UO Second Age

Bank of Britain – Loan Department

We offer several premium services that will help players increase their cash flow, buying power and playability.

Do you own several houses that you love and don’t want to part with? Did a new home pop up on the market that you have been DIEING to own, but now you can’t afford it?

Well then the Loan Department at Bank of Britain is just the place you need to visit! We give out all types of loans.

Home Loans – Purchasing New Homes
Business Loans – Purchasing Items to Stock Vendors
Investment Loans – Purchasing rare items as an invesment
Student Loans – New player loans

You name it we do it!

How it works:

In order to procure a loan from the Bank of Britain we do require that you have collateral. The best type of collateral is home equity, but all forms of collateral are accepted. We will have one of the appraisers from the hit TV show ‘Pawn Stars’ review your merchandise and give you the value of its worth when not using property as collateral.

You will be given a loan for 100% of the value of the collateral we are holding. All collateral held will be owned by Bank of Britain for the duration of the loan, BUT may still be used by the borrower freely upon request.

There are several different types and lengths of loans available, please see your nearest Britain Bank Loan Officer for more details.


Typical Loan Terms:

1 week loan = 105% repayment, 10k minimum
2 week loan = 110% repayment, 10k minimum
3 week loan = 113% repayment, 10k minimum
1 month loan = 115% repayment, 10k minimum
2 month loan = 125% repayment, 10k minimum
3 month loan = 135% repayment, 10k minimum
4 month loan = 150% repayment, 10k minimum
5+ month loan = negotiable


All payments must be made in a timely manner. There will be a 15 day grace period on loans that are overdue. After those 15 days if the loan goes into a non-payment status, the borrow will forfeit all collateral and may be eligible to pay additional penalties in order to recover their collateral.



Example of a typical transaction #1:

Arsen (borrower) has spent all of his millions of gold on rares to decorate his castle and has very little left in the bank. The Yew Bank Mall goes on the market with a starting bid of 4 million gold and Arsen just HAS to have this piece of property, but has no gold to purchase.

Arsen will come into the Bank of Britain and speak with one of our senior loan officers and set the terms and collateral of the loan. Arsen would like to do a 2 month loan at 125% repayment .

Arsen states that he has a very rare ‘I love uosecondage’ shirt, a few deamon statues, a castle he doesn’t use and a bear rug.

The Bank of Britain would value the items as follows:
Shirt – 500k
Deamon Statue – 1.5mill each
Castle – Castle deed
Bear Rug – 2 castle deeds

Giving him roughly 5.1 million for the Yew Vendor house!


Once they sign the loan documents Arsen will transfer all of his collateral to the Bank of Britain where they will store it in their state of the art high tech Vault for safe keeping. As the terms of the loan state Arsen will have 2 months to pay back 125% of the loan. Once he does so he will be given back all of his collateral and the transaction will be complete.



Example of a typical transaction #2:

A new player saves up enough for a small which he places outside of Trinsic. He would like to GM magery, but is cash strapped after purchasing the home and has no gold for regs. So he come into the Bank of Britain and takes a loan for 44k out putting up his home as collateral.

The Bank of Britain understands that not everybody has multiple empty homes to put up as collateral so we have setup a program where you will still be co-owner of the home while you are under the terms of your loan.

3 months later the debt is paid off and the home is transferred back to our new player who now has GM Magery!!



For all loan inquires please PM Robbbb (CFO, Bank of Britain)

What an excellent concept!

Zelek Uther wrote:What an excellent concept!

Why thank you sir!

roflmao

Very Nice. But.. great idea!

can i put my first born as collateral?

What happens when someone comes along and pulls out all your cash on loans? You tell the next guy sorry we are busted out?

Not to knock the idea the concept sounds great and well thought of. Just bustin balls a little

Jorel wrote:What happens when someone comes along and pulls out all your cash on loans? You tell the next guy sorry we are busted out?

