Topic: 13 BTC Loan - Land Collateral (Read 1420 times)
No luck with the bank today, their offering is for land at a minimum of $50k in value to back a loan. I am open to hearing other offers. If located in the states a note from rocket lawyer will legally suffice. If outside of the states I am not too sure.
Why not get a loan through a bank they will surely give you a loan if you have it backed by a large plot of land. Why do you feel it necessary to scheme around on a Bitcoin forum trying to get a loan instead of using traditional means . FYI no one is going to give you more than $5 on this forum especially with a scam story like yours.
Once again I will gladly go on Skype and screenshare everything to show you all proper proof just to spite you trying to accuse me of scam.
Appreciate your two cents though, best of luck to you.
I'm not accusing you of a scam necessary you can easily own some land that not far fetched at all. I am saying the bank will gladly loan you money collateralized by your land at a much lower interest rate than you will ever get on this forum.
Why not get a loan through a bank they will surely give you a loan if you have it backed by a large plot of land. Why do you feel it necessary to scheme around on a Bitcoin forum trying to get a loan instead of using traditional means . FYI no one is going to give you more than $5 on this forum especially with a scam story like yours.
Once again I will gladly go on Skype and screenshare everything to show you all proper proof just to spite you trying to accuse me of scam.
Appreciate your two cents though, best of luck to you.
Why not get a loan through a bank they will surely give you a loan if you have it backed by a large plot of land. Why do you feel it necessary to scheme around on a Bitcoin forum trying to get a loan instead of using traditional means . FYI no one is going to give you more than $5 on this forum especially with a scam story like yours.
Is anybody here able to serve as an escrow service for this deal? Or know anybody who is in the US that could be of help here?
I am not an attorney, and I recommend that you seek the advice of qualified counsel for help with this transaction.With the above being said, most loans that are secured by real estate will entail the borrower sign both a Promissory Note that promises to repay the amount of the loan plus interest, as well as a Mortgage that will get recorded that will put a lien on the property that will allow the current assignee (if assigned, otherwise the original Mortgagee) to foreclose on the real estate in the event of a default. A title insurance company will generally guarantee there is a clear title as of a certain date, sometimes subject to certain conditions.
It is very rare (I have never heard of this) for a lender, or someone on behalf of the lender, to hold the title to a property while there is an outstanding loan.
It would probably be ill-advised for an escrow to hold title to the subject property because while they are holding title, they would be the owner of the subject property, which would likely cause them to be liable for any property taxes as they become due, and may be liable if someone gets injured on the subject property.
I was thinking a promissory note would have been the best/easiest way. That is what I have done in the past with rocket lawyer, it is a tricky situation, but I think it can be done if the right person is willing to agree to doing some paperwork to ensure the collateral is safe for both parties.
Is anybody here able to serve as an escrow service for this deal? Or know anybody who is in the US that could be of help here?
I am not an attorney, and I recommend that you seek the advice of qualified counsel for help with this transaction.With the above being said, most loans that are secured by real estate will entail the borrower sign both a Promissory Note that promises to repay the amount of the loan plus interest, as well as a Mortgage that will get recorded that will put a lien on the property that will allow the current assignee (if assigned, otherwise the original Mortgagee) to foreclose on the real estate in the event of a default. A title insurance company will generally guarantee there is a clear title as of a certain date, sometimes subject to certain conditions.
It is very rare (I have never heard of this) for a lender, or someone on behalf of the lender, to hold the title to a property while there is an outstanding loan.
It would probably be ill-advised for an escrow to hold title to the subject property because while they are holding title, they would be the owner of the subject property, which would likely cause them to be liable for any property taxes as they become due, and may be liable if someone gets injured on the subject property.
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legendary
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Is anybody here able to serve as an escrow service for this deal? Or know anybody who is in the US that could be of help here?
I doubt there is anyone really qualified and willing on this forum to properly escrow a real estate note.
Is anybody here able to serve as an escrow service for this deal? Or know anybody who is in the US that could be of help here?
Anybody else interested?
I would be willing to do a loan with this land as collateral, however I could not do that much. The land value may be that, but there are legal fees and repossession/forclosure in the case you do not repay. If you would accept a lower amount for a loan, please not this. Also please note what the loan will be used for.
What is your offer if you would like to do it for lower?
It's fair in the 600s, I'm exploring my options hence why I started this thread.
No it's literally a deserted area in Southern California. Please look up real estate in Kern County and look at the going rates.
buddy let me tell you one thing,you can only get a loan according to the asset you have in your hand,if the valuation is low and in some cases you will be entitled to get only 35 % of the value as loan in some cases it depends upon the loan instituation, Most will give you 85% tops and the rate should not be too bad if you have good credit. hows you credit
that's why I wanted to buy it for half the value.
