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4 Replies Latest reply: Oct 8, 2008 8:07 AM by intechspecial RSS

200K Loan Needed, Entertainment Business, In Progress

Passive Newbie
Currently Being Moderated
Greetings,

I manage a rap/hip-hop artist. We are in a joint venture, have accumulated a following fan base, and have successfully dropped two projects independently. In total we have about 100k plays/downloads, a growing buzz, and a healthy work ethic.

We need 200k to purchase features from 2 other industry leading artists on the feature, tape a HD video, and promo on BET/MTV to take the artist's career to the next level, and secure a minimum of a 500k record deal, with a 50% advance. We are following a formula that has worked for 4 similar previously independent artists.

I would be taking out the loan. I have a little over 100k in collateral (the equity of my home). I have a guaranteed source of income of 42k a year, that is insured and backed. We have volatile income from the music business, but can be tracked if required. If necessary, we can come up with 10% of the 200k on our own, if not more. I am 21, have a credit score of 740 on average, and a long stellar credit history.

We are looking for a 2 to 7 year loan, with a reasonable interest rate. If everything goes according to plan, we can pay back the loan within 2 years, but are prepared to pay out of pocket if it does not go according to plan.

All offers are considered, more specifics/business plan at request.
Thanks for your time, and hopefully your future business
-Passive

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