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Asgard Galactic Loans
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Thorvald Brynjolfson
Asgard Galactic Loans
#1 - 2013-11-19 20:41:56 UTC  |  Edited by: Thorvald Brynjolfson
I am pleased to announce the official incorporation of Asgard Galactic Loans

Created from the combined investments of several real-world friends, Asgard Galactic provides capital financing for qualified corporations and capsuleers endeavoring after:

- Industrial Development

- Fleet Construction

- POS Management and Maintenance

Currently interest rates are:

Loans from 1 - 5 Billion - 1.3% per week

Loans from 5 - 15 Billion - 1.0% per week

Loans from 15 - 49 Billion - 0.7% per week

Loans above 50 Billion - 0.5% per week -- *as available*

We support and welcome 3rd Party collateral entrustment. Or alternatively, assets can be held in our office in Jita

Contact Thorvald Brynjolfson in game for more details, or simply reply to this post.

We look forward to working with you in the future.


Asgard Galactic - Building the Galaxy, one loan at a time
Aliventi
Rattini Tribe
Minmatar Fleet Alliance
#2 - 2013-11-19 21:05:57 UTC
Everyone knows you can trust banks. Roll
Thorvald Brynjolfson
Asgard Galactic Loans
#3 - 2013-11-19 21:19:37 UTC
Just to clarify, we are not an investment bank...

We do not accept deposits, nor do we offer services to manage player's ISK,

We solely offer loans and financing to others

Looking forward to proving our enterprise is trustworthy

T.B
RAW23
#4 - 2013-11-19 22:15:27 UTC  |  Edited by: RAW23
Thorvald Brynjolfson wrote:
Just to clarify, we are not an investment bank...

We do not accept deposits, nor do we offer services to manage player's ISK,

We solely offer loans and financing to others

Looking forward to proving our enterprise is trustworthy

T.B


What are your rates?

Also, how much isk do you have available for investment?

There are two types of EVE player:

those who believe there are two types of EVE player and those who do not.
Thorvald Brynjolfson
Asgard Galactic Loans
#5 - 2013-11-19 22:34:40 UTC  |  Edited by: Thorvald Brynjolfson
RAW23-

Thank you for your interest.

Interest rates depend on the amount loaned, naturally the larger the loan, the lower the interest required. We currently have AUM of 50 Billion, that said, it is not all available currently for loans as some has already been loaned out.

Currently interest rates are:

Loans from 1 - 5 Billion - 1.6% per week

Loans from 5 - 15 Billion - 1.0% per week

Loans from 15 - 49 Billion - 0.7% per week

Loans above 50 Billion - 0.5% per week -- *as available*

We realize that the rates are slightly higher than some others, but that is on account of our recent start up - as things get more underway, the loan rates will normalize to industry standards

Please be advised, these interest rates are for collateralized loans only

EDITED: Prices revised based on RAW23's advice (Thank you)
RAW23
#6 - 2013-11-19 22:45:22 UTC  |  Edited by: RAW23
Thorvald Brynjolfson wrote:
RAW23-

Thank you for your interest.

Interest rates depend on the amount loaned, naturally the larger the loan, the lower the interest required. We currently have AUM of 50 Billion, that said, it is not all available currently for loans as some has already been loaned out.

Currently interest rates are:

Loans from 1 - 15 Billion - 1.6% per week

Loans from 15 - 49 Billion - 1.0% per week

Loans above 50 Billion - 0.7% per week -- *as available*

We realize that the rates are slightly higher than some others, but that is on account of our recent start up - as things get more underway, the loan rates will normalize to industry standards

Please be advised, these interest rates are for collateralized loans only



There is definitely scope for businesses such as this but I think you will have problems charging interest that you acknowledge is considerably higher than the market rate (especially for readers of this forum). 6.4% a month for 10bil is really way, way over the top for a collateralised loan, especially as it is quite likely that the lender will want to use a third party to hold the collateral (until you have established more of a reputation on that front), which will add further costs to the rate. There are numerous people a borrower can go to who will provide such a loan at 3% or below; indeed, anyone with 10bil of collateral can just post on MD and get a rate of 2-3% within a few hours if the collateral is acceptable. So are you just relying on there being a large enough pool of uninformed borrowers out there who will not notice that you charge a lot more than the competition or do you offer something over and above to justify the higher rates?

If you want to be competitive, I would suggest restructuring the interest rates, perhaps taking 5bil as a baseline at 1% a week and then lowering the rate for larger amounts and bringing it up a little for smaller amounts.

Edit - Actually, your basic rate will be closer to 7% a month (!) given that there are roughly 4.4 weeks in each month.

