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Mark Breau
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Posted - 2011.09.01 20:04:00 -
[1]
Hello MD!
I'm looking for a loan of 2 billions with a biweekly interest rate of 3%.
The collateral consists of 1200 Magnetic Plating II, 1500 Regenerative Plating II and 1200 Small Shield Transporter II. The items and 200M were given to me as a startup fund by a colleague, who inflicted me with the EVE Online virus one month ago According to prices in Jita, they are 1.1B worth. In Sinq and Heimatar a bit more.
A bit about me: I started EVE about a month ago with mining and doing occasionally missions. I got bored rather quickly and started trading. I got hooked up pretty quickly. I invested the 200M and traded like hell in and around Dodixie.
My first loan was with ADW. I found his advertisment on the sell board and contacted him. Without much fuss he gave me a billion for the modules, which I bought back from him today.
I thought I did well, because four days after ADW gave me the billion I had 1.4B and 1.6B on the fith day, when I discovered blink! Long story short: I lost the whole money.
My trading addiction was stronger than my blink addiction, so I bought two GTCs, sold them and was back into business. Now I've a Orca BPO on contracts, repaid ADW the billion including interest and still have some pocket change left.
Now you, my new investors, come into play:
I'd like to split the whole loan in as few chunks as possible with only two to four people. I'd pay interest on every 1st and 15th.
That's it. My first thoughts about this. I'm very open for feedback how to handle the whole collateral/loan stuff. With ADW it was easy (I just contracted him the stuff) but I've read some other loan requests which were ... well, complex is a too soft term.
-Mark
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RAW23
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Posted - 2011.09.01 20:10:00 -
[2]
I would be willing to loan you 1bil against the full collateral at a rate of 5% per month (subject to checking the collateral value ingame).
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Ellarya Sand
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Posted - 2011.09.01 20:17:00 -
[3]
Hi, I'm interested in 500M, 50% collateral and 3% biweekly interest rate is ok for me
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Mark Breau
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Posted - 2011.09.01 20:20:00 -
[4]
Originally by: RAW23 I would be willing to loan you 1bil against the full collateral at a rate of 5% per month (subject to checking the collateral value ingame).
Thank you. But I was looking for a bit more. Since the total worth is 1.1 and you are offering only 90% for the (nearly) the same conditions as ADW
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RAW23
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Posted - 2011.09.01 20:27:00 -
[5]
Originally by: Mark Breau
Originally by: RAW23 I would be willing to loan you 1bil against the full collateral at a rate of 5% per month (subject to checking the collateral value ingame).
Thank you. But I was looking for a bit more. Since the total worth is 1.1 and you are offering only 90% for the (nearly) the same conditions as ADW
Fair enough. 90% is pretty much the industry standard, though (necessary so as to prevent people using 'loans' to just sell their goods easily at full price by defaulting).
One point to bear in mind if you have more than one investor is that you may need to pay a third-party to hold the collateral and this could add significantly to your effective rate of interest.
Two questions: 1) Who is ADW? I don't think I've heard of him before.
2) Does 'biweekly' mean twice a week or once every two weeks?
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Mark Breau
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Posted - 2011.09.01 20:33:00 -
[6]
Originally by: RAW23 Fair enough. 90% is pretty much the industry standard, though (necessary so as to prevent people using 'loans' to just sell their goods easily at full price by defaulting).
If you put it this way, it seems to be very logic...
Two questions: 1) Who is ADW? I don't think I've heard of him before. AssassinationsdoneWrong, thread is here
2) Does 'biweekly' mean twice a week or once every two weeks?
3% every two weeks
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RAW23
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Posted - 2011.09.01 20:38:00 -
[7]
Originally by: Mark Breau
Originally by: RAW23 Fair enough. 90% is pretty much the industry standard, though (necessary so as to prevent people using 'loans' to just sell their goods easily at full price by defaulting).
If you put it this way, it seems to be very logic...
Two questions: 1) Who is ADW? I don't think I've heard of him before. AssassinationsdoneWrong, thread is here
2) Does 'biweekly' mean twice a week or once every two weeks?
3% every two weeks
Thanks.
