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Miningman Sam
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Posted - 2010.09.04 17:13:00 -
[1]
EVE has been kind to me and now I am happy to offer a service back to the community. I am making ISK available in the form of secured loans.
First, note the term secured loan. Unfortunately, I am unable to offer unsecured loans.
The following stipulations will apply:
* Loan collateral will be required in the amount of 120% of the loan amount.
* Collateral will be valued at the median of its current market spread, within reason-- items in the middle of a spike or crash may be rejected as collateral.
* Loan length will be one (1) month, meaning 30 days from the initial exchange.
* Loan terms will be prearranged and stated in this thread.
* Exchange will take the form of a private contract issued by me.
* Suggested loan amounts are in the amount of roughly 500 million to one billion. Larger amounts are negotiable.
* Suggested collateral might take the form of a rigged missioning or mining ship, with the ship valued at the loan amount, with the rigs making up 20% on top of that.
* Upon repayment of debt, borrower will remit full value of collateral upon receipt of contract issued by me. Upon receipt of payment, collateral will be released.
* If at the end of the agreed-upon loan term payment is unable to be made, the loan will be at an end and collateral will revert to possession of loan issuer. Alternatively, at discretion of loan issuer, it may be renegotiated as follows:
* If at the end of one month, the borrower wishes to extend the terms of the loan, the loan may be extended for one month upon remittance of another 20% of collateral.
Post here and convo me in game in order to set loan procedure in motion and receive your loan.
Fly safe!
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Ray McCormack
Nordar Innovations.
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Posted - 2010.09.04 17:19:00 -
[2]
I'm sure no one will have issues with giving you, a total unknown, 20% more in asset value than you're giving them. I mean, you totally earned that with the hard work you put into this post.
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Sepi
Gamma Draconis Industries Eternus Imperium Alliance
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Posted - 2010.09.04 17:46:00 -
[3]
and as someone who has given 'friends' loans
the simple question? why would i give you the isk back before i get my stuff back.
THe easy answer you contract the item back for the payment required eg
1bill isk loan i give you ship worth 1.2 (althought 20% above base is joke at best) but ill go with it
then at end of loan you re-contractt the ship back to me for 1.2bill (my 1bill + 200mill interest)
this is how i work, in fact i only do 14day loans as soon as i get the collatoral i recontract directly back for 14days expiry with the amount + interest so they can cash in at any time
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Miningman Sam
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Posted - 2010.09.04 17:49:00 -
[4]
Edited by: Miningman Sam on 04/09/2010 17:49:55 Ray, in the event that anyone has trouble with the offering, they should find a better loan deal.
We could also do it in the form of a 2-week escrow contract where the collateral is relisted at market value plus 10%. It's all the same to me.
I'm interested in running a small scale loan business, not ripping someone off for the price of three tech 1 rigs.
Sepi, we crossposted, but yes, that's the idea. If I did 2 weeks I'd do 10% above base.
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Modahn Etch
The Gentlemen of Low Moral Fibre
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Posted - 2010.09.04 18:33:00 -
[5]
I've got a thanatos avaialable, I'll chat to you in-game. Your Mothership. |
SetrakDark
Northstar Cabal R.A.G.E
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Posted - 2010.09.04 19:05:00 -
[6]
Let the 2 months of copycat wannabe ****scams begin. Thanks, Bobby.
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Berikath
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Posted - 2010.09.04 19:13:00 -
[7]
Originally by: SetrakDark Let the 2 months of copycat wannabe ****scams begin. Thanks, Bobby.
ANNOUNCEMENT! I am starting my own titan BPC business! In order to assure security, I will only be buying 1 BPO and I will be giving 3000 trustees 1 share each, and keeping 2000 for myself.
Concerned about security? Become a trustee! All it costs you is your investment up front!
Returns will be... umm.... high. Invest 1 bil in me today, and get a plex in dividends every month! If you want to wait a minute, I can get a testimonial from my al-err, friend, who invested in me 6 months ago and has been playing for free ever since!!!!
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Miningman Sam
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Posted - 2010.09.04 19:20:00 -
[8]
Edited by: Miningman Sam on 04/09/2010 19:23:52 Confirming, 1 billion loan for one month to Modahn Etch collateralized with one rigged Thanatos.
SetrakDark: question, in what way is providing loans in any way similar to what that guy did? I guess I don't know the history of it but I'm not seeing how collateralized loans relate to him.
I am providing secured loans and that's all.
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EvilCheez
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Posted - 2010.09.04 19:24:00 -
[9]
Quote: * Upon repayment of debt, borrower will remit full value of collateral upon receipt of contract issued by me. Upon receipt of payment, collateral will be released.
If its a scam its not for the 20% its for 100%. BTW TornSoul only asks for 110%, but am not sure if he's interested in loans that small.
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Miningman Sam
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Posted - 2010.09.04 19:37:00 -
[10]
The deal is this: after a month, if they aren't able to return the loan amount, I keep the collateral which is 120%. They keep the loan amount. Whether or not they repay the loan amount, I am making 20%.
This is arguably a high interest rate. If people wanted to work with larger loans the rate would be negotiable and I am flexible with regards to what the isk will be used for, repeat business and other considerations.
I haven't done this before and any comments regarding security considerations for either myself or the other party are appreciated and will be taken into account.
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Sepi
Gamma Draconis Industries Eternus Imperium Alliance
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Posted - 2010.09.04 19:38:00 -
[11]
aye mine are secured for 10% regardless of length upto 28 days, there after 8% or so for every other month
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Miningman Sam
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Posted - 2010.09.04 20:40:00 -
[12]
You might have a point that 20% might be a rather high rate. The thing is that the amounts I'm looking at are sort of low so to make a decent profit it has to be something interesting. I think a lot of people interested in secure loans are people who are rich but are in a temporary cash crunch for one reason or another.
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Steele Stafford
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Posted - 2010.09.05 12:14:00 -
[13]
What is your upper limit? I do need a loan for about a month so that I can exploit some trading opportunities that just opened up, for something of a higher amount, but 20% seems a little steep. Can we work something out?
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Miningman Sam
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Posted - 2010.09.05 13:16:00 -
[14]
I'll talk to you in-game, we can probably figure something out.
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Kapila Parthalan
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Posted - 2010.09.05 13:33:00 -
[15]
I have done secured loans before. 20% is a pretty high interest rate for full collateral. I can offer secured loans of up to several billion isk for a lower rate. I can also accept a longer term than one month.
Originally by: EvilCheez
Quote: * Upon repayment of debt, borrower will remit full value of collateral upon receipt of contract issued by me. Upon receipt of payment, collateral will be released.
If its a scam its not for the 20% its for 100%. BTW TornSoul only asks for 110%, but am not sure if he's interested in loans that small.
There need not be any potential for the loaner stealing 100%. The secure way to handle the repayment of the loan is to set up another private contract in which the collateral is sold back to the loanee for the required payment.
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TornSoul
BIG Majesta Empire
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Posted - 2010.09.05 20:13:00 -
[16]
Originally by: EvilCheez
Quote: * Upon repayment of debt, borrower will remit full value of collateral upon receipt of contract issued by me. Upon receipt of payment, collateral will be released.
If its a scam its not for the 20% its for 100%. BTW TornSoul only asks for 110%, but am not sure if he's interested in loans that small.
In fact I only ask for 100% collateral
However: - First weeks interest is to be paid in advance (1% to 2%) - Collateral is estimated/valued "conservatively"
Collateral value estimation can never be exact anyhow - So perhaps it ends up 110% *shrug*
And no, I don't do loans below 1B ISK.
So good luck.
BIG Lottery |
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