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Thinking of Applying For a Loan For My Movie. What Do I Need?
Posted on 9/17/16 at 12:34 pm
Posted on 9/17/16 at 12:34 pm
As some of you may be aware, I've been working on raising financing for an independent film ( if you're interested in checking out our Facebook and Indiegogo) for several years now. I finally revamped the idea and just decided to do it myself.
I scraped up enough money through crowdfunding (well, that and some personal funds) to shoot about 50% of the movie. Now I'm thinking about applying for a small loan (up to $5k) to complete it.
What items, figures, etc. would I be expected to present in such a situation? Is there a particular "type" of loan I should be looking at? I'm hoping to repay the loan through ticket sales at the theatrical premiere in Ocean Springs on March 18 and, worst case, tax returns and personal funds.
I scraped up enough money through crowdfunding (well, that and some personal funds) to shoot about 50% of the movie. Now I'm thinking about applying for a small loan (up to $5k) to complete it.
What items, figures, etc. would I be expected to present in such a situation? Is there a particular "type" of loan I should be looking at? I'm hoping to repay the loan through ticket sales at the theatrical premiere in Ocean Springs on March 18 and, worst case, tax returns and personal funds.
This post was edited on 10/5/16 at 1:22 pm
7
Posted on 9/17/16 at 1:06 pm to shutterspeed
If you really only need $5k, just get a personal line of credit.
Some banks offer them up to $10k with no documents. Interest rates around 6%. Interest only payments during draw period.
Some banks offer them up to $10k with no documents. Interest rates around 6%. Interest only payments during draw period.
Posted on 9/17/16 at 3:26 pm to shutterspeed
What about lending club?
Posted on 9/17/16 at 4:03 pm to shutterspeed
$5k?
Just write yourself a 0% interest loan from a credit card. You can typically get this for 18-21 months. My credit card is always sending me checks to "bait me" into blowing some cash.
Or just apply for one of these
Probably not worth a banks time TBH.
Just write yourself a 0% interest loan from a credit card. You can typically get this for 18-21 months. My credit card is always sending me checks to "bait me" into blowing some cash.
Or just apply for one of these
Probably not worth a banks time TBH.
Posted on 9/17/16 at 4:08 pm to shutterspeed
5k
Seems like that should not be hard to get. May take a little time if you don't want to take on debt but it's doable.
Seems like that should not be hard to get. May take a little time if you don't want to take on debt but it's doable.
Posted on 9/17/16 at 10:58 pm to TigerDeBaiter
quote:
Just write yourself a 0% interest loan from a credit card. You can typically get this for 18-21 months.
This. No bank is going to waste a bunch of time on a formal loan app for only $5k. Just get a credit card with the lowest rate possible.
Posted on 9/18/16 at 11:07 am to shutterspeed
A real business plan, your financials, and very thick skin.
Posted on 9/19/16 at 10:38 am to shutterspeed
no real bank is going to finance an independent movie. Just get a credit card.
Posted on 9/19/16 at 2:29 pm to shutterspeed
I would just take out a personal signature loan, or a larger limit credit card. Understand that you may need to start paying some of this back before the premier.
Posted on 9/19/16 at 4:44 pm to Hermit Crab
quote:
no real bank is going to finance an independent movie. Just get a credit card.
I'm thinking if I can show x amount of ticket sales, then a bank might give me x loan against said sales.
Posted on 9/19/16 at 6:41 pm to shutterspeed
A friend of mine did this a couple of years ago.
He put together a complete business plan and executive summary including cost to shoot, cost to market, and all salary information including back-end money owed to talent.
He compared his film to a film similar in genre, length and style. Also, if you are using any proven talent and you can show they are any kind of box office draw, include that.
Try to get invited to or enter into film festivals. They are all over the place now, including one in Bentonville, AR that is trying to get off the ground. Entry into film festivals may include access to agents, distributors, prize money, or other avenues for financial benefit of your film and can be an incentive for those financing.
Good luck!!
He put together a complete business plan and executive summary including cost to shoot, cost to market, and all salary information including back-end money owed to talent.
He compared his film to a film similar in genre, length and style. Also, if you are using any proven talent and you can show they are any kind of box office draw, include that.
Try to get invited to or enter into film festivals. They are all over the place now, including one in Bentonville, AR that is trying to get off the ground. Entry into film festivals may include access to agents, distributors, prize money, or other avenues for financial benefit of your film and can be an incentive for those financing.
Good luck!!
Posted on 9/20/16 at 9:48 am to shutterspeed
quote:
I'm thinking if I can show x amount of ticket sales, then a bank might give me x loan against said sales.
not likely, and where are you getting the ticket sales numbers? just guessing?
Posted on 9/20/16 at 10:43 am to shutterspeed
I might be interested in making a small investment.
Posted on 9/20/16 at 12:13 pm to Hermit Crab
quote:
not likely, and where are you getting the ticket sales numbers? just guessing
Ticket presales to the premiere. I can take orders now. I just can't receive the funds until after the event had been held.
This post was edited on 9/20/16 at 12:15 pm
Posted on 9/20/16 at 12:14 pm to dirtsandwich
Dirt, shoot me an email at shutterspeedtd@gmail.com
Posted on 10/1/16 at 12:27 pm to shutterspeed
Wanted to thank you all for the help. I was able to obtain a personal loan to finish my movie.
Wish me luck on crossing the finish line!
Wish me luck on crossing the finish line!
This post was edited on 10/5/16 at 1:24 pm
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