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

[WhoaDomain.com]

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.

 

[bmugford]

So if anyone wants to do this financing just let me know the interest in the money over time because he’s a nice guy and I want to help him out here.

So recap $50,000 loan with $25,000 cash down. Who wants it?

I walk away free and clear.

for anyone wondering why any buyer would do this. The comps I gave buyer showed I should have asked $100,000+ for the domain so $50,000 was a steel. Plus the lowest priced domain sale below $100,000 for the same keyword was around $50,000 but honestly? I could have asked $150,000 if I really wanted to.

Plus buyer registered the Twitter, Facebook, and Instagram handle. So there’s that also.

so here’s a domain he needed to have to complete the branding at a steal of a price so yea he’s ok with paying the interest over time.

and........ I’m talking too much again. Anyone want to get this loan on lock? Pm me. Thanks.

There is a big difference between theoretical pie in the sky value and actual resale vale.

If the buyer was able to get Twitter, Facebook, and Instagram handles I am skeptical about the resale value of this domain.

On a loan all that matters is collateral honestly. Unless the domain would easily sell for $25K+ reseller, there is no reason to shoulder the risk.

Just take the $25K. Have the buyer make payments to an escrow company.
It is a relatively simple solution.

I have noticed from past threads that you seem to often get in your own way when it comes to completing deals.

Brad

 

[NickB]

I could and offered this option. Already. Why is it everyone’s immediate thought is that I did not give buyer this option?

why not one even thinks perhaps the buyer for whatever reason wants to buy the domain outright in cash or $25k cash and the rest financed?

this is what buyer wanted to do. He chose to go this route but again @Lendvo Domain Financing was taking to long to get back to him.

I’m thinking the buyer doesn’t like the idea of me having full control of the domain once payment or payments are still being made.

I think he wants to pay and get the domain in his control. Done and done.

he actually did the homework on the financing part as he said he Googled “ domain name financing or loans”.

would have been perfect had @Lendvo Domain Financing maintained contact instead of leaving the buyer in limbo.

Only found out today about this issue. So came here to ask for other options.

I already offered the $25k cash and payment plan. but buyer seems to want the @Lendvo Domain Financing option. He really wants to walk away from this with the domain in his hands to do with what he wants.

he’s still waiting for @Lendvo Domain Financing and now I’m waiting on @domaincapital hopefully someone will get back to us with a solution quick.

So instead it being held with Escrow, Dan or Epik it will be held by Lendvo?

From their site....

"Does lendvo have to hold the domain while the financing is active?"

"Generally yes. While we usually hold the collateral in our own 2-step enabled registry accounts during the financing we allow some customer to utilize Escrow.com’s 3rd party domain name holding product. If a customer wishes to use this service they will be responsible for any and all associated fees for this service."

Whats the difference? Or am I missing something?

 

[Start]

The answer was already given a few times early in the thread (bmugford already gave the answer in the 4th post).

All you have to do is use an escrow/marketplace service that facilitates spread-out payments:

Escrow.com
Epik.com
DAN.com
NameSilo.com

Each of those companies have various options/formats for spread-out payments, and you and the buyer can decide which one you want to use.

The escrow company holds the domain while the payments are being made, but the buyer can manage the domain's settings.

After the buyer finishes paying, the domain goes to them. Or if the buyer stops paying, the domain is returned to you.


You mention that the domain is a hand-reg and will be the highest ever sale for the keyword, so my guess is that the buyer is probably overpaying at $50k. I think $25k was an overpay for CoinMENA.com, but congrats on getting it!

But so if the "liquidation value" of the domain is say only $5k or $10k, I doubt a lender will want to finance it... it's basically like asking them to be a co-buyer of the domain, and then let the other buyer pay them back. It's great for you, because you get all the money upfront, but the domain's liquidation value is probably too low for any lender to want to be a "co-buyer".

---

Also, regarding the discussion of keeping a domain and letting a buyer pay the seller gradually:

That's fine if the seller is an established company with various people on staff. But a problem for a buyer if the seller is just 1 person (selling on their own) is that if they somehow unfortunately die suddenly, it could be difficult (or at least a hassle) for the sale to continue so the buyer can get the domain... especially if the seller didn't tell their family about the arrangement, how the domain needs to be renewed, etc. Sure, maybe the buyer can get a lawyer and talk to the registrar and figure something out, but it's not a certainty and still a hassle compared to simply using an escrow company.

On the seller's side, it's also a lot easier to just let the escrow/registrar's automated system send emails to collect monthly/yearly payments, compared to having to contact the buyer and maybe chase them for it.

 

[effervescence]

I appreciate if you could DM name of the domain. Thank you.

 

[Jv1999]

If the buyer wants the illusion of control over the domain... your best route would be Epik, or another registrar that will legit put the domain in his account, but are definitely going to yank it out and put it back into yours if they default.

