| Dry
Credit |
|
what is it?
the need for it
terminology
comparing
wet and dry
contact
us |
| Dry
Credit is a form
of personal or corporate credit derived
soley by collateral in the form of securable assets, and to which the
borrowee, lendee, creditee,
mortgagee or financee does not reveal, nor is required to reveal any
personal details, (or corporate business dealings if a corporation),
other than his name, address and citizenship, and details pertaining to
the asset(s) that is/are used for the credit. Any financial or personal
information other than the collateral that is used to secure the credit
is 100% discounted even if it is known, and is irrelevant and not used
in any way in calculating Dry Credit, or in issuing the
credit to that person or corporation. Your Dry Credit entitlement amount or the details of the collateral that you are using is not held by any credit reporting agency or financial institution, and in fact such a holding would be fruitless because your entitlement amount is based only on those assets that you choose to provide for that specific type of financing, and at that specific point in time. For example, you may wish to place land as collateral for one loan but not for another. In Dry Credit terminology, the assett(s) used as collateral to obtain Dry Credit is lienable or assignable. In the case of moveable assetts, it is kept in a physical location that is secured and unalterable and unmoveable by the borrower. If other than land (which cannot be moved) it is secured in a physical way such as kept in storage in such manner that the creditee cannot alter it's state or in any way have access to it during the financing period, for example segregated gold bullion holdings which are kept in storage in a certified storage facility, the rights of which have been assigned to the financor (transferred at or before the time the financing is given). In the case of land it is land which has a lien placed on it. Just as Equifax has their credit scoring system, which they refer to as a credit score or credit rating, Dry Credit also has it's own credit evaluation system, which is called entitlement. This is because all financial insitutions that accept Dry Credit consider that you are entitled to borrow their money. Such borrowing is based entirely on the type of asset, and the securability of that assett. First let us look at the types of assets. The valuation of someone's Dry Credit entitlement amount is 80% of the value of the collateral. For example, if you own land appraissed at $100,000, your entitlement amount will be $80,000. It's just that simple. The 80% rule applies straight accross the board for universality reasons. Motor vehicles are not accepted as collateral, because they depreciate (as well as the fact that they are moveable). Dry Credit Entitlement replaces what credit reporting agencies call a credit rating or credit score. Dry Credit Entitlement is credit entitlement amount obtained soley from securable assets used as collateral in which the creditee does not provide any personal information including age, but only gives information regarding the asset type and assett class. One of the problems now with how banks and other financial institution operate is that their lending contract is one sided, and heavily weighted to their advantage. In any successfull negotiations, the best way to negotiate is a win-win situation for both side in which both sides gain equally and no one feels that the other side has an advantage. bank lending contracts are all onside in favour of the banks and the psychology of this is wrong. It is not a fair way of doing business. types of collateral accepted by Dry Credit, including but not limited to:
types of collateral that is not allowed by Dry Credit, including but not limited to:
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