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I need financing for $50,000 deal. Options? Time sensitive.

Labeled as question in Domain Buying and Selling Discussion, started by WhoaDomain.com, Nov 18, 2020

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  1. WhoaDomain.com

    WhoaDomain.com WhoaDomain.com Gold Account

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    Hello,
    I have a deal for $50,000 for a domain.

    The buyer has $25,000 cash but needs to finance the rest $25,000.

    We tried @Lendvo Domain Financing and they seem to be dragging their heels and now I contacted them @domaincapital

    Does anyone know some other options? thanks in advance.
     
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  2. alcy

    alcy Top Contributor VIP

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    hmmm..like installments...

    well...there is dan. epik...
     
  3. koolishman

    koolishman Upgraded Member Blue Account

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  4. bmugford

    bmugford www.DataCube.com PRO VIP ICA Member ★★★★★★★★★★

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    You need financing, like you want full payment ($50K) from the buyer now, but they need financing for the other $25K?

    It is probably going to be rough to get that for a domain unless it is an amazing high quality domain with obvious resale value exceeding that.

    Another option is you can just setup a domain holding agreement with Escrow.com. Take the $25K now and take scheduled payments over time for the rest.

    https://www.escrow.com/domain-name-holding

    Brad
     
    Last edited: Nov 18, 2020
  5. koolishman

    koolishman Upgraded Member Blue Account

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    unless it is an amazing high quality domain with obvious resale value exceeding that.

    I guess it is a given.
     
  6. MapleDots

    MapleDots Top Contributor VIP

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    I don't understand, why would you need financing, you hold all the cards?

    Tell him he can have the domain and you will set any settings he needs via your control panel.

    Get him a schedule to pay the remainder 25k and then transfer the domain upon total repayment.

    During this time the client can use the domain as they need but you keep full control until the domain is fully paid. You are the best guy to finance this, so unless your cost of the domain exceeded 25k I see no reason why you need an outside financier.
     
  7. koolishman

    koolishman Upgraded Member Blue Account

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    Seller may need cash upfront.
     
  8. MapleDots

    MapleDots Top Contributor VIP

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    Seller has no cash if he has no sale.
    My way at least he has 25k and a repayment plan.
     
  9. koolishman

    koolishman Upgraded Member Blue Account

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    To each his own.
     
  10. Samer

    Samer Top Contributor VIP

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    i got four figure loan from epik escrow ($x,xxx) Just dont put up junk domains as collateral. Everyone values domains differently; put best; and was given emergency life saving loan.

    This different; tho like to hear @Rob Monster’s perspective; he reviews all the loan apps.
     
    Last edited: Nov 18, 2020
  11. alcy

    alcy Top Contributor VIP

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    interesting.. I'd like to hear roughly your cost total for the domain they gave u loan for... I mean u pay like 5k for yer names to get 9k loan ..ty
     
  12. alcy

    alcy Top Contributor VIP

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    its just called an escrow service

    cause no sane person will send u 25k and let u keep full control of domain.

    including u. or me. cause were sane.
     
  13. Rob Monster

    Rob Monster CEO, Epik Epik.com Staff PRO VIP

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    Easy to set up at Epik.

    If you need help, just ask any of our support team.

    Or just start it as escrow transaction:

    https://escrow.epik.com/

    The buyer will have use of the domain as long as they are making their monthly payments.

    Congrats in advance.
     
  14. MapleDots

    MapleDots Top Contributor VIP

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    The domain king finances domains like that all the time.

    With a proper contract there is no reason why a buyer would feel hesitant, it all needs to be done on the up and up.

    Believe it or not but some domainers run real businesses registered with sales tax numbers etc. Sure I can understand your point with a part time domainer but as soon as you have a legitimate business and can show that to the buyer with a proper bill of sale outlines the terms there really should be no issues.
     
