Founder's Story · Robert Herjavec: Why Most Founders End Up Broke (And Why I Walked Off Shark Tank)
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funded his company with credit cards, a mortgage, a second mortgage and a third mortgage until the business reached $200 million in revenue before taking a bank loan
$200 million revenue; multiple mortgages
“At 5.3% for a 30-year mortgage… $1 million mortgage is a $2 million repayment… if the bank of mom and dad gives you $100,000 you only need a $900,000 mortgage… you saved $200,000”
“Mortgages. I co-own a finance company and we provide specialized halal mortgages. So that's been keeping busy for nearly a decade now.”
“I could take the $100,000 of cash, put it onto my mortgage, therefore it is a $400,000 mortgage. Then I go back to the bank and I say, hey, give me that $100,000 back. And they put it back in my account as a separate loan.”
“In the mortgage industry, we all know what a trigger lead is... I want to give it to the loan officer. The loan officer has the highest retention rate in the business.”
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