 3 weeks ago. Read the previous text »

I have made it out of impossible situations before and am confident and optimistic by nature, but have not yet found a solution for this one! Over the past two years I’ve been working very diligently on starting up my own business and acquiring $250k of start-up capital from investors, private lenders, family, and my own assets. I’ve also been approved and underwritten to receive a $497,000 SBA loan.

The business is primed and ready to provide an important service to the community, and has been very well received by a large amount of (future) guaranteed customers. We have sooo many connections and partnerships at this point that I can all but taste the impending success.

The problem? After going through (literally) a year-long approval process and receiving a firm commitment and underwriting on our SBA loan… along with overcoming a number of other challenges… the bank decides to re-appraise our real estate that was pledged as collateral and we come up $50k short. So despite the fact that the bank has told me they can release funds within one week, I now need to come up an additional $50k of collateral or other form of financing before they realease the $497k that we REALLY need soon.

I need to pay my building contractor (at least $60,000) within the next couple weeks, and we were both expecting funds from the bank by that time.

I’ve looked into leasing $50k worth of equipment that was originally included in our SBA loan proceeds, and just cutting that amount from the loan… but I don’t think this will be allowed by the bank since they probably have first lein rights to all equipment that’s involved with our startup.

I’ve got a $10k loan coming from one of our investors and may be able to come up with a bit more money ($5-10k) by cashing out the very last liquid assets that my family has. But this doesn’t solve the problem completely. We need more collateral or lenders. Otherwise I will have come all this way, got A LOT of hopes up, and worst of all never be able to prove that this thing IS a success waiting to happen….

while owing tons of money to our landlord and contractor and probably filing bankruptcy.

Ideas?? Thank you in advance!

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