agent69
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Post by agent69 on Feb 8, 2018 19:29:41 GMT
I looked at the email and was taken by the statement that a discount would be needed to shift the stock in a fire sale.
Form an orderly queue please.
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Post by df on Feb 8, 2018 21:06:02 GMT
It's a pawn loan secured on the asset that can be sold if defaulted. I trust UB's DD. 9% interest is appropriate for the risk. Sounds good to me.
I'm not really interested in how wealthy the borrower is because "the wine has been inspected, valued and stored by UB's partner".
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stevio
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Post by stevio on Feb 8, 2018 22:20:30 GMT
He may well of known about the tax bill, but have all his money tied up in investments. This might be way of keeping his investments and settling his bill, particularly if the wine will increase in value more than the cost of the loan
If this was a loan against a property to pay tax bill, no one would really question it
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registerme
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Post by registerme on Feb 9, 2018 8:24:49 GMT
Wine loan thoughts? That lawyers are paid too much!
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Post by Deleted on Feb 9, 2018 10:01:05 GMT
It's a pawn loan secured on the asset that can be sold if defaulted. I trust UB's DD. 9% interest is appropriate for the risk. Sounds good to me. I'm not really interested in how wealthy the borrower is because "the wine has been inspected, valued and stored by UB's partner". I just doubt it has been inspected. "Juusth OOONe more checkk hic" No seriously it is very hard to identify wine quality by looking at the outside. nypost.com/2017/10/07/how-an-illegal-immigrant-pulled-off-the-greatest-wine-scam-in-us-history/
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stub8535
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Post by stub8535 on Feb 9, 2018 11:24:38 GMT
It's a pawn loan secured on the asset that can be sold if defaulted. I trust UB's DD. 9% interest is appropriate for the risk. Sounds good to me. I'm not really interested in how wealthy the borrower is because "the wine has been inspected, valued and stored by UB's partner". "Stored by ub's partner" unlikely, unless the bonded warehouse is to be made a partner then the wine would probably remain where it is. Bobo, any idea please? I still like the security and loan though.
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Post by Deleted on Feb 9, 2018 12:07:08 GMT
Bonded wharehouses are controlled by private companies but "the bond" requires to be placed by the company to the government. www.gov.uk/guidance/customs-warehousing as you see comes under customs legislation which is the only part of law in the UK with very strong powers. So the goods will be retained and damage reported on. Quality of the product is my concern, of course if the bond is less than the value of goods that disappear, then we lose. "Bonded", does not mean the right temperature, no vibration, low light levels etc. Hope that helps.
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stub8535
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Post by stub8535 on Feb 9, 2018 12:44:34 GMT
Bonded wharehouses are controlled by private companies but "the bond" requires to be placed by the company to the government. www.gov.uk/guidance/customs-warehousing as you see comes under customs legislation which is the only part of law in the UK with very strong powers. So the goods will be retained and damage reported on. Quality of the product is my concern, of course if the bond is less than the value of goods that disappear, then we lose. "Bonded", does not mean the right temperature, no vibration, low light levels etc. Hope that helps. Have you the opportunity to be a wb😁 Thanks for valued input. Strange that bonded warehouse for wines of this value would not have climate and vibration controls in place. Does the storage location, and conditions therein, in bond impact on the sale price at auction?
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Post by Deleted on Feb 9, 2018 13:03:42 GMT
I'm not saying that this wharehouse has or does not have vibration controls and thermal controls. It may. I've seen such places being wonderful or in a cage next to the office, behind the coffee machine where the forklifts rumble all day and night and the door opens letting in blasts of hot or cold air. You tell me which it is.
The term "bonded" does not tell me or you one way or the other.
Does vibration, light, heat or humidity affect wines? Yes
Does it affect price at auction? Well the way to get the best price for a wine is to have a certificate of storage for all its life, often called the provenance of the wine. But some suckers clients will pay top price knowing nothing.
It's a bit like art. You know what you like, but once you get above £2k for a painting you are not buying it because you like it as much as you believe it is a store of value. If enough people think it really is a store of value they may pay you what you want. See my previous musings up the line of this thread.
"wb"?
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dermot
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Post by dermot on Feb 9, 2018 13:04:36 GMT
And yet I see £104K has already been pledged to this loan so far.
Seems good enough for me to throw a bit of cash in. I wouldn't be at all surprised to see this one be repaid early anyway.
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stub8535
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Post by stub8535 on Feb 9, 2018 13:08:05 GMT
And yet I see £104K has already been pledged to this loan so far. Seems good enough for me to throw a bit of cash in. I wouldn't be at all surprised to see this one be repaid early anyway. I agree that it may pay early dermot. Anyone have experience of getting a refund of tax from the US government care to comment on standard timeframes please?
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stub8535
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Post by stub8535 on Feb 9, 2018 13:09:50 GMT
I'm not saying that this wharehouse has or does not have vibration controls and thermal controls. It may. I've seen such places being wonderful or in a cage next to the office, behind the coffee machine where the forklifts rumble all day and night and the door opens letting in blasts of hot or cold air. You tell me which it is. The term "bonded" does not tell me or you one way or the other. Does vibration, light, heat or humidity affect wines? Yes Does it affect price at auction? Well the way to get the best price for a wine is to have a certificate of storage for all its life, often called the provenance of the wine. But some suckers clients will pay top price knowing nothing. It's a bit like art. You know what you like, but once you get above £2k for a painting you are not buying it because you like it as much as you believe it is a store of value. If enough people think it really is a store of value they may pay you what you want. See my previous musings up the line of this thread. "wb"? Wine bore😁
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dermot
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Post by dermot on Feb 9, 2018 16:21:37 GMT
And yet I see £104K has already been pledged to this loan so far. Seems good enough for me to throw a bit of cash in. I wouldn't be at all surprised to see this one be repaid early anyway. I agree that it may pay early dermot. Anyone have experience of getting a refund of tax from the US government care to comment on standard timeframes please? A friend of mine works for one of the larger companies in the US that calculate and file your taxes for you. He tells me: "I'll be handling pretty low volume, like 40,000 returns a day, right now, ramping up to maybe 300,000 returns a day a week before the due date, then over a million a day for the two days before due date of April15th" That being so, the table here provides some guidance: www.fool.com/taxes/2017/12/18/tax-refund-schedule-for-2018-when-can-you-expect-y.aspx
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Post by rito on Feb 9, 2018 16:47:28 GMT
I'm not saying that this wharehouse has or does not have vibration controls and thermal controls. It may. I've seen such places being wonderful or in a cage next to the office, behind the coffee machine where the forklifts rumble all day and night and the door opens letting in blasts of hot or cold air. You tell me which it is. The term "bonded" does not tell me or you one way or the other. Does vibration, light, heat or humidity affect wines? Yes Does it affect price at auction? Well the way to get the best price for a wine is to have a certificate of storage for all its life, often called the provenance of the wine. But some suckers clients will pay top price knowing nothing. It's a bit like art. You know what you like, but once you get above £2k for a painting you are not buying it because you like it as much as you believe it is a store of value. If enough people think it really is a store of value they may pay you what you want. See my previous musings up the line of this thread. "wb"? The wine is stored under the control of Unbolted parnter IG Wines at London City Bonds (https://www.lcb.co.uk/). Here is more information on storage www.igwines.com/content/customer-service/storage/
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Post by Deleted on Feb 9, 2018 17:08:43 GMT
Looks good to me. Impressed with the feedback.
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