Anyone interested in making 9% interest on a one year loan?

[shadroch]

Why can't the loaner hold the collateral?

 

 

Perhaps because I'd like to make sure I got them back.

Why can't I just hold them and promise them in case I default?

[shadroch]

If you own a home a HELOC is a much more prudent way to access short term funds. With rates available around prime minus .25-.5% you are looking at a 2.75-3% loan. With our ridiculous monetary policy your rate won't be rising in the near future.

 

Also, I don't understand the need for $15,000 worth of KY but there's different strokes for different folks.

 

 

Closing costs.

[comicwiz]

shad, I'm not understanding how the numbers (percentages) in your post and in the title match up.

 

How doesn't it match up? 1% per month for a year is 12% total, 9% to us and 3% to the broker.

 

Thats a loan for 1% NOT any other number irrespective of time factoring into the equation

 

Pitching it respectfully without being off-putting with my original response, that is what I was implying, and financial literacy should totally be a skill learned from very early education to make sure the economic system doesn't make us dumber and stuff it's face with profit at the same time.

[RockMyAmadeus]

shad, I'm not understanding how the numbers (percentages) in your post and in the title match up.

 

How doesn't it match up? 1% per month for a year is 12% total, 9% to us and 3% to the broker.

 

Thats a loan for 1% NOT any other number irrespective of time factoring into the equation

 

Pitching it midly, that is what I was implying, and financial literacy should totally be a skill learned from very early education to make sure the economic system doesn't make us dumber and stuff it's face with profit at the same time.

 

That was about the slickest in-your-place-putting I've ever read, anywhere. Very, very impressive.

 

 

He probably still doesn't know what you're talking about.....

[comicwiz]

shad, I'm not understanding how the numbers (percentages) in your post and in the title match up.

 

How doesn't it match up? 1% per month for a year is 12% total, 9% to us and 3% to the broker.

 

Thats a loan for 1% NOT any other number irrespective of time factoring into the equation

 

Pitching it midly, that is what I was implying, and financial literacy should totally be a skill learned from very early education to make sure the economic system doesn't make us dumber and stuff it's face with profit at the same time.

 

That was about the slickest in-your-place-putting I've ever read, anywhere. Very, very impressive.

 

 

He probably still doesn't know what you're talking about.....

 

I'd say stand in line and take a number

[stock_rotation]

Pitching it respectfully without being off-putting with my original response, that is what I was implying, and financial literacy should totally be a skill learned from very early education to make sure the economic system doesn't make us dumber and stuff it's face with profit at the same time.

Be sure to carve out a little time for some grammar literacy.

[comicwiz]

Pitching it respectfully without being off-putting with my original response, that is what I was implying, and financial literacy should totally be a skill learned from very early education to make sure the economic system doesn't make us dumber and stuff it's face with profit at the same time.

Be sure to carve out a little time for some grammar literacy.

 

Thanks. (thumbs u

 

I'm using a tab (Samsung Galaxy) and learning the ropes speed typing on a virtual keyboard makes me prone to spelling/writing gaffes. Thankfully it doesn't have an autocorrect feature that mashes words into nothing resembling what you intended.

 

Though the automatic insertion of an apostrophe in certain abbreviated words is something I miss and quite like on my blackberry.

[blazingbob]

I would never loan out money without holding the colatteral.

 

 

[shadroch]

I would never loan out money without holding the colatteral.

 

 

Honestly wouldn't expect anyone outside of my family to do so.

[NewWorldOrder]

Has does your request for a loan make any sense other than for the person who is loaning you the money to keep the actual CGC books?

 

I already see a shady red flag by having someone else holding the CGC books as collateral and basically the one shelling out the cash flow sitting on the sidelines holding their johnson.

[thirdgreenham]

Has does your request for a loan make any sense other than for the person who is loaning you the money to keep the actual CGC books?

 

I already see a shady red flag by having someone else holding the CGC books as collateral and basically the one shelling out the cash flow sitting on the sidelines holding their johnson.

 

Personally, I saw a shady pink flag.

 

Seriously, though, good luck, Shadroch. I hope it works out for you. (thumbs u

 

Andy

 

[CKB]

Has does your request for a loan make any sense other than for the person who is loaning you the money to keep the actual CGC books?

 

I already see a shady red flag by having someone else holding the CGC books as collateral and basically the one shelling out the cash flow sitting on the sidelines holding their johnson.

 

Personally, I saw a shady pink flag.

 

Seriously, though, good luck, Shadroch. I hope it works out for you. (thumbs u

 

Andy

 

I originally thought the same thing - the loaner should hold the books. But if it was someone like Mr. Zaid holding the books I would have to reconsider.

 

[Tsimanga]

Has does your request for a loan make any sense other than for the person who is loaning you the money to keep the actual CGC books?

