Codie SanchezFounder @ Contrarian Thinking

The No Suit Method

4 Jan 2024 · 1 min

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Codie Sanchez introduces the "No Suit Method," a strategy for obtaining cash without offering collateral or personal guarantees. She contrasts traditional bank loans—which require collateral ("their spot of blood")—with private money lenders who will provide funds at a higher percentage/shorter term in exchange for no collateral, allowing borrowers to protect assets like their home.

Chapters

This is called the no suit method, a way to get money without giving away collateral or personal guarantees. Let me show you what I mean by that. Typically when you want money you go to a bank and this bank will give you money but first they require what I call their spot of blood to give you cash and by blood I mean collateral. Your house, car, savings. If you don't give them something to take back if you don't pay they're not going to give you this cash. The problem is when you do a business deal stuff can go sideways and I don't like to lose my house. Potentially instead of going to suits or the bank I often go to private money lenders and they will give you cash for a percent and a time based return and because you're not going to give me collateral I might charge you a little bit more of a higher percentage but you get to protect your house.