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04-25-2018, 10:01 PM #1
$3-5MM Needed to be Held in Escrow at CIBC , Toronto for 4-6 Mos. VS. 12 Mos Reserves
Asset-Based Loan or not. Painting worth $25MM is the collateral (if even needed! You'll see why below.)
Borrower lives in Montreal, QC. Painting is at a vault in Florida & can be seen & examined on demand, after LOI has been made.
I'm being told by expert lenders that a painting not part of the Pollock Catalogue Raisonné cannot sell...
Well, there are already buyers lined up for this one, including some museums, so I've been told...
Here, in a nutshell is what I feel makes this deal a piece of cake & worth it even without collateral:
- Borrower does NOT need to touch a dime out of the funds.
- Funds simply remain in escrow at top Canadian bank in Toronto while borrower exerts option to purchase another Pollock painting.
- Borrower offers 12 months interest reserves on the loan, even though only needs to show proof of funds for 4-6 months.
- Selling agent is offering to make all the interest payments himself! That's how ready & serious he is.
- Anything goes wrong @ ANY TIME, lender can simply remove the money, while borrower cannot remove a dollar unless lender gives consent. Lender controls funds all throughout!
- What more needs to be said?
Anything else, just PM me. I came up with this setup, realizing that the borrower stressed that he absolutely DOES NOT need to touch the funds. How simple & stupid is this deal?? I mean, am I crazy, or is there something I'm not seeing here...?
Again, PM me if you know any investor with simple-sized balls, who will do this deal. Doesn't take too much guts; just lots of money & patience for a really decent return.
***Note: If investor/lender wishes to keep the painting in their possession throughout, they must be willing to also insure it.***
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