Chapter 63:
"Altogether... three million two hundred and forty thousand!" In the office, Joegleman looked at the statistical report in his hand with some astonishment, unable to help but exclaim in a tone of surprise.
When Lin Qi mentioned there were nearly several million in collateral, Joegleman initially thought it was an exaggeration, a common occurrence in the financial field. Installment redemptions, discounted redemptions, and various forms of redemption always made it hard to trust the numbers people threw around. However, Lin Qi surprised him.
Putting the statistical sheet down, Joegleman adjusted his sitting posture slightly. "Impressive figure, but you should know I can't lend you based on the appraisal value. At most, it can be fifty percent. I can't give you more than that."
Joegleman flicked through the statistics with his hand, a hint of regret appearing on his face. "These aren't high-quality assets. The bank will face significant risks. So..." He shrugged and looked back at Lin Qi.
Banks had their own professional appraisers who, while tallying these assets, found a lack of highly sought-after, immediately marketable items, such as precious metals like gold or easily liquidatable items like jewelry. Instead, there were items not so easy to get rid of, such as daily necessities, tools, with houses and cars being the majority.
Sabin City wasn't a big city, nor a state capital or the federal center. The houses mortgaged in these agreements were mostly from ordinary communities, lacking middle-class and upper-class district properties.
In small cities, valuable real estate mainly referred to houses in middle-class and top-tier upper-class communities. They owned the best locations, most beautiful views, and had comprehensive services. Such houses could easily be sold, as long as the price was slightly lower than market value, around ten to fifteen percent less, making them readily marketable.
However, houses in ordinary communities wouldn't follow the same pattern. Real estate development, especially residential development, in working-class and poor areas was an unappreciated effort. Slow sales cycles could easily bankrupt real estate developers.
In addition, some individuals had a penchant for disorder. Impoverished people, in particular, tend to forcibly enter unsold houses, often causing various troubles. In certain states, local laws stipulated that after a specific period of residence in someone else's house, individuals could naturally acquire ownership of the property. This had fueled a growing enthusiasm among many to inhabit houses that had not been sold or were vacant due to relocation.
The chaotic environments of civilian and impoverished areas, coupled with unsettling street cultures, were factors constraining the rise in property prices. It was not that these properties lacked value; rather, it was challenging to realize their actual worth.
The same applied to cars. Without luxury brands, most were regular ones, some with limited lifespans, leading some appraisers to consider them as potentially abandoned stolen vehicles.
The path to realizing value for these things was full of twists and turns; it was hard to say whether holding onto them would guarantee breaking even. If Lin Qi truly intended to convert these things into cash, especially for this particular transaction, Joegleman would be even more cautious. He might go to the extent of refusing any business with Lin Qi, preferring to forgo the deal rather than take on the associated risks.
However, Joegleman now understood Lin Qi's intentions. The money Joegleman lent to Lin Qi would go to Gettnau Financial, ensuring a continuous flow. More agreements would be mortgaged to the bank, eventually generating an astounding figure. So, he didn't mind such business.
Joegleman pondered for a moment. "I can offer you a maximum of one million six hundred thousand." He believed this price was relatively safe, and Lin Qi had no reason to object. With one million six hundred thousand, he could receive a service fee of one hundred sixty thousand, along with roughly one to two times the expected profit.
This single transaction alone would bring Lin Qi at least two hundred fifty thousand in income, much faster than exchanging loose change, and he wouldn't have to pay a single penny in interest to the bank. Gettnau Financial would cover this part, entrusting Dyson Asset Management to fully manage these assets and paying a "management fee."
In other words, Dyson Asset Management completely severed the relationship between Gettnau Financial and GoldenExchange Bank during the entire process, which formed the basis for their cooperation.
Lin Qi's immediate acceptance without striving for a larger share made Joegleman appreciate him even more. A smile appeared on his face, and he asked, "Do you prefer a check, a promissory note, a bank draft, or a wire transfer to your account?"
Until now, checks from the six major federal banks had limits, and cashing a check for a million bucks was impossible. Even wire transfers had their constraints. Checks were easy to counterfeit, and for various technical reasons, it was challenging to execute.
Joegleman was referring to small cash checks, but obviously, Lin Qi had a different view. "I want cash." When Lin Qi said this, Joegleman was stunned. It wasn't that the bank couldn't provide the cash, but large amounts required a series of procedures, a bit troublesome, and might involve coordinating with the police.
Seeing Joegleman's expression, Lin Qi frowned slightly, then eased up, seemingly nonchalantly. "Is it not possible?"
After some thought, Joegleman finally nodded. "It's not impossible, just inconvenient. There are many procedures involved. I need to create documents first and send them to the regional division and headquarters. There are also some other legal procedures, at least four to five days."
"I can wait." Faced with these difficulties, Lin Qi did not show any hesitation at all. The two exchanged glances for two or three seconds, and then Joegleman nodded, indicating that he would complete the transaction as soon as possible.
Seeing that the deal was done, Lin Qi stood up at the right moment. "Then..."
Joegleman also stood up and extended his hand across the desk, "It's a pleasure doing business with you."
After seeing Lin Qi off, Joegleman shook his head with a smile. He understood why Lin Qi insisted on cash.
A proof of more than a million bucks in cash would allow Lin Qi to mix in more cash without drawing suspicion. In simple terms, if the bank issued a certificate stating that Lin Qi withdrew one million six hundred thousand in cash, any subsequent amount he withdrew under that figure could be considered legal, as long as he was clever enough.
In other words, Lin Qi could integrate more money, one million, two million, or even more into this certificate, completely laundering it. He was indeed a clever person.
Having signed this deal and a series of subsequent collaborations, Joegleman was in high spirits. In the evening, three subordinates invited him out to celebrate. In this business deal, they could probably earn a significant commission, giving them a reason to indulge a bit.
This was the routine of dealing with moneyearn big, spend lavishly, and repeat the cycle.
Joegleman declined their invitation. As the manager of the credit department, he wasn't suitable to appear with them at this time. He needed to keep a low profile.
Driving back home, he parked the car, and as he passed the yard, he subconsciously glanced at the mailbox. People like him received letters from all over the country every daysome from peers, some self-recommendation letters from major foundations, and there were also various financial institutions offering subscriptions or free financial services.
After dinner with his wife and children, spending some time together, and watching TV for a while, he returned to the study alone to handle these letters.
To his surprise, the first letter didn't have a postmark, no sender, no recipient, not even a single word on the envelope.
Confused, he used a letter opener to cut open the envelope.
The room's lighting at night was never as bright as during the day, but it still clearly showed that his dilated pupils contracted quickly when he saw what was inside.Please vote for this novel at /series/blackstone-code/
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