ben
Posts: 2,020
Likes: 589
|
Post by ben on Apr 4, 2016 10:01:56 GMT
I see from your description they provide loans against pretty much anything will you just be offering cars through them or other items? As I think I have enough cars at moment
|
|
|
Post by MoneyThing on Apr 4, 2016 10:18:37 GMT
I see from your description they provide loans against pretty much anything will you just be offering cars through them or other items? As I think I have enough cars at moment Morning ben, They do lend against a wide variety of assets and therefore I am sure that we will be doing other asset classes with them at some point. Regards, Ed
|
|
|
Post by Deleted on Apr 4, 2016 10:33:38 GMT
Sorry for daft question.
How does car as a security work? Does the pawnbroker retain and store the car in secure location till loan is paid off? Or do they let the borrower retain car ?
|
|
jamesc
Member of DD Central
Posts: 447
Likes: 253
|
Post by jamesc on Apr 4, 2016 10:35:02 GMT
Hi Ed
The new E type loan that is coming can you give a little more colour please e.g. Mark 1 or 2 ? engine size ?
many thanks
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,906
Likes: 11,127
|
Post by ilmoro on Apr 4, 2016 10:38:46 GMT
Sorry for daft question. How does car as a security work? Does the pawnbroker retain and store the car in secure location till loan is paid off? Or do they let the borrower retain car ? Yes, see the loan descrption The car is stored and insured at a specialised storage facility for the duration of the loan.
Hopefully no where near their head office
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Apr 4, 2016 10:42:13 GMT
Other partner was offering 5% of loan on first loss basis. Will there be any such condition with this new partner?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,906
Likes: 11,127
|
Post by ilmoro on Apr 4, 2016 10:45:29 GMT
MoneyThing Are they operating a buyback guarentee like the other pawn partners? Details seem a little sparse on the loan page, no docs
|
|
|
Post by MoneyThing on Apr 4, 2016 11:18:54 GMT
Hi Ed
The new E type loan that is coming can you give a little more colour please e.g. Mark 1 or 2 ? engine size ?
many thanks Morning, Just updated the loan listing to show that it is a Series 1, 4.2l. Regards, Ed
|
|
|
Post by MoneyThing on Apr 4, 2016 11:21:25 GMT
Other partner was offering 5% of loan on first loss basis. Will there be any such condition with this new partner? Morning ablender & ilmoro, Not with this partner. They are however contractually committed to immediately buy back the loan from MoneyThing in the event their borrower defaults. (The buy back note has just been added to the loan listing). Kind regards, Ed
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Apr 4, 2016 11:48:16 GMT
Other partner was offering 5% of loan on first loss basis. Will there be any such condition with this new partner? Morning ablender & ilmoro , Not with this partner. They are however contractually committed to immediately buy back the loan from MoneyThing in the event their borrower defaults. (The buy back note has just been added to the loan listing). Kind regards, Ed Hi Ed MoneyThing , just a quick clarification. When you say that they will "buy back the loan from MoneyThing in the event their borrower defaults", I understand that we, the lenders will get our capital back. Is this correct? Cheers.
|
|
|
Post by MoneyThing on Apr 4, 2016 11:49:59 GMT
Morning ablender & ilmoro , Not with this partner. They are however contractually committed to immediately buy back the loan from MoneyThing in the event their borrower defaults. (The buy back note has just been added to the loan listing). Kind regards, Ed Hi Ed MoneyThing , just a quick clarification. When you say that they will "buy back the loan from MoneyThing in the event their borrower defaults", I understand that we, the lenders will get our capital back. Is this correct? Cheers. Correct (with interest). Regards, Ed.
|
|
ben
Posts: 2,020
Likes: 589
|
Post by ben on Apr 4, 2016 11:50:50 GMT
Sounds good I like a bit of variety although tend to avoid art as that is very hit and miss some items sell for far more the valuation but the majority probably sell for less
|
|
ablender
Member of DD Central
Posts: 2,204
Likes: 555
|
Post by ablender on Apr 4, 2016 11:52:55 GMT
Sounds good I like a bit of variety although tend to avoid art as that is very hit and miss some items sell for far more the valuation but the majority probably sell for less And I like those cars.
|
|
am
Posts: 1,495
Likes: 601
|
Post by am on Apr 4, 2016 13:21:50 GMT
With the contractual buy-back agreement it seems to me that the primary risk is failure of the partner.
There are roughly speaking 3 failure modes - the borrower defaulting, the borrower defaulting and the partner failing, and the partner failing. In the first case the contractual buy-back agreement means that we get our capital (and interest?) back.
What happens in the other two cases?
In the 2nd case, has the first charge on the asset been assigned to us, and do we have the right to take possession and sell it to secure what we are owed? (In which case, at a 50% LTV, there would seem to be a good chance of getting it.)
In the 3rd case, it seems to me that as the borrower is not in default we have no claim on the asset, and his repayments go into the general funds of the partner, leaving us as unsecured creditors. (Do we have a debenture, and is it any good in those circumstances?) Do we have a director's guarantee.
I tried to look into the partner's finances, but the company of the same name seems to be dormant (though its sole director has the same name as the person associated with a business with the same name as the partner) and without assets. Is the partner incorporated under another name? Is it operating as a sole trader?
|
|
registerme
Member of DD Central
Posts: 6,233
Likes: 6,038
|
Post by registerme on Apr 4, 2016 13:24:48 GMT
There's a fourth (not to be wished for!) - platform failure.
|
|