Welcome to our community

Be a part of something great, join today!

Log in
  • Hey all, just changed over the backend after 15 years I figured time to give it a bit of an update, its probably gonna be a bit weird for most of you and i am sure there is a few bugs to work out but it should kinda work the same as before... hopefully :)

Bank loans

S

scream_guy3

New member
Joined
Nov 30, 2007
Messages
4
Reaction score
0
Points
0
Hey guys, I have about 16 grand saved up for the RED and am looking at a 20,000 dollar bank loan to foot the rest of the bill. I was wondering how some of you guys got the loan or any relevant details about banks that could help me on this journey. Am really looking forward to becoming part of the RED team.:gun:

Andrew
 
Banks are a little skittish about large unsecured personal loans right now. Most banks I looked at required at least two to three years in business for a business loan. For whatever reason though, they're willing to throw credit cards at you. I ended up getting a Visa card through my credit union for way more than I could get a personal loan and at a much better rate - 7.5%. They don't charge me a cash advance fee, so I just transferred the full amount to my checking account and wired the money to Red. Definitely check out your credit union options.

Also, there was a place that posted here a few weeks ago who specializes in production equipment loans. Their rates were pretty good, too. That thread was here:
http://www.reduser.net/forum/showthread.php?t=10033

Good luck!
 
Chazmo said:
Banks are a little skittish about large unsecured personal loans right now. Most banks I looked at required at least two to three years in business for a business loan. For whatever reason though, they're willing to throw credit cards at you. I ended up getting a Visa card through my credit union for way more than I could get a personal loan and at a much better rate - 7.5%. They don't charge me a cash advance fee, so I just transferred the full amount to my checking account and wired the money to Red. Definitely check out your credit union options.
Click to expand...

The years in business are what I am running into right now. I've been in business for almost two years, but only 6 months as a sub-s corp. Even though we've turned a profit both years and have bought alot of equipment, they are still skiddish. I also found out today that the reason I haven't heard anything back from them this week is my loan person is sick! It hurts when RED is ready for me to pay and ship my camera, but I haven't gotten everything in order..sigh!

Matthew
 
Financing Red

Financing Red

I'm approaching my purchase two ways. All depends on who you are, net worth and income. (So what else is new?) There are equipment leasing companies who will buy and lease back to you with a $1.00 right to buy back at end of the lease term. All is negotiable. Big issue is whether or not you want to remove equipment from state you're in. They need to know where to go if you stop making payments. you really need a business address on a real street, no post office boxes and no residential address, but this is not necessarily a deal killer if you have a good track record.

Other approach is use of a credit card, but not a straight purchase. Most banks issuing cc's have multiple programs, all at substantially less than the normal 13%-19% rates. Mine is quoting 7-9% rate, but this assumes no lates, otherwise you will experience huge fees and penalty interest. Principle is that they pay your invoice directly to Red, in your name. This is different than you charging on your card, but the effect is the same, but without the high interest rates. Call your credit card business office.

Tail Ends
 
Hi Andrew,
Just a thought here. Do you really need 36 thousand dollars? There are all kinds of threads on reduser about people making it work for them for far less.....you don't need to buy everything new and at retail cost. If you are borrowing that much money, consider that you might want to start with a smaller budget and just get the essentials which to me are
Red body
Red CF cards - 4
Batteries (not necessarily red, you can buy decent AB on ebay, or just purchase the ac option for now)
red drive (not really necessary depending on what you're shooting)
basic production pack - also not necessary, but the top handle part of it is good to have. (Alternately, you can just buy two top handle mounts, and the handle extension)
hyson mb
used decent tripod - as arrinick said, the o'conner 50 for example
Nikon mount
a few nikon lenses
cf card reader
computer to edit (note that you don't need to buy a new intel mac to do this, there are some workarounds that people are using that work quite well)

That should set you somewhere into the 23-25 thousand dollar range. I guess it just depends on how ingenious you want to be to save money. Anyways, just giving you another perspective to consider.
Good luck with your red
Cheers
 
Evolve said:
...That should set you somewhere into the 23-25 thousand dollar range...
Click to expand...

Too bad he won't have a Viewfinder or LCD and can't see his image and doesn't have a CF Module to record his images without drive. And no cable for the Raid drive.

A new kind of filmmaking: no viewfinder and no recording - just 23-25K!
 
scream_guy3 said:
Hey guys, I have about 16 grand saved up for the RED and am looking at a 20,000 dollar bank loan to foot the rest of the bill. I was wondering how some of you guys got the loan or any relevant details about banks that could help me on this journey. Am really looking forward to becoming part of the RED team.:gun:

Andrew
Click to expand...

Lease.
 
scream_guy3 said:
Hey guys, I have about 16 grand saved up for the RED and am looking at a 20,000 dollar bank loan to foot the rest of the bill. I was wondering how some of you guys got the loan or any relevant details about banks that could help me on this journey. Am really looking forward to becoming part of the RED team.:gun:

Andrew
Click to expand...

Send a PM to Malcolm from West Bay Financial here: http://www.reduser.net/forum/showthread.php?t=11062



He is great and the people at WBF, just as great, just finished a 67K deal with them for my RED's

Ciao
 
florianstadler.com said:
Too bad he won't have a Viewfinder or LCD and can't see his image and doesn't have a CF Module to record his images without drive. And no cable for the Raid drive.

A new kind of filmmaking: no viewfinder and no recording - just 23-25K!
Click to expand...

hmmm, alright detail oriented german guy, sorry i forgot to add the lcd. Although I suppose you could get a used marshall V-R70P-SD for half the cost of a red. Again, a sacrifice, in this case weight. Think I saw one on ebay go for about 700 bucks once. Or you could use the hdmi out to a larger lcd display. That would probably be fairly inexpensive as well, although I confess I haven't looked into that cost. As to the cf module, i was assuming that the red came with one installed (unless you request otherwise) for 18k. The total cost of what I've written there is somewhere around 26 grand, including full cost of the items you've mentioned from Red, not cheaper alternative. Nowhere near 36.
The two thousand four hundred dollar cost of those items from Red certainly changed the point I was trying to make florian.
As long as we're nitpicking, your reason for editing should say "poor (or incorrect) grammar", not "wrong grammar".

Oh, and add 200 for the drive cable.

Zum wohl
 
Thanks for the responses guys, really helpful. As for Evolve, I plan on getting a full production kit, lenses, tripod, etc. and have priced everything at $36 000. I don't think that is too far off base. Keep in mind, I will be renting this thing out, so just the basics won't cut it, unfortunately.
 
West Bay Financial

West Bay Financial

Hi Andrew,

I have financed many RED deals already. Please feel free to contact me at WEST BAY FINANCIAL and we can over possible financing/leasing if interested.

Best,

Malcolm Mills
mmills@westbayfinancialcorp.com




scream_guy3 said:
Hey guys, I have about 16 grand saved up for the RED and am looking at a 20,000 dollar bank loan to foot the rest of the bill. I was wondering how some of you guys got the loan or any relevant details about banks that could help me on this journey. Am really looking forward to becoming part of the RED team.:gun:

Andrew
Click to expand...
 
scream_guy3 said:
Thanks for the responses guys, really helpful. As for Evolve, I plan on getting a full production kit, lenses, tripod, etc. and have priced everything at $36 000. I don't think that is too far off base. Keep in mind, I will be renting this thing out, so just the basics won't cut it, unfortunately.
Click to expand...

How are you getting more than the "basics" for $36K?
 
You must log in or register to reply here.
Back
Top