No it's literally a deserted area in Southern California. Please look up real estate in Kern County and look at the going rates.
buddy let me tell you one thing,you can only get a loan according to the asset you have in your hand,if the valuation is low and in some cases you will be entitled to get only 35 % of the value as loan in some cases it depends upon the loan instituation, Most will give you 85% tops and the rate should not be too bad if you have good credit. hows you credit
Sorry no intention on selling it, and if I was to sell it I wouldn't settle for half the value.
Sell it to me. Why not?
Hi loan purposes were noted earlier but debt consolidation to stop building interest on credit card bills and simply to catch up on pending bills.
Paid commission on a quarterly basis usually 6 weeks after the end of the quarter (current quarter ends in June) hence why I pushed it to 8 weeks.
Open to entertain other offers and hear them out.
Paid commission on a quarterly basis usually 6 weeks after the end of the quarter (current quarter ends in June) hence why I pushed it to 8 weeks.
Open to entertain other offers and hear them out.
I would be willing to do a loan with this land as collateral, however I could not do that much. The land value may be that, but there are legal fees and repossession/forclosure in the case you do not repay. If you would accept a lower amount for a loan, please not this. Also please note what the loan will be used for.
Sorry no intention on selling it, and if I was to sell it I wouldn't settle for half the value.
No it's literally a deserted area in Southern California. Please look up real estate in Kern County and look at the going rates.
I can give it it a look. Do you want to sell the land. Maybe I can buy it from you but I would only be prepared to pay half of what it's worth.
No it's literally a deserted area in Southern California. Please look up real estate in Kern County and look at the going rates.
11k in land in California, seems too cheap. Is the land contaminated?
I actually did want the loan to be currency tied and not btc tied because of halving. Appreciate the gesture generally I thought it would make no sense to you as the lender unless there was an incentive for you to loan to me.
I did attempt with the bank but they did not have any loans with interest rates that would help given the value of the land. I was told it had to be worth at least double the amount of the loan value I am requesting.
Happy to hop on a call and get lawyers to talk out next steps if need be. Once again I have nothing to hide, so the fact that I continue getting doubted makes me want to continue to answer / provide any proof you have.
Please keep the questions coming. Btw all property tax payments are up to date.
I did attempt with the bank but they did not have any loans with interest rates that would help given the value of the land. I was told it had to be worth at least double the amount of the loan value I am requesting.
Happy to hop on a call and get lawyers to talk out next steps if need be. Once again I have nothing to hide, so the fact that I continue getting doubted makes me want to continue to answer / provide any proof you have.
Please keep the questions coming. Btw all property tax payments are up to date.
Ok I am interested, sorry new to this website. Can you tell me the steps behind finding a good escrow source here?
You can find a list of good escrows here: https://bitcointalksearch.org/topic/bitcointalk-escrows-trade-safely-855778Also curious why you would want to move forward with no interest here?
I believe that loans should be interest free because the one asking for it is facing hard times and charging interest only makes it harder for him. Just my 2 cents.Are you just hoping the loan defaults?
No I prefer to see the loan paid back.Do you want this loan to be a USD-tied one? IMO, A USD-tied one will be better because if it was purely BTC-based you would end up paying much more than you borrowed due to the increased bitcoin price.
what are you planning to do with a loan of 13 BTC 
since the price are increasing are you planning to play the vanishing act 
,if you own the property why dont you go to a bank and take out a loan,it is a simple process rather than asking here i guess
and if anyone wants to provide a loan here,sure that can be made possible with the help of a lawyer with the proper documentation
since the price are increasing are you planning to play the vanishing act ,if you own the property why dont you go to a bank and take out a loan,it is a simple process rather than asking here i guessand if anyone wants to provide a loan here,sure that can be made possible with the help of a lawyer with the proper documentation
Ok I am interested, sorry new to this website. Can you tell me the steps behind finding a good escrow source here? Also curious why you would want to move forward with no interest here? Are you just hoping the loan defaults?
Specifically Kern County.
I might fulfill this loan without interest if you find a trustworthy escrow on this forum to hold the collateral.
Specifically Kern County.
Pretty sure I am lying? I know you deal with a lot of attempted scams on this site, but please do not categorize me with such. Happy to provide any information and do all proper legal procedures if we were to move forward.
So please do not try to tarnish my post for your lack of belief, because I will happily hop on a call, meet in person (if near by), Skype, etc.
