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    0 Replies Latest reply on Mar 16, 2009 10:39 PM by darkside_prez

    Short term loan for pinhooking thoroughbreds

    darkside_prez Newbie
      I have owners rights to two thoroughbred horses that were purchased as yearlings last Fall. Some of the funds have been paid and some remain due (past due).
      I wold have paid them myself but I'm in Construction and things are not what they were when I purchased them last Fall. These are two top flight horses by two
      top flight and very hot sires. (Top 50 based on earnings at the racetrack for prodigeny for 2009) I need funds to finish paying them off so that they can go in the sales ring.
      My credit is not good, my wife recently went on disability and I'm burdened by other business obligations. I have presented the idea to other business acquaintances and they believe the short
      term return is too good to be true. (60-90 day's) It's not, it happens 100's of times every Spring. The average profit on this type of transaction is 5% to about 40% but
      sometimes they go as high as 500% profit. I anticipate about a 30-50% ROI. This is considered a high risk venture, but the risk part is getting the young Colts
      to where these two are right now. Broken, training, running, passing the VET and ready to go into the ring. Really, the risky part has been substantially reduced.
      Reserves can be set to make sure they are not losing propositions although I don't anticipate that. I have professional consultants who can substantiate the value
      of the horses. The horses themselves could serve as collateral (they are acceptable for UCC transactions) or possibly real estate as collateral. They larger sales end in May, so
      if they don't make in before then, it will difficult to sell for profit. Anyone have any ideas?