getting funding off the back of a diamond

[grossreal]

hi all
this is for the brokers or originators or even the guys looking out side the square
has anyone done funding using a diamond, ruby or even a gold bar to be used as the deposit for a property and used it to increase the net value of a property and cross collate the property and the stone or gold and any idea which lender would do this
its a very interesting question and before I go looking this borad maywell have the answer

 

[turk]

Geezz Gross

Not a great time to start this thread

http://www.theage.com.au/national/diamond-thief-may-have-cased-store-20090330-9h29.html

Cheers

Pete

 

[grossreal]

hi
this is not shonky dimonds or gold
there are people gaining or losing property all the time but this is not what I am looking at

my question was
have anyone leveraged against this type of asset.

 

[AUSPROP...]

I tried to leverage art without luck. I finally found someone to do it but they wanted financials etc

 

[Nathan]

You can negotiate anything as a deposit, 10c, a pen, a chicken drumstick, or your first born..

I am aware of someone who exchanged on 20 cent coin. just a normal one from circulation nothing special, just 20 cents.

 

[bdc]

hehe, i think the law might have something to say if you tried to use your first born ; p

speaking of leveraging, will most banks let you leverage shares to bring down the LMI and if so, at what rate?

80%? so 20k in share would be like putting another 16k on the house?

 

[AUSPROP...]

You can negotiate anything as a deposit, 10c, a pen, a chicken drumstick, or your first born..

I am aware of someone who exchanged on 20 cent coin. just a normal one from circulation nothing special, just 20 cents.

ok, I didn't see the bit about the deposit, I thought it was just a normal put the stuff up as equity to the bank.

would be easier to buy the property and then the $200k deposit or whatever is constituted in the contract by the delivery of the items to the conveyancer?

 

[grossreal]

hi nathan
the deposit is relatively simple you can even use bbx for that so fuzzy dollarsbut I am interested if you know of any lenders that have leverage off the deposit if it stays there
so say a 200k diamond on the back of a 500k valued property lending 80% on the 700 total value
not so much the deposit as you can move that one around no problem.
have you heard of a lender taht will leverage off this type of commodity