1. 02-08-11 10:01 AM #1
    big0mar
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    MORAL DILEMMA - Friend asked me for a $70k overnight loan

    What do I do?

    If I were to trust anyone, it would be this guy

    Probably my best friend, and when I get married will be my best man

    Only problem is, I don't trust anyone

    Quite the moral dilemma
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  2. 02-08-11 10:14 AM #2
    Blax0r
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    I wouldn't; a "best friend" probably wouldn't ask for a 70k overnight loan (assuming that 70k is a large sum of money for you guys).
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  3. 02-08-11 10:16 AM #3
    big0mar
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    Quote Originally Posted by Blax0r View Post
    I wouldn't; a "best friend" probably wouldn't ask for a 70k overnight loan (assuming that 70k is a large sum of money for you guys).
    He is in real estate. Purchasing a property and needs to close tomorrow.
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  4. 02-08-11 10:17 AM #4
    Chandler
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    not moral at all

    not a dilemma at all

    but to truly judge if the loan is worth it, you would need to give alot more information. I think you did the right thing, but bringing this "dilemma" to a gambling forum to help you decide.
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  5. 02-08-11 10:17 AM #5
    cankid
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    I would say No and if he pouts about it and acts strange then u know he might be the great friend you think he is
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  6. 02-08-11 10:18 AM #6
    Chandler
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    so he started the purchase, knowing that he would have to getting the closing costs covered by a loan from friends the day before?

    seems like a smart business man. no way this goes wrong
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  7. 02-08-11 10:19 AM #7
    big0mar
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    Quote Originally Posted by Chandler View Post
    not moral at all

    not a dilemma at all

    but to truly judge if the loan is worth it, you would need to give alot more information. I think you did the right thing, but bringing this "dilemma" to a gambling forum to help you decide.
    The guy makes 7 figures. He certainly has the cash to repay me, its just faster for me to wire him the money. It would take him a couple of days to transfer the funds from wherever he has them.

    The dilemma is that, as a gambler, I'm opposed to trusting anyone.
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  8. 02-08-11 10:20 AM #8
    big0mar
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    Quote Originally Posted by Chandler View Post
    so he started the purchase, knowing that he would have to getting the closing costs covered by a loan from friends the day before?

    seems like a smart business man. no way this goes wrong
    The purchase was started this morning. This isn't something he's been thinking about.

    Guy probably owns 10+ properties in the DC area
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  9. 02-08-11 10:24 AM #9
    Blax0r
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    Quote Originally Posted by big0mar View Post
    He is in real estate. Purchasing a property and needs to close tomorrow.
    Then it'd be logical and fair that at least 70k worth of that property belongs to you; is it possible that you can make a provision or modification to recognize you as a partial owner?

    I'd still say no.
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  10. 02-08-11 10:36 AM #10
    Chandler
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    you don't mix friends and money

    it always seems to backfire.

    I agree with the above guy. you get that % of the share in the purchase when it comes time to sell.

    its weird for friends to come to friends for $ like this. seems fishy

    somtimes people appear to be very wealthy, but are in huge heavy debt and insolvent.

    also never heard of a sale opening and closing in 24 hrs.

    what does he have in escrow?
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  11. 02-08-11 10:41 AM #11
    big0mar
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    Quote Originally Posted by Blax0r View Post

    Then it'd be logical and fair that at least 70k worth of that property belongs to you; is it possible that you can make a provision or modification to recognize you as a partial owner?

    I'd still say no.
    Sure, he would def do that if I asked him. But I would get my money back within by Friday at the latest.
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  12. 02-08-11 10:46 AM #12
    Housemoney
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    The last person I would give that kind of money to is someone who is involved in real estate. You can't tell me he hasn't lost his ass in the past 3 years.
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  13. 02-08-11 10:53 AM #13
    big0mar
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    Quote Originally Posted by Housemoney View Post
    The last person I would give that kind of money to is someone who is involved in real estate. You can't tell me he hasn't lost his ass in the past 3 years.
    No

    Guy has made a killing

    DC area has been fine

    He has also started a few companies that have been very innovative
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  14. 02-08-11 10:59 AM #14
    YorkHunt
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    Ask him for collateral. Have a contract drawn up.
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  15. 02-08-11 11:00 AM #15
    big0mar
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    Just wired him the $70k

    Not very happy, I guess this makes me a good person though
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  16. 02-08-11 11:00 AM #16
    big0mar
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    Quote Originally Posted by YorkHunt View Post
    Ask him for collateral. Have a contract drawn up.
    I'm not worried about being stiffed

    More concerned that I trust this guy
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  17. 02-08-11 11:02 AM #17
    YorkHunt
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    Quote Originally Posted by big0mar View Post
    Just wired him the $70k

    Not very happy, I guess this makes me a good person though
    I hope you know alot about this guy.
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  18. 02-08-11 11:10 AM #18
    dngf
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    I guess this is more about your trust in others than a business judgement about lending money. Even if you wouldn't miss this if it wasn't repaid, it seems that among friends, friends would understand that for such an amount there would be a note evidencing the transaction, there would be a repayment plan, and a contingent repayment plan including collateral. Best of luck on this.
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