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Author Topic: 35 BTC Loan Contract (ATC777 and BTCInvest)  (Read 3500 times)
TradeFortress
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January 13, 2013, 09:45:03 AM
 #1

Loan Amount
The loan amount is 35.00 BTC (thirty-five Bitcoins and zero "Satoshis"), with an interest rate of 15.0% APR (fifteen percent annually).

Verification
The debtor agrees to provide scans of a government issued ID via email.

Payment Address
15UofD4XkznG2WLCXLBpvB6sC4Bi6uusrZ

Repayment Address
1FLE1sJRVdnZ2FweicXdq2ZNqP8fPvNfpD

Scheduled Dates
Scheduled dates are set as every 30 days after the loan amount has been sent, 12 times per year.

Payments
For the duration of the loan, debtor is obligated to make a monthly payment within 48 hours of each scheduled date of 3.35416 BTC to the specified repayment address of the creditor. This is applied as 12x monthly payments of 3.35416 for a duration not exceeding one year. Upon the final payment (or in the event of early repayment) debtor's obligation shall be considered fulfilled and this contract shall be terminated.

Early Repayment
In the event of early repayment (to terminate the loan in full) borrower shall pay an amount of the total remaining unpaid debt liability multiplied by 1.02.

Calculated as [T * 1.02], where T equals total unpaid debt liability.

Late Payments
Payments must be made within 48 hours of each scheduled date. If debtor fails to make payment within 48 hours of a monthly scheduled date the interest rate shall be temporarily increased 30.0% APR (thirty percent annual percent rate) until the delinquent payment is satisfied. Once the monthly payment is completed the interest rate shall immediately return to the original interest rate of 15% APR (fifteen percent annually).

This shall be applied as adding 0.01458 BTC to the repayment amount for each day of delinquency until the payment is satisfied.

BTCINVEST
Funds will be provided by BTCINVEST. TradeFortress agrees to provide an advance of the interest of this loan as per normal dividend schedules. TradeFortress agrees to cover the principal of this loan if the borrower defaults, keeping the NAV of each bond at 0.1 BTC.

Change of Terms or Refinance
The terms of this loan contract may be changed at any time only if both parties (creditor and debtor) agree to all changes, in writing.
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ATC777
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January 13, 2013, 09:48:49 AM
 #2

Loan Amount
The loan amount is 35.00 BTC (thirty-five Bitcoins and zero "Satoshis"), with an interest rate of 15.0% APR (fifteen percent annually).

Verification
The debtor agrees to provide scans of a government issued ID via email.

Payment Address
15UofD4XkznG2WLCXLBpvB6sC4Bi6uusrZ

Repayment Address
1FLE1sJRVdnZ2FweicXdq2ZNqP8fPvNfpD

Scheduled Dates
Scheduled dates are set as every 30 days after the loan amount has been sent, 12 times per year.

Payments
For the duration of the loan, debtor is obligated to make a monthly payment within 48 hours of each scheduled date of 3.35416 BTC to the specified repayment address of the creditor. This is applied as 12x monthly payments of 3.35416 for a duration not exceeding one year. Upon the final payment (or in the event of early repayment) debtor's obligation shall be considered fulfilled and this contract shall be terminated.

Early Repayment
In the event of early repayment (to terminate the loan in full) borrower shall pay an amount of the total remaining unpaid debt liability multiplied by 1.02.

Calculated as [T * 1.02], where T equals total unpaid debt liability.

Late Payments
Payments must be made within 48 hours of each scheduled date. If debtor fails to make payment within 48 hours of a monthly scheduled date the interest rate shall be temporarily increased 30.0% APR (thirty percent annual percent rate) until the delinquent payment is satisfied. Once the monthly payment is completed the interest rate shall immediately return to the original interest rate of 15% APR (fifteen percent annually).

This shall be applied as adding 0.01458 BTC to the repayment amount for each day of delinquency until the payment is satisfied.

BTCINVEST
Funds will be provided by BTCINVEST. TradeFortress agrees to provide an advance of the interest of this loan as per normal dividend schedules. TradeFortress agrees to cover the principal of this loan if the borrower defaults, keeping the NAV of each bond at 0.1 BTC.