 

I already see a shady red flag by having someone else holding the CGC books as collateral and basically the one shelling out the cash flow sitting on the sidelines holding their johnson.

 

Personally, I saw a shady pink flag.

 

Seriously, though, good luck, Shadroch. I hope it works out for you. (thumbs u

 

Andy

 

I originally thought the same thing - the loaner should hold the books. But if it was someone like Mr. Zaid holding the books I would have to reconsider.

 

+1

[shadroch]

Has does your request for a loan make any sense other than for the person who is loaning you the money to keep the actual CGC books?

 

I already see a shady red flag by having someone else holding the CGC books as collateral and basically the one shelling out the cash flow sitting on the sidelines holding their johnson.

 

 

If I give you $30,000 worth of books and you give me $15,000 in cash- you are fully covered if I default. What recourse do I have if you sell my books or they get stolen? Keep the 50% value I already had? I could sell them right now for more.

Thats why I'd prefer an uninterested third party we can both agree on holds the books. Mark Zaid has very kindly offered to draw up the promissary agreement which I'm sure would be bulletproof for all sides.

If this requirement turns you off, then don't make an offer. I've two already, and will be speaking to a third later today.

The whole excersise may be moot as the money was to buy a 1969 Firebird but the owner is having sellers remorse.

I wouldn't mind borrowing against my books for this purchase, but its not the sort of thing you should tap a home equity line for.

[NewWorldOrder]

Has does your request for a loan make any sense other than for the person who is loaning you the money to keep the actual CGC books?

 

I already see a shady red flag by having someone else holding the CGC books as collateral and basically the one shelling out the cash flow sitting on the sidelines holding their johnson.

 

 

If I give you $30,000 worth of books and you give me $15,000 in cash- you are fully covered if I default. What recourse do I have if you sell my books or they get stolen? Keep the 50% value I already had? I could sell them right now for more.

Thats why I'd prefer an uninterested third party we can both agree on holds the books. Mark Zaid has very kindly offered to draw up the promissary agreement which I'm sure would be bulletproof for all sides.

If this requirement turns you off, then don't make an offer. I've two already, and will be speaking to a third later today.

The whole excersise may be moot as the money was to buy a 1969 Firebird but the owner is having sellers remorse.

I wouldn't mind borrowing against my books for this purchase, but its not the sort of thing you should tap a home equity line for.

 

Good luck, but it wouldn't matter if it was Mark Zaid or Mother Theresa if I gave you 15K and didn't have the books then I am taking all the risk.

 

You posted this in an open forum so just saying to me this sounds like a potential disaster for the loaner.

 

[fantastic_four]

I wouldn't mind borrowing against my books for this purchase, but its not the sort of thing you should tap a home equity line for.

 

If you're planning to pay it back within a year, why not? The equity line would be a much cheaper interest rate. If disaster strikes, you've got the aforementioned $30K in comics to cover you.

[blazingbob]

No offense to Mr. Mark but that wouldn't work either.

 

You want the check, I hold the books.

 

End of story.

 

 

[fantastic_four]

No offense to Mr. Mark but that wouldn't work either.

 

You want the check, I hold the books.

 

End of story.

 

Have to agree with Shad--no idea why any borrower would ever risk $30K with a non-bank to borrow $15K. Not that I have any reason to believe you'd ever screw him.

[blazingbob]

$30K of books versus "real cash" of $15K

 

$30K is a determined value, Something is only worth a certain $$$ amount only after it's been sold.

 

Yes, the risk/reward for the holder of the loan is definitely good but who is to say that all $30K will sell quickly if the loan is not repaid?

 

Lastly, what bank would give you $15K for a pledge of $30K in comics?

 

I would like to know what bank would do that for me.

 

My credit line is not 1/2 of my business inventory value.

[comicwiz]

No offense to Mr. Mark but that wouldn't work either.

 

You want the check, I hold the books.

 

End of story.

 

Have to agree with Shad--no idea why any borrower would ever risk $30K with a non-bank to borrow $15K. Not that I have any reason to believe you'd ever screw him.

 

On an equity loan, the bank takes 100% and allows the borrower to take out a maximum of 65% with interest. With everything that happened in the home equity market, that percentage (65%) would likely only happen if you had an outstanding credit history or had a home or commercial property in an area that has seen significant and/or steadily climbing real estate values.

 

In the case of pawn shops, which predates bank lending, you would be lucky to squeak out 30% of value, and the reason is that they would retail at 50-60% of value on people who never never return to pick up their pawned item.

 

While I can appreciate how it would bother anyone immensely to lose 50% of value for the sake of being approved/accepted for a loan, this is a widely accepted practice and it isn't unusual for the lender (especially banks) to hold the entire value of the item being used to borrow against.