All Topics / The Treasure Chest / Using Deposit, Assets, Collatoral

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  • Profile photo of SachSach
    Member
    @sach
    Join Date: 2003
    Post Count: 91
    August 27, 2003 - 4:12 pm

    I saw in a book that you can use things like
    collectables, valuable toys as asset collatoral.
    anyone know much bout this?

    Profile photo of gocatsgocats
    Member
    @gocats
    Join Date: 2003
    Post Count: 12
    August 29, 2003 - 3:37 am

    Dear Sach

    My experience in bank lending is that these sorts of assets are only used to top up minor shortfalls in freehold secuirty margins. The application for finanace would have to be extremely strong in other areas, (e.g servicing, net assets, character etc) for a major bank to do this for you. It might be more prevelant for non bank lenders. Therefore I would have thought that while it is possible it is not common.

    Kind regards
    go cats

    Profile photo of SachSach
    Member
    @sach
    Join Date: 2003
    Post Count: 91
    August 29, 2003 - 3:41 am

    thanks gocats. yeah well i saw this info in an
    pay off you mortgage in 5 years / save intrest
    on you home loan, type of books…. i guess they
    say a lot of out there stuff to sell their books,
    even though the practices may only work sometimes.

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