Go to lending club to see if they will accept your loan. The acceptance rate is low but if you pass the screen, your loan will be put out for financing by investors, Given that you are willing to pay upto 30% APR and you state that you have excellent credit, you should be able to get financed.
As part of the screening if you can demonstrate that your IT business is meaningfully cash flow positive, with predictable income (i.e you have signed contracts with customers to provide IT management services for say 1 or 2 years) and that free cash flow is available to repay your debt, that should provide prospective investors with the comfort to finance you.
However, selling a depreciating asset (your m3) to build a business that, hopefully, will grow, generate cash flow and income for years to come is not a bad trade. The m3 is a good car but there are a lot of great cars out there and they will be available for purchase in the future as well when you are in a position to start buying again.
my 2 cents
Quote:
Originally Posted by vzmartinii
Ok , this is not an easy one but if it must be done it must be done.
Ok, here is the story:
Last year I founded an IT /Server management company. It was first venture and required little star up, this made the purchase of my new M3 last November possible. I placed the order sometime in July and It was produced either the last or 2nd to last week of e90 m3 production.
It's a real great sense of accomplishment when you are 20 and are able to buy your own M3 of a business venture and risk that paid off. Steady making a good income, I saved a little over $140,000 to start up a local indoor / outdoor paintball field, (it's in me, to always want more, and challenge myself, I have always believed that these kinds of things were never easy but if they were, everyone would be doing it). According to the BP and calculations I needed about an extra $90,000 so I had my grandfather help me out with $25,000 and a lender with the remaining $65,000.
We leased the building and space, we started construction when suddenly, when I go to meet with the lender he now says that in addition to his 20% ($16,250 in just a six month period) he also wanted a percentage of profits for the first 5 years!!!!!!!!!!!!!??????????
After receiving plenty of advice it was clear that this guy was trying to take advantage of the situation.
So now, we are short $65,000. I have been under so much pressure lately because it's either I find the $65,000 yesterday or the whole thing goes down and I lose all of my money, this is something I could never live with!
As if that was not bad enough, this is also coming in between my marriage. 
Although our credit is super strong, banks are not really willing to do business loans on new ventures, unless you are a major franchise like McDonald's! I have asked over and over for loans, we have a beach condo in Fort Lauderdale that we own outright that we can use as collateral as well as provide up to 30% APY for a 6 month loan. Unfortunately nobody has been able to help me out. 
I was suggested to sell my M3 which I would hate, but at the end of the day I have to make the best business decision. Here is a picture of my car at a meet a few months back in Miami.
If anyone has any suggestions for me or my business our you would like to send me an offer on my car please feel free to do so here or via PM,
Thank you very much for taking the time to read this, I hope I can find a solution to this problem soon!
About my m3:
E90 AW 2011 M3
11K Miles
Fully loaded.
OEM CF SPLITTER
OEM CF SPOILER
OEM CF MIRROR CAPS
More pics can be provided upon request
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