I'm not sure why you're trying to get a third party involved here on nP. no offense but it feels scammish.

You're expecting someone random to throw down $50,000 to you, while YOU control the domain and can simply make the excuse that the buyer somehow got the domain... no more payments i guess.. whoops. Or something.

Or even if you give the domain over to the nP lender, then the buyer defaults after making TWO $2,000 payments... the nP lender is left with -$48,000 and a domain that /might/ not sell again.. while you're keeping the $75k.... and the buyer is innocent because he didn't get the domain... the nP lender did.

I feel really uneasy about this. Just go through Epik or Namesilo. Take your installments. If you want the whole thing up front, i feel like it's a roundabout scam or a way to sell a domain sneakily.

 

[biggie]

I have noticed from past threads that you seem to often get in your own way when it comes to completing deals.

Hi

basically, i was going to say same thing.

with all the posts about domain leasing/ renting etc....
it seems like arranging the financing for the buyer yourself, would be first consideration.
you want to get the process in motion asap, or they could walk.

there are many options previously listed and all the tagging and publicity isn't prudent.


imo...

 

[bruhne]

If it's a new two-word handreg with social media handles that were up until now availabe to be acquired, then take the $30k the buyer is willing to wire, transfer the domain, and run. ASAP

 

[jideofor]

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.

Why don't you collect the $25k and let them pay the other $25k spread on installment?

 

[karmaco]

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

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.

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!

When asking for a large sum of money for a domain one of the best ways to attain that is to accept payment plans. Everyone would like to be paid in full yesterday. But not everyone can plop down 50K plus at one time and you need to bear that in mind.

 

[WhoaDomain.com]

To everyone stating the obvious I already offered the buyer the option to pay $30,000 cash and make upfront payments. The buyer himself seemed not to like this idea.

so I'm going by what the buyer seems to want to do. Reminder. as stated. The buyer himself went about contacting Lendvo himself. I did not give him the idea to contact them. He did his own homework. I thought at first he was going to just pay the $50,000 cash. I did not know he was going to put up $25,000 cash and then the rest financed.

I only just came on here because Lendvo Fell thru the day I created this thread. So please let's stop asking "why didn't seller just offer to do payment plan" yadda yadda yadda.

Not stupid here. soon as I found out what was going on with Lendvo it was the FIRST thing I offered buyer.

THE FIRST THING.

but....it seems the buyer wants to see what Lendvo has to say. The problem is they seem to have ghosted on them.

Also I just checked their website (lendvo) and it seems their "contact" button is no longer active. Like you put the cursor on it and you can't click it.

Does that mean they are no longer in business? probably.

This is why I came here and created the thread. I want to help the buyer do what he wanted to do. For whatever reason the buyer wants this to be "Pay the $50,000 to the seller (That's me) and get the domain."

Again. I repeat this is NOT my doing or suggestion. it's all on the buyer. After doing my research myself there seems to be no options as far as something like Lendvo. DomainCapital did not get back to me. So now I probably will have to go with the "$30K cash and then monthly installments".

The problem now is having the agreement drawn up but all the templates for "Loan Payment plan agreements" all just look very complicated and wordy. I wanted something simple.

also I'll probably do the entire thing in house to save the buyer time and money and get this done.

I like the idea of a miss three payments the loan goes into default and the $30,000 is forfeit plus the domain.

I did offer an interest free option but I think I'll have to offer a 10% interest on the loan not for the entire $50K but the remaining $20K. or should I charge interest on the whole amount?

What is the usual way of doing such loans? I've never been "the lender" so this is all new territory.

As many have stated. I need to act quick before buyer runs.

anyone know of a good domain payment plan template where cash was given as collateral? and monthly payments are still being made? I'd appreciate suggestions as far as templates.

I just hope the buyer will be ok with not owning the domain outright like he originally wanted.

 

[WhoaDomain.com]

When asking for a large sum of money for a domain one of the best ways to attain that is to accept payment plans. Everyone would like to be paid in full yesterday. But not everyone can plop down 50K plus at one time and you need to bear that in mind.

agreed. well I really did not know until yesterday that this buyer did not have the $50,000 cash. like I said before he did everything on his own as far as researching domain loans. I never heard of Lendvo until he told me! lol

 

[WhoaDomain.com]

Why don't you collect the $25k and let them pay the other $25k spread on installment?

I already offered this option to him as soon as I found out what he was trying to do which was use Lendvo and then found out Lendvo was giving him the run around.

and then I found out the contact button on Lendvo is no longer "clickable".

But for whatever reason the buyer really wants me to get $50,000 cash upfront at the end of the day and get the domain right after. Who am I to tell him otherwise? I'm here to help him out to get the scenario he wants. and yes of course it benefits me too to get the $50K upfront but I'm flexible but this buyer seems adamant to get the domain entirely.

