I don't think you understand how interest rates work. If you look at the repayment schedule in the model, you'll find that Earnest ends up being CHEAPER than 2

I don't think you understand how interest rates work. If you look at the repayment schedule in the model, you'll find that Earnest ends up being CHEAPER than 20-30% without the personal guarantees required by a bank: https://docs.google.com/spreadsheets/d/1h_L7oa3rbV8P-ZnMM-l1fY5zc97GetYkRjQ_zCi6by4/edit#gid=0 https://docs.google.com/spreadsheets/d/1h_L7oa3rbV8P-ZnMM-l1... A stream of cash flows that goes: 0: -150,000 1: 0 2: 0 3: 1,800 4: 14,400 5: 50,400 6: 97,200 7: 205,200 8: 81,000 The IRR/effective "interest rate" of this stream of cash flows is 18.3% - lower than the 20%-30% you're claiming.