Worthy of note: our credit union made us buy a $500 appraisal before they'd give us $72k on a house appraised at $190k (at 7%)... but a corporate bank gave us $350k unsecured at 3.5%.
Smaller and smaller firms were the beneficiaries of these loans, like Learfield Communications, a media group with $40 million in annual revenues that received an incredible $330 million in covenant-lite loans last October. It’s correct to call this the “subprime of the corporate world.”
I mean... I'll take it. But I also know I wrote one hell of a business plan that made one hell of a business case (thanks veen). But at the same time, I was a little freaked out by the amount of money they gave us, considering we were asking for like $100k.
Kind of like when Washington Mutual offered me a $200k line of credit just for having a business license. They were gone 9 months later.