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Post by MoneyThing on Mar 17, 2015 19:18:02 GMT
Afternoon,
Had an interesting meeting this afternoon with a borrower which I thought I would share.
Having shown me some fine Rolex's he was looking to use as collateral for a loan, he then went on to ask me whether I would lend against "money".
After a little bit of bemusement from my prospective he then produced a collection of mint Isle of Man £50 notes which he had been collecting over a number of years simply because he likes them as notes.
Since they are still legal tender on the Island I said I would be willing to loan him up to 90% LTV depending on term and how the interest was serviced.
Luckily there are a few valuers for this sort of thing on the Island (HSBC, Barclays, etc.), and maybe this time they might all come to the same figure!
Hope to be able to put these on MoneyThing at some point - although not quite sure how I would amend our marketing materials & Tc&Cs with regards to LTVs to reflect this exception.
Kind regards,
Ed
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madpierre
Member of DD Central
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Post by madpierre on Mar 17, 2015 19:30:36 GMT
Just when you thought you'd seen it all..
Great story Ed
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Post by solicitorious on Mar 17, 2015 20:40:00 GMT
Any takers for my collection of 10 billion Reichsmarks notes?
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bugs4me
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Post by bugs4me on Mar 17, 2015 20:42:41 GMT
Any takers for my collection of 10 billion Reichsmarks notes? Will a whole penny suffice solicitorious Will be interesting Ed if/when this proposition goes live
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am
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Post by am on Mar 17, 2015 22:26:20 GMT
Is the value in the 90% LTV the face value, or the value on auction to notaphiles?
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Post by duncandive on Mar 17, 2015 22:31:24 GMT
If the loan was to default and there were no takers in an auction. I would be happy to help out with an offer for the scrap value of the paper
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Mar 18, 2015 9:50:37 GMT
It almost feels like taking the Queen's head in vain.....................almost
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webwiz
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Post by webwiz on Mar 18, 2015 11:26:29 GMT
not quite sure how I would amend our marketing materials & Tc&Cs with regards to LTVs to reflect this exception.
Personally I would be happy with a simple disclaimer on the loan details.
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