  15. Lau.com

    Lau.com Richard Lau PRO VIP ICA Member

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    OP hasn't replied but I'm guessing that he's not looking for an Escrow service. I think he has an offer of $50k with a downpayment of $25k and he wants all cash up front so he (the seller) is trying to find a financing solution for the buyer. So, maybe he wants it as:
    - Seller receives $25k downpayment
    - MoneyGuy sends seller $20k (a discount off the $25k)
    - Buyer signs a $25k IOU to the MoneyGuy
    - The domain is held in escrow for while the Buyer sends payments to the MoneyGuy
    - if Buyer defaults, then the Escrow service releases the domain to MoneyGuy

    Great deal for MoneyGuy (if the Buyer defaults, he gets a domain that "sold" for $50k for $20k or less.
    Good deal for MoneyGuy if the Buyer doesn't default, he receives $25k on an advance of $20k.

    Obviously the details of the discount, and the time period, are ultra-important.

    @WhoaDomain.com is that pretty much what you are looking for?
     
  16. xynames

    xynames XYNames.com PRO VIP

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    Seller needs to be careful lest he ruins yet another potential sale.
     
  17. alcy

    alcy Top Contributor VIP

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    I disagree. there is good reason why escrow services exist. while u seem to think they exist for no reason.

    nice looking bills wont make me wire u 25k. that's a recipe for scams and losing money. and nobody should ever send no one 25k based on tax numbers or good looking Bills...

    plz folks use escrow services. ita what they are for.
     
    Last edited: Nov 18, 2020
  18. koolishman

    koolishman Upgraded Member Blue Account

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    Curious.

    It was not Rob Monsters's reply you are quoting, but Mapledot's. How come Rob's name appears there as the owner of that quote?
     
    Last edited: Nov 18, 2020
  19. Samer

    Samer Top Contributor VIP

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    He edited it; i already told him typo;
    all good! :) alcy’s genuine poster :)
     
    Last edited: Nov 18, 2020
  20. alcy

    alcy Top Contributor VIP

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    yeah tnx I changed it.
    I was replying to something else
     
  21. karmaco

    karmaco Top Contributor VIP

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    Many top domainers do their own financing— aren’t you aware of it? Escrow.com sucks so I don’t blame them.
     
  22. Jimmysun

    Jimmysun Established Member

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    Congrats!
    Buyer says... we got lumber and diamonds ;D
     
  23. alcy

    alcy Top Contributor VIP

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    hmm.. seriously would u wire 25k to someone new for domain cause he sends u a bill?

    I think with great escrow options like epik or dan... but not escrow.com... its insanity to wire cash to some dude with a bill.
     
    Last edited: Nov 18, 2020
  24. WhoaDomain.com

    WhoaDomain.com WhoaDomain.com Gold Account

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    Sorry guys just read all your replies. The domain is a two word domain. Not sure yet if buyer wants sale announced.

    so of course I’d like the amount in full so I can just hand over the domain done and done. I really hate the long drawn payment plan option. Spoke to buyer. He told me @Lendvo Domain Financing is dragging things.

    Then contacted @domaincapital and they said they would get back to me.

    buyer is willing to do $30k cash wired to me and make installment payments of what he would have paid lendvo. Not sure if I should tack on interest like lendvo probably would have. Not even sure what the typical interest would be in such a loan.

    Buyer seems to trust me since I have over 19,000k+ followers on LinkedIn and told him I wouldn’t jeopardize me rep with stealing money or cheating anyone. So it’s not like I’ll take the money and disappear tomorrow. Of course an agreement will need to be made on the terms and conditions and payment plan.

    The domain is with @Epik.com @Rob Monster :xf.wink:

    So yea I do want the $50k upfront I have plans to develop a domain or domains I own so my business/hobby pays for itself as far as renewals.

    I want to start a domain auction site with one particular “gimmick” that I think will make it unique and a total killer.

    but we shall see.:xf.grin:

    this domain once paid for will be like how CoinMena.com was the most expensive domain sold for keyword “mena”. This domain will be the highest domain ever sold for this particular keyword. The highest right now for this keyword is $25,000.

    can’t wait to tell you guys if I can if the buyer allows me. He probably will. He likes the idea.

    and yes it’s a handreg!
     
  25. Jv1999

    Jv1999 Spamming Exo: Dark Merc of the Exo-Tower VIP

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    I agree with Maple and some others.

    Take the 25k, set up an installment plan with dan or escrow... taht's the best outcome here.
     

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