I just realized something now. Could this buyer be a domainer and is trying to flip it to an enduser? lol I doubt it. but maybe...........................? you never know.

 

[effervescence]

.., I also contacted Elon Musk for a chump change of 999 billion and 99 cents to finance my own Pluto mission, but he ghosted me. Call it fate, we share the same problem. What a coincidence!

 

[WhoaDomain.com]

If the buyer wants the illusion of control over the domain... your best route would be Epik, or another registrar that will legit put the domain in his account, but are definitely going to yank it out and put it back into yours if they default.

I'm not sure why you're trying to get a third party involved here on nP. no offense but it feels scammish.

You're expecting someone random to throw down $50,000 to you, while YOU control the domain and can simply make the excuse that the buyer somehow got the domain... no more payments i guess.. whoops. Or something.

Or even if you give the domain over to the nP lender, then the buyer defaults after making TWO $2,000 payments... the nP lender is left with -$48,000 and a domain that /might/ not sell again.. while you're keeping the $75k.... and the buyer is innocent because he didn't get the domain... the nP lender did.

I feel really uneasy about this. Just go through Epik or Namesilo. Take your installments. If you want the whole thing up front, i feel like it's a roundabout scam or a way to sell a domain sneakily.

no no. you misunderstand. I was looking for a "standin" for Lendvo. So whatever Lendvo should have done here which I'm assuming is take possession of the domain in question then so be it if that's how it's done.

I wasn't trying to say I would control the domain in a scenario where we have a "Lendvo" stand in.

In the scenario where I become the "Lender" then yea I will control the domain.

Also I guess I needed to be clear? I wasn't looking for an NP Lender. I was hoping domain lenders like Lendvo or domainCapital or similar would be read this thread and jump in.


Obviously if you are not like these companies why think this thread applies to you?

I was also hoping maybe some experienced NP domainers could steer me in the direction of a "Lendvo" type company they have had a good experience with.

"I feel really uneasy about this. Just go through Epik or Namesilo. Take your installments. If you want the whole thing up front, i feel like it's a roundabout scam or a way to sell a domain sneakily."


Relax buddy. lol no scam here. I mean if this was the case. That means ANY deal where a seller gets PAID UPFRONT ANY amount whether it is $100 or $100,000 is a scam. right?

Again. Of course anyone wants 100% of the payment in a perfect world in any deal. As it's simple and hassle free. nothing scammy about that or is there?

With that mind set me paying $2.99 at Mcdonald's for a milkshake is a "scammy transaction"? lol

Also, the request for any "takers" applies to actual full fledge Domain Loan providers if they are on NP reading this. Not any run of the mill domainer.

Thanks for your concern though.

 

[WhoaDomain.com]

.., I also contacted Elon Musk for a chump change of 999 billion and 99 cents to finance my own Pluto mission, but he ghosted me. Call it fate, we share the same problem. What a coincidence!

haha everybody is a friggin comedian!

 

[WhoaDomain.com]

@WhoaDomain.com I'm curious...

Would the domain in question sell for $25,000 on namePros in a reasonable amount of time?

Because if not, why would a lending company assume a $25,000 risk, on something that doesn't measure its own weight in wholesale value? -- Unless the buyer put something up worth at least $25k as collateral (other than the domain), and/or signed/assumed it as a personal/corporate liability.

I think what others had suggested, about you taking a down payment and setting up a payment plan, might be the easiest option here.

Best of luck!

I don't really know the details as to what the buyer talked to Lendvo about this loan. It seems the only collateral for this loan was the $25,000. So I just thought this was "normal". Again. never did this before for such a large amount.

But the buyer is in the real estate industry and I think has property so who knows? maybe he put up equity to his property too as collateral? I doubt it but I never asked. I should ask him later.

but in any case. I think I have decided to self finance this deal. Now I have to find a good loan payment plan template and modify it to fit my needs.

This is going to be a hassle. These agreements are just full of legal jargon and I'm dumber than a bag of hammers. lol

 

[WhoaDomain.com]

If it's a new two-word handreg with social media handles that were up until now availabe to be acquired, then take the $30k the buyer is willing to wire, transfer the domain, and run. ASAP

Agreed
Agreed
Agreed Thanks!

 

[gold lover]

good luck to you, hope you can find what you are looking for

 

[Bogdan]

@WhoaDomain.com try this URL https://www.lendvo.com/contact-dark/

 

[WhoaDomain.com]

@WhoaDomain.com try this URL https://www.lendvo.com/contact-dark/

are you being funny? lol did you check that? telephone (123)567-8901?

Thanks though Bohdan. I think that company is Capootski!