Change of Terms or Refinance
The terms of this loan contract may be changed at any time only if both parties (creditor and debtor) agree to all changes, in writing.

Agreed and signed.

Epic Coinage -- Gold, Silver, Bitcoin, Exchange, Apparel, Electronics and more!

Check the official trade thread for full list of products and services!

Tips :: 13M9QLc5BDQe2iuB1N3Br58fYvJF5ixihT
TradeFortress
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January 13, 2013, 09:51:12 AM
 #3

Payment sent.
https://blockchain.info/tx/9a4001e080e52fa22f12f79bfe4b625de1ac0b86215076bd3c2e395665913180
ATC777
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January 13, 2013, 09:54:13 AM
 #4


I hereby acknowledge the payment of BTC35.00 (thirty-five Bitcoins) as received.

Epic Coinage -- Gold, Silver, Bitcoin, Exchange, Apparel, Electronics and more!

Check the official trade thread for full list of products and services!

Tips :: 13M9QLc5BDQe2iuB1N3Br58fYvJF5ixihT
TradeFortress
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January 13, 2013, 10:09:21 AM
 #5

To BTCINVEST holders,

I have deemed this loan to be low risk because the borrower has significant reputation on other websites (gamedev, http://www.gamedev.net/user/174227-atc/), shown ID & proof of assets, had performed a few high valued trades on here and came off as someone who isn't a scammer in our conversations. I take a lot of behavior in account when I look for low risk loans, and I will be covering this 100% in case of a default.

In addition, I'll be paying the interest as dividends in advance so it matches up with the dividend schedule Smiley
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hi, i'm dinosaur. :)


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January 13, 2013, 11:13:46 AM
 #6

love it. Smiley

1FRW9Sd6EBedduZ8oZWdkJBdRHYCvLxrYe
profiles: bitcoin-otc
marketersales
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January 13, 2013, 03:58:01 PM
 #7

Loan Amount
The loan amount is 35.00 BTC (thirty-five Bitcoins and zero "Satoshis"), with an interest rate of 15.0% APR (fifteen percent annually).

Verification
The debtor agrees to provide scans of a government issued ID via email.

Payment Address
15UofD4XkznG2WLCXLBpvB6sC4Bi6uusrZ

Repayment Address
1FLE1sJRVdnZ2FweicXdq2ZNqP8fPvNfpD

Scheduled Dates
Scheduled dates are set as every 30 days after the loan amount has been sent, 12 times per year.

Payments
For the duration of the loan, debtor is obligated to make a monthly payment within 48 hours of each scheduled date of 3.35416 BTC to the specified repayment address of the creditor. This is applied as 12x monthly payments of 3.35416 for a duration not exceeding one year. Upon the final payment (or in the event of early repayment) debtor's obligation shall be considered fulfilled and this contract shall be terminated.

Early Repayment
In the event of early repayment (to terminate the loan in full) borrower shall pay an amount of the total remaining unpaid debt liability multiplied by 1.02.

Calculated as [T * 1.02], where T equals total unpaid debt liability.

Late Payments
Payments must be made within 48 hours of each scheduled date. If debtor fails to make payment within 48 hours of a monthly scheduled date the interest rate shall be temporarily increased 30.0% APR (thirty percent annual percent rate) until the delinquent payment is satisfied. Once the monthly payment is completed the interest rate shall immediately return to the original interest rate of 15% APR (fifteen percent annually).

This shall be applied as adding 0.01458 BTC to the repayment amount for each day of delinquency until the payment is satisfied.

BTCINVEST
Funds will be provided by BTCINVEST. TradeFortress agrees to provide an advance of the interest of this loan as per normal dividend schedules. TradeFortress agrees to cover the principal of this loan if the borrower defaults, keeping the NAV of each bond at 0.1 BTC.

Change of Terms or Refinance
The terms of this loan contract may be changed at any time only if both parties (creditor and debtor) agree to all changes, in writing.
Fully agreed. Sending you a PM.
Blazr
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January 13, 2013, 04:10:06 PM
 #8

Fully agreed. Sending you a PM.

