In response to decrease default as well as to put in sterner standards for the future credit reporting, I am establishing more defined terms for mortgages loans for LLBT. This is including the terms already on the books and the web application will be adjusted to include these terms as well.
Avatar terms and requirements:
-Must be at least 30 days old
-Must have a job or a viable means of making lindens
-1 Character reference at least 90 days old
-Must provide email address for final closing
Loans Terms:
-The loan amount cannot be more than 99% of the cost of collateral. Collateral will be appraised to ensure prices are not inflated.
-1-10% down payment required on loan closure (meaning we fund up to 99% of the amount needed, based upon age of avatar and other factors)
-Minimum 4 week payment terms, maximum 24 week repayment not to exceed 180 days, no prepayment penalty
-Maximum 2 late payments. Land will be repossessed on the day of a 3rd late payment and all remaining principal, interest, and fees will be due immediately to reclaim land. A $100L late fee and 1% daily interest is payable on the entire amount owed.
-Loan holder still responsible for any monthly tier payments.
-.21% interest rate daily on loans (Interest calculated at contract agreement and closing)
-Electronic contract via email required
-Land will be verified thoroughly with private sim owners if the land is on a private sim.
-Land and any bank account locked from owner on 8th day. Land repossessed on 14th day. Land will be placed for sale on the 14th day. Regular interest and late interest continues to accrue up to 21st day. Any bank balance will be usurped to pay for loan balance on 21st day. The account will be written off to default on 30th day and reported as a debt to the credit reporting agency.
These terms will be updated in all docs by the end of the week and are effective immediately.
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