There are two types of EVE player:

those who believe there are two types of EVE player and those who do not.
RAW23
#7 - 2013-11-19 22:50:14 UTC  |  Edited by: RAW23
Protip: As a lender you are likely to make as much or more from defaults than from interest so long as loans are properly collateralised (the default rate in eve is very high). That is another incentive for offering low rates to get as much business as possible. Pirate

There are two types of EVE player:

those who believe there are two types of EVE player and those who do not.
Thorvald Brynjolfson
Asgard Galactic Loans
#8 - 2013-11-19 22:54:53 UTC
RAW23 -

Thank you for your advice, I consulted with the financial backers of Asgard, and they have agreed to follow your recommendations.
RAW23
#9 - 2013-11-19 23:16:18 UTC  |  Edited by: RAW23
Thorvald Brynjolfson wrote:
RAW23 -

Thank you for your advice, I consulted with the financial backers of Asgard, and they have agreed to follow your recommendations.



They ... they have? Shocked

In which case, have a few more suggestions on the house:

1) Make contact with a third party and find out about their rates in advance. There is no need to insist on exclusivity but your enemy is customer indecisiveness, so if they have to go away and research third party rates themselves they might never come back. As far as possible you want to offer a one-stop shop, so if you have a rate you can tell them about and a third-party you can recommend immediately if needed then that will help.

2) Advertise in the sell-orders forum as well as on MD. You will probably get business from both but by convention loan businesses don't bump their threads more than about once a week in MD, whereas you can increase your visibility a great deal with the daily bump allowed in sell orders. Also, make your ad as clear as possible, emphasising that you don't take deposits and including your rates. Again, you don't want people skimming over your ad because they can't work out if your service is what they are looking for.

There are two types of EVE player:

those who believe there are two types of EVE player and those who do not.
Zions Child
Higashikata Industries
#10 - 2013-11-19 23:49:33 UTC
You might also want to rename yourself to Asgard Galactic Loan Services.

I get that you might be set on the name, but the word bank is treated like poison in EVE (mainly because lol scam). Basically, the only reason why I am in this thread is because I wanted to troll yet another ****** bank idea, when it turned out that you do loan services.

tl;dr: you're going to lose a LOT of potential views and reads because of the word bank.
Thorvald Brynjolfson
Asgard Galactic Loans
#11 - 2013-11-20 01:08:57 UTC
After a long day of dealing with countless trolls, we have officially reincorporated as Asgard Galactic Loans,

to avoid confusion of course!

Thanks for the advice

Asgard Galactic
Nedly Stark
ARAZ Engineering
#12 - 2013-11-20 10:18:19 UTC
This is a rather interesting venture, as my own stock portfolio IRL has a few financial stocks. So I take it, you only offer collateralized loans? And also in regards to the adjustment of interest rates (per RAW's recommendation of course) do your rates fluctuate based on supply/demand of your loaning services? Or are those rates pretty locked in (ie; non-negotiable)?

Thanks
Ned
Magnu Stormhawk
#13 - 2013-11-20 12:58:55 UTC
It's good to see that you have taken on board the comments here and revised your business plan accordingly. RAW32 makes some good points.

I still think your interest rates are far too high for you to get any business from anyone but the new and uninformed. Which is fine if that is your target market, just be aware that serious players looking to fund anything substantial are likely to go elsewhere. If I was looking to borrow and had the collateral, I wouldn't pay more than 2% per month, as I know that's achievable and there is plenty of ISK sloshing around on MD looking for a good home.

Just my 2 ISK
TheSmokingHertog
Julia's Interstellar Trade Emperium
#14 - 2013-11-20 14:50:12 UTC
Dear Thorvald Brynjolfson,

Nice thing you have here, please make a reference to post #5 in your op.

Bookmarked your service for future consideration.

Thx.

"Dogma is kind of like quantum physics, observing the dogma state will change it." ~ CCP Prism X

"Schrödinger's Missile. I dig it." ~ Makari Aeron

-= "Brain in a Box on Singularity" - April 2015 =-
Thorvald Brynjolfson
Asgard Galactic Loans
#15 - 2013-11-20 18:02:50 UTC
TheSmokingHertog,

Post Revised, thank you!
Grozen
Mateber Mining and Manufacturing Company
C U L T
#16 - 2013-11-21 05:21:01 UTC
What kind of collateral you accept minerals bpos?

knowledge is power.
Thorvald Brynjolfson
Asgard Galactic Loans
#17 - 2013-11-21 06:25:18 UTC
BPOs, Ships, Minerals, POSes,

Collateral valuation is determined by the average buy price of the Item on the Market, minus 5% to account for broker's fees and taxes in the event of a default and subsequent resale of the items