Hey dude, you do realize that most of the replies to lending threads you're making are to ones that have already been funded? (for example, this one)

marketersales
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January 13, 2013, 04:19:25 PM
 #9

Fully agreed. Sending you a PM.

Hey dude, you do realize that most of the replies to lending threads you're making are to ones that have already been funded? (for example, this one)
Didn't saw the 2nd post. Anyways.
ATC777
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January 13, 2013, 07:07:37 PM
 #10

Transaction for BTC35.00 is fully confirmed/complete.

Thank you, TradeFortress, for taking so much of your time to review everything and for making it a rather painless process! Smiley

Note to prospective debtors looking for a loan -- I'll give you a little review of my experience:

I'd highly recommend TradeFortress and the BTCINVEST group if you need a loan and have the capacity to repay it. Extremely friendly and professional, and seems to have a lot of knowledge of Bitcoin in general. The terms are very reasonable and he is willing to work with you to make an agreement you both will appreciate. He spent hours of his time talking to me, explaining how it all worked and working with me to come up with mutually beneficial terms and conditions. He wrote up the contract the way he wanted it and then allowed me to make some basic edits to remove some ambiguity and make the terms a bit clearer. TF is definitely not afraid to do his homework and put in the maximum effort.

I initially approached TradeFortress out of curiosity about the whole concept of Bitcoin loans because I saw value in the idea from both angles; from the standpoint of securing a little extra funding and the potential profitability of being a lender. I asked for a quote on what I could potentially get a loan for to apply to buying more gold and silver to boost our inventories/revenues a bit. And I was offered BTC35.00 BTC at a 30% APR (because I'm new in Bitcoin and TF knew nothing about me, of course). I had to turn down that offer because it just wouldn't have been worth it at 30% (the cost is much higher than a dollar-denominated loan due to appreciation of the BTC against the USD), and I wasn't really "hurting" for a loan anyway. So we just dropped the subject entirely and started talking about software, game and web development and business. But TF put in the effort to look into me personally outside of the Bitcoin world and get to know me. He then decided to make a new (totally unsolicited) offer for BTC35.00 @ 15% APR for a duration of one year... essentially making me an offer I couldn't refuse. I knew I could immediately use it to buy an extra silver or a little "basket" of assorted gold coins and increase our volume -- all at a rather low cost -- and still maintain a good margin. After all the money I've spent on our startup costs it was a quite appealing offer, so I deemed it to be a worthwhile deal with relatively low risks/liability. If anything, I can use the opportunity to start developing a little "credit history" in the Bitconomy.  Smiley

So I'm quite pleased with all of this and I'd definitely recommend BTCINVEST (and TradeFortress, personally) to anyone looking for a little extra cash to boost their business or start-up project. I wish everyone in the BTCINVEST group much success in this lending venture and perhaps someday I will hop aboard myself.  Cheesy

Thanks,

--ATC--

Epic Coinage -- Gold, Silver, Bitcoin, Exchange, Apparel, Electronics and more!

Check the official trade thread for full list of products and services!

Tips :: 13M9QLc5BDQe2iuB1N3Br58fYvJF5ixihT
TradeFortress
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January 14, 2013, 03:07:09 AM
 #11

Fully agreed. Sending you a PM.
Are you serious? Did you read the title?  Roll Eyes Roll Eyes
John (John K.)
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Will read PM's. Have more time lately


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January 14, 2013, 03:09:40 AM
 #12

Fully agreed. Sending you a PM.
Are you serious? Did you read the title?  Roll Eyes Roll Eyes
He's probably pumping posts to do his own lending thread. Roll Eyes

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

ATC777
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February 13, 2013, 12:11:28 AM
 #13

I believe my first payment is due tomorrow? I can just go ahead and pay tonight, if that's cool with you, TradeFortress.

Regards,

--ATC--

Epic Coinage -- Gold, Silver, Bitcoin, Exchange, Apparel, Electronics and more!

Check the official trade thread for full list of products and services!

Tips :: 13M9QLc5BDQe2iuB1N3Br58fYvJF5ixihT
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In Collateral I Trust.


