Topic: Seeking $100k USD (or AUD/EUR/GBP/JPY equivalent) - BTC Security (Read 2280 times)

This is now closed. I've raised some funds, not all I hoped to but a useful amount and I've made new contacts. So very worthwhile. Thanks to those who have contacted me. I may be looking for similar structured fiat loans in the future - feel free to PM me anytime.

@BTC4Domains - I was interested, but then I dug into your post history and appears you showed up on the forum a few months ago, offering loans against domain names, then issued a bunch of GLBSE assets, and are now seeking a large loan for a real estate purchase.  I'm also not clear on your primary source of income or on whether you are based in China or Australia.

You don't have to respond to that, I just wanted to offer you some feedback.

If you have some high-traffic or parking revenue domains for sale, I'd be interested.

Exactly. Good to see we are both on the same page.

Principal repayment preference is something you likely can't know till closer to the day. Our particular agreement I can plan around it being fiat transfer and I don't have to repay the principal in BTC - if you notify me on the day you could take BTC and I'm willing at whatever going price - then that could work out well for both of us. Will depend on the exchange of the day.

Well, you have the option in our agreement to pay the interest payments either way. That option in the agreement does not extend to principal, allow I would be willing to consider it at the time of repayment.

Interest payments in BTC won't upset my fiat/BTC balance too much. Getting $10k extra in BTC from repayment of principal means that I'm a lot more exposed to the exchange rate, so I may want to sell the received coins straight away.

Brendio has the option sorry. Which still saves on bank fees. Loans not in AUD will cost me $15 minimum per wire transfer not including the receivers bank fee. Nice to avoid those or minimise where possible, particularly on the monthly interest payments.

Just for clarification, I have offered the option of interest to be paid in BTC. Repayment of principal in BTC may be possible, subject to negotiation. I like to manage my overall balance of fiat and BTC.

It is a bit. There's still a counter party risk. Lending direct to me the lender has the choice which Escrow/Counter Party is used.

Heh, just like PawnCoin!

 - http://ringcoin.com/#PawnCoin

I've put more BTC (in dollar value) deposited as security than the loan amount. If the BTC price drops significantly making the security value less than the loan - then I've agreed to top up the security deposit with BTC as required, this guarantees the security value stays higher than the loan.

The security has been lodged as a guaranteed 8 week deposit with Hashkings' hkbtclending.com service. 2 months is the minimum loan period so 8 weeks deposit works well - if the loan is still current at the end of the 8 weeks deposit then it could be rolled over - depends on Brendio and whatever rate is being offered by Hashking at the time. The security won't be released back to me until Hashking has been notified by Brendio, and I that the loan has been completed. The security is not in a Pirate pass through.

I could handle up to another $50k equivalent in similar loans if they can be actioned before the end of this week finishing 20th of July.
Depending on the terms I'm open to sharing a portion of the security deposit interest as well - this is on top of the monthly interest.
I'm open to a portion of security deposit going into Pirate pass throughs - there's a number of third party insurers in the market now so security deposited in the form of pass through could possibly be insured.

Brendio was kind enough to offer the option of interest repayments in BTC, which will save in bank fees and bank delays.

Does that mean you put btc into an hkbtclending account in an amount equal to what Brendio lent you?

I take it you cannot withdraw until brendio is repaid?

How much are you still looking for?

Hashking is doing the escrow. I'm still looking for another one or two loans if anyone's interested... ($5k-$10k size would be perfect) - Hashking, Kluge, PatrickHarnett, Burtw all would be fine to handle escrow.

who did you use for escrow ?

Noted for the public record that I have partly funded this loan. Btc4Domains has been a pleasure to deal with and I think the deal is win-win for both of us.

Ok. I've had a sleep and think how this might best work.

What I can offer to anyone interested and able:
Option 1: 2.5% interest per month on amounts of fiat $5000 US equivalent or over. I'll guarantee two months of interest before paying out. If I pay it out in 6 weeks you'll still get 2 months of interest.

Bank fees are high, so to make this worthwhile I figured this level of interest is required to be attractive. Preferably I pay the interest and principal in one payment for small loans of $5k. Your fees would be the transfer cost of sending to me, and the fee your bank charges to receive a payment. I'll pay all the costs on my end. If you want the interest payments monthly then money could be sent paypal, neteller, alipay, moneybookers, bitcoin or another method that doesn't require a wire fee. Bitcoin is cheapest! For anyone with Australian dollars, contact me and I'll offer a better rate still.

Escrow
I'm happy to put bitcoin in escrow with any forum member who has a good reputation and offers escrow services.
Terms: If for some reason I can't pay you as promised, the coin held in escrow will be used to cover your principal and interest owing. For $5k in loan I'll provide 1000 BTC security and can increase that if the BTC price drops.

Who: This is ideally for anyone who already has enough bitcoin they are comfortable with, and has cash that could be working harder than it is now. To except BTC security you obviously need to be confident enough in bitcoin that it is not going to go down significantly.

Plan is to live there eventually, build a home. I can feed my family on it, there's clean permanent water, soil is free of pollutants, no GM seeds can blow into it. Perfect! There's a small community down the road. I'm not opposed to partnership if it's good people - or a bitcoin commune But this isn't really a commercial proposition. My plans are just to under scrub a few small spots for the Roos and Wallabies, have somewhere to grow veggies and a house site in the valley. A pad on the high ridge looking out to the coast so I can check the swell. Nothing to flash.

Sounds interesting.. can I ask what your plans are for the property?  Just hold it and sell it for capital gains, live on it and farm it perhaps, commercialize it with tourists/camping/hotels etc, or maybe start up a bitcoin commune

Would you consider going into partnership? so split ownership of the property?

This was a loan thread I started to try and help fund a property I wanted to purchase. I am self employed and borrowing from a traditional bank has been something that has never really happened for me. There has always been some form of excuse from banks. At the time bitcoin was relatively cheap (around US $7 per coin) and I was looking for a way to borrow over a short term using what bitcoin I had as security to raise the money needed rather than having to sell all my coins. As it turned out I was able to partly fund the property with the help of someone I met here - unfortunately the ¨escrow¨ provider (Hashking) seems to have put it all in the pirateat40 ponzi without any reserve/backup.