You guys are funny.
Apple can borrow short-term money at 0.5% from banks. They have billions in the bank.
When I started my business I had lenders that I paid all the way up to 15%. As my business and net worth grow I can typically borrow personally guaranteed money from individuals at 7%. The rate is a function of the overall risk and availability of other options.
So if the guy has a high net worth, lots of experience, offers a personal guarantee, and it is a project you can get behind 6% might not be a bad deal.
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