How Do I Apply?
Download the 2 page application here: Second
Life Land Loan Application. Please be patient while the .pdf file opens
/ downloads. Once opened, you can complete online by selecting the areas
to be completed, or download and do the same. Then save the file and email
to us as an attachment using the email link below titled "Submit Loan
Application." |
How Do I Submit My Application?
Please send completed 2 page application and questions to Submit
Loan Application |
How Many $Lindens Can I
Borrow?
LTV of 70% to 90% of our appraised value depending on Borrower's in-game
credit and references. |
What Can I Use the Money For?
You can use the loan for any legal purpose, including building, buying more land, paying tier, building content, paying for advertising, marketing, clothes, gadgets,etc., or any other purpose you like except for gambling. |
What Loan Terms are Available?
Terms:
1. 1, 3, or 5 Year Loan Periods available.
2. Loans to be paid in monthly installments including interest at agreed
rates.
3. Interest rates range from 3% to 10% depending on loan size, term and
credit.
4. Monthly payments to be paid in Lindens.
5. Late fee of 20% charged for late payment.
6. Land owner to sign written in-game loan agreement. |
Are there any Fees?
Applicant to pay:
1. Appraisal and Review Fee of $5.00 U.S. payable via Paypal at Lender@secondlifelender.com. Application and Fee must be received prior to processing. Click to pay now or bookmark this page and return to pay when application is completed. Be sure and use the same email address as on your application so we can tie your fee to your application.
2. Funding Fee equal to 3% of Approved Loan Amount in Linden$ due at time of
funding. |
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What Should I Include
with My Application?
Application to Include:
1. Borrower's name, an email address where we may contact you, and original date of Second Life "birth" = date you joined SL.
2. Whether Borrower is a paid member of SL.
3. Sim name, size of land being used as security, and coordinates.
4. The following snapshots must be included with loan application:
(a) If part of a sim, in-game Map snapshot showing land in relationship
to surrounding / adjacent plots of land and/or sims;
(b) If an island, in-game Map snapshot showing island in relationship
to next closest surrounding / adjacent islands;
(c) If an entire sim, in-game Map snapshot entire sim in relationship
to surrounding / adjacent sims;
(d) Screenshot showing land titled in Borrower.s name on Applicant.s account
at secondlife.com.
5. A general description of the existing improvements if any.
6. A general description of proposed improvements.
7. A general description for use of loan proceeds.
8. Five in-game written resident references.
9. Five land sales of properties located near Applicant.s subject property
showing last dates of sale and per m2 sale price.
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Will My Loan Request be
Approved?
Loan Approval Conditions:
1. Timely providing the above application, information, and application
fee.
2. Borrower to sign written loan agreement with SecondLife and RL name stating repayment terms including
the amount of interest charged, monthly payment, term of loan, amortization
schedule, agreement by Borrower to continue paying tier to Linden during
the term of the loan, agreement to pay off Loan in full if land is sold
prior to full loan payoff, and granting Lender a security interest in
the land for transmission to Linden directing Linden not to allow transfer
of land to another buyer unless / until loan is paid off or will be paid
off concurrently with loan proceeds from sale of land, and agreement directing
Linden to allow Lender to sell land and direct the distribution of sale
proceeds in the event Borrower defaults on loan terms described in the
loan agreement
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