sd2
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Post by sd2 on Feb 15, 2019 14:24:16 GMT
As usual I can't click on the loan number to see what the the item is.
Big loan on the buy it now. £252,000. 12months.
Can someone copy and paste it for me? Thanks
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Post by df on Feb 15, 2019 14:39:34 GMT
The Loan:
12 month loan, paying interest monthly of 0.80%. This is not protected by the Provision Trust, but carries personal guarantee of the owner of the business.
The Collateral:
A collection of 25 antique books, manuscripts, works on paper and etchings collectively valued at £850,000 and held with F**** A*******. 24 of these books were valued by S******* for auctions purposes (low auction estimate) for £650,000. An additional book has been included in the collateral. This was purchased for USD 300,000 and has been valued at £200,000 for security purposes.
The books valued by S******* are part of a collection which has been used previously as collateral for two separate loans with Unbolted. Both loans have been repaid in full. Some of the books from the original collection has been sold or consigned for auction. Please see the list here.
The original valuations were completed in 2016. But we have reconfirmed the valuation with S******* for the Mantegna (single most expensive book in the collection worth £200,000) and with F**** A******* for the remaining books.
The Purpose:
The borrower has an opportunity to purchase a new private library for Euro 400,000, with an estimated sale value of Euro 600,000. They have already paid Euro 60,000 in deposits (we have been seen a corresponding transaction slip) and wish to use the loan proceeds towards the purchase. The loan will be paid down from sale proceeds.
The Borrower:
An Italian book dealer has (a) a UK company that operates primarily as a stock holding company and (b) a US registered company, with a New York gallery that trades as a book dealer. We have seen Form 1065 (latest filed) for the US company for 2016, showing sales of $1.2million and gross margin of $0.5million. The UK company held stocks worth c£5million in Oct-17 (latest accounts).
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sd2
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Post by sd2 on Feb 15, 2019 14:52:16 GMT
Thank you
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spareapennyor2
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Post by spareapennyor2 on Feb 15, 2019 14:58:50 GMT
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Post by Badly Drawn Stickman on Feb 15, 2019 15:05:17 GMT
The Loan: 12 month loan, paying interest monthly of 0.80%. This is not protected by the Provision Trust, but carries personal guarantee of the owner of the business. The Collateral: A collection of 25 antique books, manuscripts, works on paper and etchings collectively valued at £850,000 and held with F**** A*******. 24 of these books were valued by S******* for auctions purposes (low auction estimate) for £650,000. An additional book has been included in the collateral. This was purchased for USD 300,000 and has been valued at £200,000 for security purposes. The books valued by S******* are part of a collection which has been used previously as collateral for two separate loans with Unbolted. Both loans have been repaid in full. Some of the books from the original collection has been sold or consigned for auction. Please see the list here. The original valuations were completed in 2016. But we have reconfirmed the valuation with S******* for the Mantegna (single most expensive book in the collection worth £200,000) and with F**** A******* for the remaining books. The Purpose: The borrower has an opportunity to purchase a new private library for Euro 400,000, with an estimated sale value of Euro 600,000. They have already paid Euro 60,000 in deposits (we have been seen a corresponding transaction slip) and wish to use the loan proceeds towards the purchase. The loan will be paid down from sale proceeds. The Borrower: An Italian book dealer has (a) a UK company that operates primarily as a stock holding company and (b) a US registered company, with a New York gallery that trades as a book dealer. We have seen Form 1065 (latest filed) for the US company for 2016, showing sales of $1.2million and gross margin of $0.5million. The UK company held stocks worth c£5million in Oct-17 (latest accounts). Was it FS that had a collection of Italian books? They have so many collections of things I lose track.
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Post by df on Feb 15, 2019 17:25:08 GMT
The Loan: 12 month loan, paying interest monthly of 0.80%. This is not protected by the Provision Trust, but carries personal guarantee of the owner of the business. The Collateral: A collection of 25 antique books, manuscripts, works on paper and etchings collectively valued at £850,000 and held with F**** A*******. 24 of these books were valued by S******* for auctions purposes (low auction estimate) for £650,000. An additional book has been included in the collateral. This was purchased for USD 300,000 and has been valued at £200,000 for security purposes. The books valued by S******* are part of a collection which has been used previously as collateral for two separate loans with Unbolted. Both loans have been repaid in full. Some of the books from the original collection has been sold or consigned for auction. Please see the list here. The original valuations were completed in 2016. But we have reconfirmed the valuation with S******* for the Mantegna (single most expensive book in the collection worth £200,000) and with F**** A******* for the remaining books. The Purpose: The borrower has an opportunity to purchase a new private library for Euro 400,000, with an estimated sale value of Euro 600,000. They have already paid Euro 60,000 in deposits (we have been seen a corresponding transaction slip) and wish to use the loan proceeds towards the purchase. The loan will be paid down from sale proceeds. The Borrower: An Italian book dealer has (a) a UK company that operates primarily as a stock holding company and (b) a US registered company, with a New York gallery that trades as a book dealer. We have seen Form 1065 (latest filed) for the US company for 2016, showing sales of $1.2million and gross margin of $0.5million. The UK company held stocks worth c£5million in Oct-17 (latest accounts). Was it FS that had a collection of Italian books? They have so many collections of things I lose track. Yes, but I don't think this is related to UB loan.
