The story of a couple and two cats living together in a tiny structure on wheels.
I know this is a little late for a posting, but this seems like a pretty steep loan! At those terms, you might as well have just negotiated a good credit card. Even then, once you're done with your original building, you can refinance it into a consolidation loan. Those are going for the mid 6 or 7%'s these days.
At the time we were seeking this loan, we had a very short time limit in order to get it before the Martin house was sold to someone else... There was one other party interested in the house, and we were both seeking financing—so it was basically a race to see who could get it first.I did look into credit cards, but found none that were below 12$ with the required amount of credit available. I did a LOT of searching around for the best option, with our time constraints the #1 priority, and the APR second. This was the best solution I found. I'm actually pretty satisfied with it.As it turned out, we didn't get the loan before the other party did, so we had to change our plans toward building something... If that had been the plan to begin with, the time constraints wouldn't have been such a major concern, and I indeed would have looked for a better APR as my first priority...hindsight = 20/20 :)
That should say 12% not 12$. Whoops.