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February 13, 2013, 12:22:40 AM
 #14

I believe my first payment is due tomorrow? I can just go ahead and pay tonight, if that's cool with you, TradeFortress.

Regards,

--ATC--

I hope this goes well for both. Would be nice to see a decent amount of loan be returned as planed for a change.

When the subject of buying BTC with Paypal comes up, I often remember this: 

Insanity: doing the same thing over and over again and expecting different results.

Albert Einstein
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February 13, 2013, 12:44:54 AM
 #15

I believe my first payment is due tomorrow? I can just go ahead and pay tonight, if that's cool with you, TradeFortress.

Regards,

--ATC--

I hope this goes well for both. Would be nice to see a decent amount of loan be returned as planed for a change.

TradeFortress will do just fine... I, on the other hand, got taken to the woodshed! Just my luck to borrow 35 btc right before the price skyrockets to over $25.00/BTC LOL! A loan of 35.00 BTC is essentially a net-short position against the BTC/USD rate, so that's a net-loss to my portfolio heheh.  Tongue

--ATC--

Epic Coinage -- Gold, Silver, Bitcoin, Exchange, Apparel, Electronics and more!

Check the official trade thread for full list of products and services!

Tips :: 13M9QLc5BDQe2iuB1N3Br58fYvJF5ixihT
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February 13, 2013, 12:59:20 AM
 #16

I believe my first payment is due tomorrow? I can just go ahead and pay tonight, if that's cool with you, TradeFortress.

Regards,

--ATC--

I hope this goes well for both. Would be nice to see a decent amount of loan be returned as planed for a change.

TradeFortress will do just fine... I, on the other hand, got taken to the woodshed! Just my luck to borrow 35 btc right before the price skyrockets to over $25.00/BTC LOL! A loan of 35.00 BTC is essentially a net-short position against the BTC/USD rate, so that's a net-loss to my portfolio heheh.  Tongue

--ATC--

Luck of the draw Wink

When the subject of buying BTC with Paypal comes up, I often remember this: 

Insanity: doing the same thing over and over again and expecting different results.

Albert Einstein
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February 13, 2013, 06:42:33 AM
 #17

I believe my first payment is due tomorrow? I can just go ahead and pay tonight, if that's cool with you, TradeFortress.

Regards,

--ATC--
Yes, please pay the agreed amount of BTC to 1FLE1sJRVdnZ2FweicXdq2ZNqP8fPvNfpD (the repayment address Smiley

It's only a loss if you look at the USD value
ATC777
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February 13, 2013, 07:38:56 AM
 #18

I believe my first payment is due tomorrow? I can just go ahead and pay tonight, if that's cool with you, TradeFortress.

Regards,

--ATC--
Yes, please pay the agreed amount of BTC to 1FLE1sJRVdnZ2FweicXdq2ZNqP8fPvNfpD (the repayment address Smiley

It's only a loss if you look at the USD value

Definitely a loss -- I sold the BTC for USD for more working capital for our bullion trading, and ended up having to buy the BTC back at the new super-high prices!  Cheesy haha

--ATC--

Epic Coinage -- Gold, Silver, Bitcoin, Exchange, Apparel, Electronics and more!

Check the official trade thread for full list of products and services!

Tips :: 13M9QLc5BDQe2iuB1N3Br58fYvJF5ixihT
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February 13, 2013, 08:07:57 AM
 #19

When the prices drops (if it does) then you'll be the one on top.

I was just saying.....
Please do not donate to me, unless you must.  If you insist then here 19oY6GzEAgkTfEbsqYwp5N4LyhJZFNKx1a
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February 14, 2013, 06:46:21 AM
 #20

Screenshot of payment form:



This is scheduled payment #01 in the amount of BTC3.35416 BTC from ATC777 to TradeFortress / BTCInvest...

Payment status: COMPLETE

You can confirm by checking the .info for the tx here...

Regards,

--ATC--

Epic Coinage -- Gold, Silver, Bitcoin, Exchange, Apparel, Electronics and more!

Check the official trade thread for full list of products and services!

Tips :: 13M9QLc5BDQe2iuB1N3Br58fYvJF5ixihT
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