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Post by Badly Drawn Stickman on Feb 15, 2019 18:43:36 GMT
Was it FS that had a collection of Italian books? They have so many collections of things I lose track. Yes, but I don't think this is related to UB loan. The amount does seem close to the overdue one, that had an update 3 hours ago. But yes probably just a coincidence.
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Post by df on Feb 15, 2019 21:07:55 GMT
Yes, but I don't think this is related to UB loan. The amount does seem close to the overdue one, that had an update 3 hours ago. But yes probably just a coincidence. I'm not entirely sure because FS doesn't provide much information. This loan is £252,500, total FS "Italian" overdue is currently £525,000.
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Post by Badly Drawn Stickman on Feb 15, 2019 21:17:17 GMT
The amount does seem close to the overdue one, that had an update 3 hours ago. But yes probably just a coincidence. I'm not entirely sure because FS doesn't provide much information. This loan is £252,500, total FS "Italian" overdue is currently £525,000. I was trying for a link, but not sure it would work, loan number probably ok to post but not totally sure, but there is one loan ending 8675 which is remarkably similar. I am not and will not be in any off them, so just feeding my curiosity really. Maybe Italian antique libraries are more common than I think.
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Post by df on Feb 16, 2019 15:02:17 GMT
I'm not entirely sure because FS doesn't provide much information. This loan is £252,500, total FS "Italian" overdue is currently £525,000. I was trying for a link, but not sure it would work, loan number probably ok to post but not totally sure, but there is one loan ending 8675 which is remarkably similar. I am not and will not be in any off them, so just feeding my curiosity really. Maybe Italian antique libraries are more common than I think. It's ok to post loan number as it doesn't identify borrower or asset. 2064028675 is part of the same FS "Italian". It's a large loan consisting of three (1st, 2nd and 3rd charge) facilities - 6 active loans at the moment, 3 of which are overdue. The loans has been going since Oct 2014. The borrower has been renewing it more or less on time, but now two of them are stuck for few months. It could be that more than one person owns Italian antique books, I don't really know this market, but I tend to think that UB borrower is not likely to be the same person as FS borrower.
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jonno
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Post by jonno on Feb 17, 2019 12:12:03 GMT
The Loan: 12 month loan, paying interest monthly of 0.80%. This is not protected by the Provision Trust, but carries personal guarantee of the owner of the business. The Collateral: A collection of 25 antique books, manuscripts, works on paper and etchings collectively valued at £850,000 and held with F**** A*******. 24 of these books were valued by S******* for auctions purposes (low auction estimate) for £650,000. An additional book has been included in the collateral. This was purchased for USD 300,000 and has been valued at £200,000 for security purposes. The books valued by S******* are part of a collection which has been used previously as collateral for two separate loans with Unbolted. Both loans have been repaid in full. Some of the books from the original collection has been sold or consigned for auction. Please see the list here. The original valuations were completed in 2016. But we have reconfirmed the valuation with S******* for the Mantegna (single most expensive book in the collection worth £200,000) and with F**** A******* for the remaining books. The Purpose: The borrower has an opportunity to purchase a new private library for Euro 400,000, with an estimated sale value of Euro 600,000. They have already paid Euro 60,000 in deposits (we have been seen a corresponding transaction slip) and wish to use the loan proceeds towards the purchase. The loan will be paid down from sale proceeds. The Borrower: An Italian book dealer has (a) a UK company that operates primarily as a stock holding company and (b) a US registered company, with a New York gallery that trades as a book dealer. We have seen Form 1065 (latest filed) for the US company for 2016, showing sales of $1.2million and gross margin of $0.5million. The UK company held stocks worth c£5million in Oct-17 (latest accounts). Was it FS that had a collection of Italian books? They have so many collections of things I lose track. Yeah, so do they 
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Post by GSV3MIaC on Feb 17, 2019 12:37:12 GMT
It could be that more than one person owns Italian antique books, I don't really know this market, but I tend to think that UB borrower is not likely to be the same person as FS borrower.
I suspect it is not the same borrower but it might still be the same collection of books .. 'pass the parcel' is a well known P2P strategy.
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