Borrowing Private Money - Family & Friends
Good Morning BP Community,
I'm looking for your experience and/or advice on borrowing money from family & friends. Although I don't have an opportunity to make an offer, I want to get money sourced ahead of when I find that first opportunity. Some of my questions:
- What interest rate do you offer?
- Do you use some sort of formula for different loan amounts that you use when borrowing money?
- Do you offer a different rate for family and friends?
- How did you approach them with your request?
- How did they respond?
- Were they skeptical at first and warm up to the idea of lending money or did they get turned off by the idea?
I've thought a lot about my business plan and am inclinded to present a Power Point Presentation via WebEx or GoToMeeting. To me it shows that I've got a business plan and I'm serious about pursuing this business.
Any insight, thoughts, experiences anyone can offer would be greatly appreciated. Have a great day!
Cheers,
Michael