So please do not try to tarnish my post for your lack of belief, because I will happily hop on a call, meet in person (if near by), Skype, etc.
what county is it in?
I have 2.5 acres located in Southern California
The United States legendary
Activity: 1302
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Core dev leaves me neg feedback #abuse #political
Pretty sure I am lying? I know you deal with a lot of attempted scams on this site, but please do not categorize me with such. Happy to provide any information and do all proper legal procedures if we were to move forward.
So please do not try to tarnish my post for your lack of belief, because I will happily hop on a call, meet in person (if near by), Skype, etc.
So please do not try to tarnish my post for your lack of belief, because I will happily hop on a call, meet in person (if near by), Skype, etc.
what county is it in?
Pretty sure I am lying? I know you deal with a lot of attempted scams on this site, but please do not categorize me with such. Happy to provide any information and do all proper legal procedures if we were to move forward.
So please do not try to tarnish my post for your lack of belief, because I will happily hop on a call, meet in person (if near by), Skype, etc.
So please do not try to tarnish my post for your lack of belief, because I will happily hop on a call, meet in person (if near by), Skype, etc.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
those kinds of deals require a note on the property done through a proper legal team. theoretically possible
if the lender knows what he is doing.
also i'm pretty sure you are lying
if the lender knows what he is doing.
also i'm pretty sure you are lying
Thanks for the feedback, those are good alternatives to keep in mind. I didn't think so many fees would be in consideration, figured it could be easy as a car title switch. Still open to hear if others are interested, I thought it would provide good collateral given the loan amount.
But appreciate the advice and information, will read more into it on my end.
But appreciate the advice and information, will read more into it on my end.
It can easily cost a large mortgage servicer $15,000 to foreclose on a delinquent mortgage, and I would anticipate that a person owning a single loan would probably incur greater costs to foreclose on a property, especially in a state like CA.
Also, before anyone should ever accept land/real property (eg a house) as collateral, they should get a title report and title insurance, which will also add to the costs of the loan (even if the loan is repaid on a timely basis).
Also, before anyone should ever accept land/real property (eg a house) as collateral, they should get a title report and title insurance, which will also add to the costs of the loan (even if the loan is repaid on a timely basis).
Thanks for the response.
I was more so asking to see if it would be an option even to have land as collateral. I am asking for 13 btc (~$9k) for 8 weeks for a repaid interest of 1 btc. I can provide proof of land ownership/personal information if interested, please PM me for that information.
Sorry once again, new to the website and still learning about the process but happy to clear up any questions/concerns or hop on a phone call.
In terms of the btc price fluctuating, is it possible to lock in the rate at the current trading price?
I was more so asking to see if it would be an option even to have land as collateral. I am asking for 13 btc (~$9k) for 8 weeks for a repaid interest of 1 btc. I can provide proof of land ownership/personal information if interested, please PM me for that information.
Sorry once again, new to the website and still learning about the process but happy to clear up any questions/concerns or hop on a phone call.
In terms of the btc price fluctuating, is it possible to lock in the rate at the current trading price?
You need to provide more in detail information with what youre asking here similar how you`ll post a car as a collaterol.
The information such as the paper work and the title of ownership is verified with you, also mineral rights, if you have any.
I doubt this will get fulfilled, since most arent willing to lend when the price of bitcoin is gone up.
The information such as the paper work and the title of ownership is verified with you, also mineral rights, if you have any.
I doubt this will get fulfilled, since most arent willing to lend when the price of bitcoin is gone up.
Ok good insight, my thought process behind it would be to create a rocket lawyer legal agreement between both parties to avoid any issues.
I assume it's not unless of course you can give to the lender (who should be from the same country and area as you).
Land get probably more valuable over the years and in case the whoever gave you loan won't give you back your land , what are you going to do and how you are planning to prove what happened in Bitcointalk in the court ? sounds complicated to me. So it's probably not valid collateral with all meanings .
Land get probably more valuable over the years and in case the whoever gave you loan won't give you back your land , what are you going to do and how you are planning to prove what happened in Bitcointalk in the court ? sounds complicated to me. So it's probably not valid collateral with all meanings .
Hi,
New to this website and had a general question. I am looking at a 13btc loan (~$9k) for 8 weeks. I have 2.5 acres located in Southern California last evaluated at roughly a worth of nearly $11k.
Is land something that can be used as collateral? Appreciate any help and insights.
New to this website and had a general question. I am looking at a 13btc loan (~$9k) for 8 weeks. I have 2.5 acres located in Southern California last evaluated at roughly a worth of nearly $11k.
Is land something that can be used as collateral? Appreciate any help and insights.
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