I would be inclined to believe #1 before #3 because they do not give the impression of being incompetent.
Really, honestly, I cannot picture anything other than your #2 - all of you know by now that I am an optimist - fundamentally speaking, the 1M loan by Titan is just way over the top to be discounted.
* The novelist George Eliot once said that "it is never too late to become what you might have been." That quote inspires me to seek those investments in the future that I didn't in the past.