Not to knock the idea the concept sounds great and well thought of. Just bustin balls a little

Haha, I have plenty of gold to support many and most size loans. As a back up I have an 'invester' that has already told me they will put up any funds needed if I get low.

Together we have more than we can give out so I dont think it will be an issue =)

I kind of don't like the idea that you have to put up all the money (collateral) first- in order to get the loan, I have to give you what it's worth in collateral first- in order to get the loan. If we had the money (or the equivalent rares) already, why would we want to take out a loan?

It works for people who already have assets, but what about the "student" (newbie loans) you mentioned? Usually people borrow because they need money that they don't have.

Also, what do you for an interest rate?

randale wrote:I kind of don't like the idea that you have to put up all the money (collateral) first- in order to get the loan, I have to give you what it's worth in collateral first- in order to get the loan. If we had the money (or the equivalent rares) already, why would we want to take out a loan?

It works for people who already have assets, but what about the "student" (newbie loans) you mentioned? Usually people borrow because they need money that they don't have.

Also, what do you for an interest rate?

The rate is in the original post and is dependant upon the amount of time it will take you to repay the loan.

You cannot just take someones word in this game so giving out free gold and hoping that I get it back doesnt make much sense. For new players you would need to work your way up to purchasing a home and then leverage that home for a loan. This way you have fun playing the game and working for your original items and then you can use the loan for regs, armor, weapons or whatever you need to continue your progress.

Generally speaking, it wouldn't be prudent to give loans to those intent on buying supplies with it. The intention would be for the purpose of purchasing an expensive item or items, which would then become the requisite collateral.

IE: I want this house. Lender buys the house, co-owns the recipient until fully paid. Or in the example of a rare, the bank could purchase the rare and take payments towards the eventual transfer of said item.

There is a risk to be had on both sides, but if the bank comes to gain a solid business reputation it could work out well all around.

If I wanted a 6m gold loan to buy GK's purple horse, I would expect the bank to hold the horse for insurance until I actually pay up the money. I, as well as GK would have to trust them to honor the deal in the end of course and payment structure would be a nightmare(pun intended). What's to say the bank won't just fold when I get to 5m paid and they keep my damn horse too? They would have to give ME some collateral to ensure my payments are being held in more than just good faith.

BlaiseDad wrote:Generally speaking, it wouldn't be prudent to give loans to those intent on buying supplies with it. The intention would be for the purpose of purchasing an expensive item or items, which would then become the requisite collateral.

IE: I want this house. Lender buys the house, co-owns the recipient until fully paid. Or in the example of a rare, the bank could purchase the rare and take payments towards the eventual transfer of said item.

There is a risk to be had on both sides, but if the bank comes to gain a solid business reputation it could work out well all around.

If I wanted a 6m gold loan to buy GK's purple horse, I would expect the bank to hold the horse for insurance until I actually pay up the money. I, as well as GK would have to trust them to honor the deal in the end of course and payment structure would be a nightmare(pun intended). What's to say the bank won't just fold when I get to 5m paid and they keep my damn horse too? They would have to give ME some collateral to ensure my payments are being held in more than just good faith.

This method would never work. It would just be me purchasing items for players and HOPING that they decide to buy it back from me. If they dont, I am now stuck with an item that I probably cant re-sell for the amount I purchased it for.

The only way to make sure the loan is paid back is to hold items or housing as collateral.

This type of loan is generally for players looking to purchase multi-million gold items that they are just gold strapped.

They have 400 silver, but do not wish to sell it to purchase the item, BUT they can leverage it as collateral to get that 4 mill to purchase their dream island that just popped up on the market...

Have you guys found any customer yet? Really interesting

I have had many propositions, however no one is willing to put any collateral up??? Doesn't make any sense to me.

Surprised no one has tried it. Seems a quick way for newer players to get chars skilled. Small deed loan for a month looks to be 6.6k, extremely reasonable given the time required to handle it.

Might also want to mention if you prorate shorter terms (eg. 2mil for 2days... 10k?) or early payoffs.