Domain name and website investment firm borrows $150k from domain name financing company.
The company put seven domains names up as collateral for the deal: manufacturedhome.com, manufacturedhomes.com, manufacturedhouse.com, manufacturedhomes.net, modularhomes.com, traveltrailer.com, and toyhaulers.com.
SearchCore has paid a combined $417,000 to acquire these domain names, SEC filings show.
Structured as a sale-leaseback agreement, SearchCore will pay back the loan plus interest over 36 months.
SearchCore has bought a number of domains on an owner financing basis. Running low on cash, these deals haven’t always turned out as originally planned.
For example, last year it bought rodeo.com and karate.com for a combined $500,000 on a payment plan. With monthly payments of $22,222 due beginning in June of this year, SearchCore and the seller agreed to suspend all payments for at least five months.
It also extended payments on its acquisition of Sports Asylum.
Some of the domains that are part of the Domain Capital loan were also bought on payment plans. A payment plan for ModularHomes.com was modified and extended. ToyHaulers.com and TravelTrailer.com were also purchased on payment plans.