EP 301: Why Private Money is a Must in Today's EconomySep 06, 2022
Now that institutional lenders are becoming more conservative, private money is a great option for those looking to raise capital. There are a lot of options available out there and it’s important to know which type is right for you and your project.
In this minisode, Liz shares tips on accessing private money, negotiating terms to your advantage, and setting up an exit strategy in order to pay the lender and avoid cutting into your cash flow. She also talked about equity as another option for private financing and how you can find partners within your own circle by being open about what is that you do.
• “If you are a newbie and you're listening to this and you want to raise money… You need someone on your team as an advisor that you can bounce your projects off.” (3:28-3:42)
• “You need to know what tool is used for which vehicle. If you can get a sense of that and become very good at that, you can raise money for different projects for different reasons.” (4:23-4:34)
• “We try to overcomplicate things for lenders, but that's the bottom line. They want their money back. The longer you have their money, the more money you're gonna have to owe them.” (4:48-4:57)
• “Lending is great for those projects to have a beginning, middle, and end. The exit could be a sale of a property." (5:15-5:20)
• “Think of equity as a long-term play. It is a partnership. You are going into business with someone... You win together. You lose together.” (7:18-7:29)
• “Start talking about what you're doing with everyone.” (9:25-9:31)
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