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Tom Hagen
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Posted - 2011.09.02 06:00:00 -
[8]
"Thank you. But I was looking for a bit more. Since the total worth is 1.1 and you are offering only 90% for the (nearly) the same conditions as ADW"
How is RAW's offer even near ADW's terms?
"We will give you 80% of the Jita value of any market item!! Standard Loan Rates: 7 days 5% 14 days 7.5% 21 days 10%"
ADW's interest calculated on the 21day offer is around 14% per month and RAW's is 5%.. Dont forget the 90% from RAW compared to 80% from ADW on collateral. I can understand your need to get a bigger loan but overall I would go with RAW rather then ADW.
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Ellarya Sand
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Posted - 2011.09.02 09:26:00 -
[9]
Hi Mark, I notice now that in your post there are no info about the duration of the bond
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Mark Breau
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Posted - 2011.09.02 10:44:00 -
[10]
Originally by: Tom Hagen "Thank you. But I was looking for a bit more. Since the total worth is 1.1 and you are offering only 90% for the (nearly) the same conditions as ADW"
How is RAW's offer even near ADW's terms?
"We will give you 80% of the Jita value of any market item!! Standard Loan Rates: 7 days 5% 14 days 7.5% 21 days 10%"
ADW's interest calculated on the 21day offer is around 14% per month and RAW's is 5%.. Dont forget the 90% from RAW compared to 80% from ADW on collateral. I can understand your need to get a bigger loan but overall I would go with RAW rather then ADW.
I don't want to discuss any details about previous businesses without consent of both parties. That does not seem fair. So I just leave it like I said
My problem currently is the bound ISK in either the collateral or the Orca BPO. The BPO will sell eventually, but the collateral consists of slow moving modules (which were a gift anyway - nevertheless they have ISK value. ISK that I'd rather spent on quick-trading than selling the stuff for a month )
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Mark Breau
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Posted - 2011.09.02 10:48:00 -
[11]
Originally by: Ellarya Sand Hi Mark, I notice now that in your post there are no info about the duration of the bond
Yes. I'm not sure for now. I thought about an ongoing duration but would also go for at least two months or three.
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Ellarya Sand
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Posted - 2011.09.02 10:54:00 -
[12]
Originally by: Mark Breau Yes. I'm not sure for now. I thought about an ongoing duration but would also go for at least two months or three.
Ok, I keep my reservation of 500m if you grant me the possibility to withdraw the investment after two months; is it ok for you?
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Dane El
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Posted - 2011.09.02 14:48:00 -
[13]
You guys are really going to take a stack of mods he's having trouble moving as collateral?
It's good to know if I ever end up sitting on stock that I can't move fast enough and need isk that MD has investors willing to cash me out at 90%. That may come in useful.
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Mark Breau
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Posted - 2011.09.02 15:27:00 -
[14]
Originally by: Dane El You guys are really going to take a stack of mods he's having trouble moving as collateral?
It's good to know if I ever end up sitting on stock that I can't move fast enough and need isk that MD has investors willing to cash me out at 90%. That may come in useful.
At least I have collateral, which many other people don't offer
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Mark Breau
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Posted - 2011.09.02 15:31:00 -
[15]
Originally by: Ellarya Sand
Originally by: Mark Breau Yes. I'm not sure for now. I thought about an ongoing duration but would also go for at least two months or three.
Ok, I keep my reservation of 500m if you grant me the possibility to withdraw the investment after two months; is it ok for you?
Ellarya, I turn over my stock in about two to four days. If you give me a shout, you can have your money back anytime within seven days.
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RAW23
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Posted - 2011.09.02 15:59:00 -
[16]
Originally by: Dane El You guys are really going to take a stack of mods he's having trouble moving as collateral?
It's good to know if I ever end up sitting on stock that I can't move fast enough and need isk that MD has investors willing to cash me out at 90%. That may come in useful.
For collateral purposes they would need to be valued at buy order prices. I'm sure it wouldn't be too hard to sell them for very minimal effort over a month and turn a decent profit on the loan for very little work. So, feel free to get in touch if you have large quantities of items you want to dump at 90% of buy order value.
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