I am new to this forum and I will continue to post, probably in the economic section since that is what I am the most familiar with when it comes to BTC. That said, I hold a promissory note in $USD, I am paid $1250 USD/month on the original loan that I made, payments are up to date. I have been looking to sell it through traditional avenues and the offers are terrible. There is $55K USD left to be paid on the note and I would like to use it as collateral for a loan for approximately half of the remaining balance. The agreement was prepared by an attorney and signed by both parties in front of a notary public. The loan agreement between myself and my lender will stipulate that the remaining balance of the promissory note be turned over to my lender should I default.
I will be happy to answer any questions you may have.
Thank You
I don't think a promisory note is a valid collateral even if youcsaid your attorney will be on the agreement.
What is not considered collateral?
- Items not in hand. Don't trust a user that promises to give you something *when* they default! Tracking numbers only show something has been mailed - it could be an empty box.
- Future income. You can prove you'll make xx coins in the next few days, but nothing forces you to send those coins to pay your debt.
These kinds of loans are not the ones wgo are supposed to be asked on the internet ad expect a bunch of strangers to fill it for you. Why not ask a relative or someone you know? It'll save you the process than asking it from here which will not likely to be funded at all.