Lindens to Mortgage off Sims ???

Hi All,

Being a fairly new member to Second Life i have been enquiring with numerous banks and loan sharks about financing my first sim, however apart from two companies no-one is interested in loaning for an entire sim. The first company that i was going to use wanted 20% up front in US Dollars i was skeptical as the owner of this particular finance company had only the basic newbie look, so what was to stop him taking my deposit and never to be seen again or at least wait until i lost interest in finding him and to use another avatar (a nice little scam i thought to myself but u are not going to scam me) (maybe a little over paranoid but u have to be careful not to be ripped off) until such a time as Linden wont provide any information on other residents due to the data protection act. Does this apply in a virtual world ? i guess it must do.

The second company i approached would only lend to existing landowners and to only half the value so i was not getting any joy and all the mainline banks like Ginko Financial only do current accounts where they pay daily interest on money invested.

So i asked one of the Lindens using Help Request if Linden Lab would finance the sim as they could keep the sim if the amount or repayments were not kept up-to-date as a security and take out a mortgage for say 80% of the value and like all lenders could charge interest on the loan.

What do people think about this, and Governor Linden what do u think about this idea, a goldmine for Linden Lab i would think.

Ok thank you for your time in reading this post.

Bye for now

Anth

A 'mortgage' to overcome the set-up fee would be nice, but LL would really need to have some way of knowing that you can sustain the higher 'mortgage' level payments (e.g the basic rate of $295 a month + $55 repayments for a 12 month 'mortgage'). It would be nice because after the year you'd start paying less, so if you were able to cover the initial payments then you'd have more spending money again without having had to bear the brunt of the set-up fee.
But I guess with the demand for islands anyone who doesn't keep up payments would be easily enough replaced. And hell, someone could paying for a full 'mortgage' on a machine that's mostly been paid for by previous 'motgage' holders, so long as LL can still guarantee the same uptime as other sims it's just like a new one wherever it came from. iirc sims sometimes switch to other machines already if there is hardware trouble, they just stick to the same hardware class.

You can buy a real house in real life for the cost of a SIM's monthly fee. It will be nice to see $99 a month or less private servers when/if LL ever decides to allow us to plug our own servers into the grid. I'd wait for that option. Your pocket book will thank you.

$60k-$70k mortgage = $300-$400 mo.
Nice houses in the midwest.

We have personal finance systems is real life, such as credit cards (and various others...)

Just use one of those. Why reinvent something in SL that we will do badly. Use SL for things that it can do better