The 1% interest for the first month is now permanent. It’s a promotion that has been running throughout April and due to the positive response we are going to keep it running.

In addition, I’m making an announcement that DigiPawn, Inc will finance up to 70% of any purchase made through the Daily Domains newsletter which you can subscribe to on this site.

I was the first person to start a company which made a business out of loaning money on domains as collateral.  DigiPawn did its first deal in 2004. While that was not ages ago, it was still another time in my life.

What I’d like you folks to know is that when I started the company I didn’t have as much capital as I do now. Being that I have never borrowed from a bank to do the loans, I confess that my rates were too high in the beginning.

It’s now 2008 and I am in a very different position. I want to make these deals as attractive as possible to you. All loans are interest only. If you see a name from the newsletter you like, you can now buy it for only 30% down, knowing that your first payment will be only 1% of the 70% remaining.

Naturally, you are all going to want to know about the ongoing payments. They are 3% to 5% per month which is negotiable. Clearly this is not a good long-term rate but if you sell the name or pay us back with 5-6 months, it should still be quite appealing. Remember these are interest only loans and can be paid back any time without penalties.

If you are in need of longer term financing at a lower rate, I can certainly introduce any of you to Domain Capital if you don’t already know them. I can’t speak for them but historically they will finance 60% of the purchase price.

               

7 Responses to “Important Changes At DigiPawn, Inc”

1. Jeff on April 15th, 2008 at 3:29 pm

   Thanks for being so open about your rates and how you do business. That’s a breath of fresh air.

2. Gabe on April 15th, 2008 at 4:47 pm

   What about terms of financing for domains not bought through your newsletter?

3. Rick Latona on April 15th, 2008 at 6:15 pm

   Gabe, for those you’d need to hit me up and we’ll talk. Many people sell names for much higher prices than I do so I can’t make that same offer.

   Rick

4. Emil @KING.NET on April 15th, 2008 at 9:01 pm

   Great service Rick.

   The 30% down is applicable whether it is $1,000 or $10,000 or $100,000 price of the domain? Please confirm. So if the domain price is $5000, I bought it today 4/15/2008 and put down $1,500 and my balance is $3,500. My next payment on 5/15/2008 is only $35. Then on 6/15/2008 I pay $1000 to reduce my balance to $2500. Next payment 7/15/2008 will be 1% which is $25.

   Is this correct assumption? I’m not good in math specially in loan stuff.

   Regards,
   Emil

5. tim davids on April 16th, 2008 at 7:12 am

   cool stuff…I agree with the poster above…very refreshing for someone to show the cards…now off to todays Latona email;)

6. Rick Latona on April 17th, 2008 at 6:02 pm

   Emil,

   I’ve emailed you a reply.

7. Charles Lumpkin on April 20th, 2008 at 9:36 pm

   Hey Rick,
   Visited the Digipawn site. Had an idea while there. You might do well to put a loan calculator on the site. Similar to the mortgage calculators that are seen everywhere. When you change the baseline numbers in your business you could also update this. Or it might be that you’d rather have everyone email you. Just a thought. On another note, I’ve got a huge chubby for domain names and would probably be a prime target customer for this. What are you term lengths? If the payments are interest only, does it balloon at the end?

   Cheers,
   Charles

Leave a Reply