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Post by Collateral Rep on Jun 3, 2016 11:11:19 GMT
Hi,
Just to let you know we have added two new loans today and will be adding more over the next few days.
Many thanks,
Collateral
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ben
Posts: 2,020
Likes: 589
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Post by ben on Jun 3, 2016 11:23:17 GMT
From the website
"These item are held by Collateral in a high security safety deposit box until redeemed. These items have been underwritten by two of our jewellery trade partners in the event of default by the borrower"
When you say they are underwritten do you mean they will buy the item of you at the end of 6 months? So for example this loan defaults in 6 months what is the process from there.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,840
Likes: 11,068
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Post by ilmoro on Jun 3, 2016 11:35:20 GMT
Borrower
| Loans
| Amount
| Security
| LTV
| 1
| 286-97, 299-302, 304, 307-17, 321, 323-8, 335, 336, 338-50, 352, 354-6, 366, 377-82, 395, 396, 403, 411, 412, 418, 423, 432, 437, 446
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| 362,975
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| 4
| BL3
| 6,000 | 50,000 | 12% | 6
| 384-7, 397-9, 401, 402, 409, 410, 493
| 137,700
| 229,265
| 60.06%
| 7
| 264, 266-71, 277, 283, 329-31 , 362-4, 442, 450, 469
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|
|
| 8
| 353, 357, 358, 368, 460-8
| 159,000
| 240,500
| 66.11%
| 9
| 388, 389, 391-3, 425, 426
| 40,260 | 78,700 | 51.16% | 11
| 210, 212, 223, 369, 370, 413, 438, 472
| 115,110
| 231,750
| 49.66%
| 12
| 404, 414
| 11,200
| 24,000
| 46.66%
| 13
| 265, 405-7, 419-22, 427
| 74,580
| 115,650
| 64.49%
| 14
| 318, BL5, 390, 445
| 291,550
| 201,285
| 69.04%
| 15
| 408, 475, 476
| 23,500
| 44,000
| 53.41%
| 16
| 260
| 57,000
| 103,000
| 55.34%
| 17
| 273, 415, 473
| 362,925
| 195,000
| 53.73%
| 18
| 258-9, 261-3, 303, 376, 428-31, 435, 436, 439-41, 443, 444, 447-9, 451-3, 455, 457-9, 470, 471, 477-81, 482-4, 491, 492
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| 19
| 360, 361
| 14,660
| 21,950
| 66.79%
| 20
| 383
| 11,000
| 7,500
| 68.18%
| 21
| 424, 483
| 48,000
| 21,000
| 43.75%
| 22
| 337
| 2,600
| 3,850
| 67.53%
| 24
| 272, 278, 281, 319, 375
| 213,950 | 213,950 | 69.76% | 25
| 456
| 81,500
| 270,000
| 30.26%
| 26
| 279, 282, 298, 400, 417
| 212,500
| 535,882
| 39.65%
| 27
| 280
| 46,000
| 174,555
| 26.35%
| 31
| 284
| 13,500
| 19,500
| 69.23%
| 32
| 285
| 5,700
| 10,000
| 57%
| 33
| repaid
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|
| 34
| 320
| 12,000
| 67,000
| 17.91%
| 35
| 332, 416
| 75,000
| 52,500
| 70%
| 36
| BL6
| 78,500
| 120,000
| 65.42%
| 37
| 365
| 210,000
| 303,000
| 69.31%
| 38
| 371, 372
| 22,500
| 33,000
| 68.18%
| 40
| BL7
| 104,000
| 150,000
| 69.33%
| 41
| BL8
| 87,500
| 125,000
| 70%
| 42
| repaid
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|
| 43
| BL10, BL11, BL12, BL14, BL15
|
| 482,000
|
| 44
| 433
| 38,700
| 65,000
| 59.54%
| 45
| 434, 487-9
| 209,150
| 300,500
| 69.6%
| 46
| BL13
| 33,600
| 50,000
| 67.2%
| 47
| 454
| 44,372
| 27,000
| 60.85%
| 50
| 474
| 11,550
| 16,500
| 70%
| 57
| 490
| 95,000
| 138,000
| 68.84%
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Post by collateral on Jun 3, 2016 11:40:40 GMT
ben Hi Ben, as this is a 'Buy Back" agreement, the borrower has effectively agreed to sell the goods for the value of the loan. A fee is charged on top of the loan amount to enable the borrower to re-purchase the goods within the period of the agreement (the fee is the monthly interest x the amount of months of the loan) and the fee is deducted at drawdown, therefore they just have the loan amount to repay to receive their goods back. We will give the borrower notice a month before the loan is due to be paid back, if they don't repay the loan, the goods then become under the ownership of Collateral and they will be sold to one of our trade partners who have agreed to purchase the goods at the loan value in the event of a default.
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ben
Posts: 2,020
Likes: 589
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Post by ben on Jun 3, 2016 11:44:01 GMT
Will this be done on the day of default or do you need to leave so many days to the borrower repays before you can legally sell the goods?
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Post by collateral on Jun 3, 2016 12:04:19 GMT
Will this be done on the day of default or do you need to leave so many days to the borrower repays before you can legally sell the goods? ben As the new loans are Buy Back agreements, we can legally sell the goods immediately on the day of default. In the case of any Pledge loans, we legally have to give notice to sell. I hope this helps
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Post by webbski9 on Jun 13, 2016 9:45:05 GMT
Gordon.Have you seen my Post regarding auto-reinvest ? Many Thanks
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jonno
Member of DD Central
nil satis nisi optimum
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Likes: 3,137
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Post by jonno on Jun 21, 2016 8:02:31 GMT
Morning, We will be listing some loans approx 10am this morning. Many thanks, Gordon Hi Gordon. Any chance of telling us how many?
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,742
Likes: 3,137
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Post by jonno on Jun 21, 2016 10:11:14 GMT
Morning, We will be listing some loans approx 10am this morning. Many thanks, Gordon Hi Gordon. Any chance of telling us how many? Gordon, I know it's too late to answer this now, but could you explain why you chose not to respond, especially given other "FFF" comments elsewhere?
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