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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 Mar 3
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      Interesting SaaS business, for paper trailing personal loans between people who know each other:https://credi.com 

      4 replies 5 retweets 58 likes
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    2. Patrick McKenzie‏ @patio11 Mar 3
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      They’re not a lender and they have no financial rails. They let you WYSIWYG a loan repayment schedule and data entry payments, give borrower ability to print statements, etc. The lender is the Bank of Best Friend.

      1 reply 0 retweets 11 likes
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    3. Patrick McKenzie‏ @patio11 Mar 3
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      “Why would you want this for an informal loan?” Reduces risk to both parties in the same way contracts always do, by making sure they both understand what they’re agreeing to. Helps with a lot of the cases that otherwise require math / renegotiation (“Hey can I pay 20% early?”)

      1 reply 1 retweet 14 likes
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    4. Patrick McKenzie‏ @patio11 Mar 3
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      Also when one of the parties to the loan is a business they’ll often want Maximum Papertrail for e.g. record keeping / tax purposes.

      1 reply 0 retweets 8 likes
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    5. Patrick McKenzie‏ @patio11 Mar 3
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      e.g. If you have a cash flow crunch and borrow $25k from the Bank of Best Friend for your LLC, if that is legitimately for use of your business, any interest you pay is deductible. Because this looks awfully similar to tax evasion you want a very thorough papertrail on it.

      1 reply 0 retweets 16 likes
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    6. Patrick McKenzie‏ @patio11 Mar 3
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      Incidentally: I have had good years and other-than-good-years in business and life generally, and if there was a message I could throw back into a bottle, it is a) businesses taking on debt is normal and not to be ashamed of and b) even trivial level of docs has reduced stress.

      2 replies 4 retweets 20 likes
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    7. Patrick McKenzie‏ @patio11 Mar 3
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      One person who borrowed money from me accidentally overpaid by 20% and would have been unaware of that had I not been a pack rat on bank statements, and I’d far prefer he have the 20% than I do. All the ones with an amortization schedule and spreadsheet from day 1 = better.

      1 reply 0 retweets 14 likes
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      Patrick McKenzie‏ @patio11 Mar 3
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      “How does that happen?” N year transaction, financially other-than-sophisticated counterparty who had a lot going on, me not professionalizing early for social reasons (“basically a gift”) not understanding that that decision was not in counterparty’s interest in all cases.

      6:57 PM - 3 Mar 2020
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      • 5 Likes
      • Eric/ 🗝 🦕 John Lee серафими многоꙮчитїи Paul McMillan Matt "MSG superfan" Olson
      1 reply 1 retweet 5 likes
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        2. David‏ @dchudz Mar 3
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          Replying to @patio11

          Hmm, I would expect a lot of folks making loans like this are ignoring the fact that (in the US) the interest is taxable income. I wonder if having documentation reminds people that the income is taxable, making loans like this less attractive for the lender.

          1 reply 0 retweets 0 likes
        3. David‏ @dchudz Mar 3
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          Replying to @dchudz @patio11

          (I do find it really unfortunate that this is taxed at the income tax rather than capital gains level. Why it the tax code encouraging buying stocks over loaning money to a friend?)

          0 replies 0 retweets 1 like
        4. End of conversation

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