Market Discussions

Edit: 30b loan has been filled by Elizabeth Norn. On Septemer 20th (exactly 10 days after I received the loan) I have made an early pay back in full and also received all my collateral in full very quickly.

Hi,

I’m looking for a short term loan, to be paid back in full plus interests by October 3, 2016, latest.

I will way over collateralize it, so I’m looking for low interest rate on it.

Here are some ball park figures I’m looking at,

1. Loan amount: 30 billion ISK


2. Collateral: Assets worth 32.5 billion. Asset value calculated as the lowest transaction value for this particular item in past 3 months period minus roughly 5%.

This evaluation method of my collateral value actually translates as 77% of the current highest buy order value for this item (in Jita)

So in reality I’m offering collateral value that’s a LOT more than my loan value.

If I calculate the collateral value at the current highest buy order for this item in Jita, then the collateral value translates into over 40 billion ISK.

3. Interest: 3%, fixed and guaranteed.

What I mean by this is that I will repay the full amount of the loan (30 billion ISK) plus 3% interest (600million ISK) by October 3, 2016, latest. I reserve the right to repay the loan amount plus the interest at any time before this to get my collateral back, but I will still pay you 600 million ISK as interest even if I pay you back the whole amount after only 24 hours or whatever. In return, I expect that my collateral shall be returned to me within 72 hours of me paying back the loan + interest amount.

NOTE: Due to whatever unforeseen circumstances (e.g. hit by a bus scenario), if I cannot transfer the ISK in time for the pay back, the loaner shall accept an ISK transfer from any of my corp mate or directly transfer from my corp account, and take that as "Toobo's pay back". If anything serious happens that keeps me out of the game and I cannot log on, I shall instruct my corp mate to transfer the ISK on my behalf.



4. Third Party

I would like to use a third party where possible, unless I get loan offer from someone here that I feel comfortable with and feel confident that my collateral will be given back upon my loan re-payment.

This is important factor for me because once the collateral is transferred, the loaner will be in position to make more ISK by selling off my collateral than getting the loan + interest paid back by me.

So what’s important here for me is that I need someone (either through his own reputation or through using a mutually agreed third party) who will keep his/her words and contract me back my collateral upon my loan + interest payment.

I have already contacted a well-known third party to ask about his service, but it was very recent and I have not heard from him yet. If we are going to use a third party, I will pay for the full cost of the third party.

5. The details of the collateral

I will reveal the details of the collateral (the item type/quantity) only to someone who makes a serious offer. I will tell the person who makes the loan offer via eve mail, under the condition that we (the loaner and me) keep the nature & quantity of the collateral confidential.


6. In case of no-pay back on time

You can keep the collateral obviously. No matter how the market situation may change, I have valued my collateral so low at the moment that you will not find yourself in a losing position (and no, it’s not things like Gnosis where we all know the value will crash in short period of time).

I’m looking for a fast arrangement & the ISK in my wallet at the soonest opportunity. If you are willing to make an offer post here for the record and we can discuss details through eve-mail or private convo in game if necessary.

Also, if any third party is willing to offer his service for this loan arrangement, you can post here or eve mail me in-game.

DISCLAIMER: There is quite good chance that you will get your ISK paid back + interests in relatively short time, e.g., within this week. I just put down October 3rd as a safe deadline as I have some ISK scheduled to come in before then which will be more than enough to cover for the loan pay back. My interest guarantee means that even if I end up paying back the loan amount in less than 24 hours of the loan start, I shall in addition pay you 3% of the loan amount as the interest.

Thank you for your time and consideration.


Best Regards,

Toobo

Thank you Miss Norn. I shall get this sorted as soon as the third party can confirm. Thanks.

That's fine with me, I agree to return the collateral in full upon your repayment of the loan plus interest.

This is to confirm that I made an early payback of the entire sum of the loan plus interests to Elizabeth Norn, and got my collateral back in full with no issue.

As a closing comment, I would like to publicly express words of thanks to Elizabeth Norn, because the market value of my collateral was much higher than the amount I've loaned combined with the interest. She was in a position where she could liquidate my collateral for more ISK than she could get back according to the loan agreement terms. But she has honoured her promise to return my collateral in full and I got all my collateral back with no issue.

So this loan deal is now officially closed. I may do something more in future, and if I do I will post a new thread here in the Market Forum.