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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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    Patrick McKenzie‏ @patio11 Mar 21
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    • Report NetzDG Violation

    PSA in entirely personal capacity: if you are a small business with a credit line and you think you may need it, you may want to draw in advance of need to maintain optionality. Some lenders are actively reducing their books due to the perception that credit quality is impaired.

    6:11 AM - 21 Mar 2020
    • 34 Retweets
    • 250 Likes
    • Randy Holloway 🌐🌇 Sebastian Fung Greg Cook 2020 😃😇 Dwarkesh Patel Andrew Lai james Scott Vitale John Hugg
    9 replies 34 retweets 250 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 Mar 21
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        One lender, who I won’t name because this is likely much broader than them, extended my LLC a line of credit approximately 8 years ago and was trying to up sell me as late as February 20th. They just sent me notice today that they’re applying a “draw hold.”

        3 replies 8 retweets 61 likes
        Show this thread
      3. Patrick McKenzie‏ @patio11 Mar 21
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        They have made a boatload of money on my custom, got $20 a month for keeping the line open, and charge a 30%++ APR, and even with that they’re like “Nope, odds are if he saturates the line this week that means extremely bad news for us.”

        4 replies 0 retweets 67 likes
        Show this thread
      4. End of conversation
      1. New conversation
      2. Pete Keen‏ @zrail Mar 21
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        Replying to @patio11

        Would this advice extend on a person level to, say, a HELOC?

        2 replies 0 retweets 0 likes
      3. Patrick McKenzie‏ @patio11 Mar 21
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        Replying to @zrail

        HELOCs are funded via a different mechanism than alternate lenders and the credit market for them has different constraints, but broadly, there is a reason “cash is king” gets repeated in books written by wizened old hands who have worked through many economic environments.

        2 replies 1 retweet 14 likes
      4. 2 more replies
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      2. Patrick McKenzie‏ @patio11 Mar 21
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        Replying to @rekoske

        Incredibly unlikely that IB specifically would make that decision except for people who have negotiated it with them. They are not in the business of imperiling the firm's capital for ~2%, and they have been sending all customers "Prepare for lower credit availability" already.

        0 replies 0 retweets 2 likes
      3. End of conversation
      1. New conversation
      2. Kamil Choudhury‏ @kchoudhu Mar 21
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        Replying to @patio11

        YUP.

        1 reply 0 retweets 1 like
      3. Kamil Choudhury‏ @kchoudhu Mar 21
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        Replying to @kchoudhu @patio11

        Apropos of this: a lot of credit card lenders have been cutting limits on sockdrawered credit cards. Use it or lose it.

        1 reply 0 retweets 2 likes
      4. 1 more reply
      1. Brad is 17,651 days Covid Free‏ @goblackcar Mar 21
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        Replying to @patio11

        If you have no revenues, your credit quality IS impaired. Pull the cash out immediately. The banks will pull all non government guaranteed credit in the foreseeable future.

        0 replies 0 retweets 5 likes
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      1. New conversation
      2. Aaron Hall ♡'s  🐍, 𝜆, &  🇺🇸‏ @aaronchall Mar 21
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        Replying to @patio11

        Maybe people are already following your advice and lending capacity is being used up.

        1 reply 0 retweets 0 likes
      3. Richard‏ @king_of_thougts Mar 21
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        Replying to @aaronchall @patio11

        Hence Fed moves to increase liquidity and cash available

        0 replies 0 retweets 1 like
      4. End of conversation

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