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I got preliminary approval months ago but I’m not entirely sure if they’ve gone through a funding round since then because they have not reached out.
Following up since I heard back on the PWCC notes. I had myself put on the waitlist because they are not actively looking for funding right now. Seems like a once a year thing and I’d imagine they go quick when they are offered.
Some notes:
$50k minimum for a note and $50k-$100k gets you 6% APR scaling up to 9% for amounts over $250k.
You need to be qualified additionally, not sure what the qualifications are but I’m assuming anyone in good standing with the required minimum and a history of transactions would qualify.
These notes fund the auction cash advances, payment plans, and vault asset loans which are all secured lending against the vault assets.
With current 5 year CD rates at 1-1.5%, 6% is still a crazy good interest rate.
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I mean I’m sure you know this but comparing 1-1.5% (basically the risk-free rate right now, the 10 year is about 1.5-1.6%) to debt from a pretty small company dealing in a potentially highly volatile market are pretty different things. At that point you might as well buy lower grade debt from more comparable, risky companies, or even just stocks at that point. XOM has a 6ish% yield right as of today with no minimum capital requirements. It’s definitely attractive, and personally knowing their advance system and understanding how it facilitates getting more cards in for auction makes me like it even more, but the objective risk profiles need to be kept in mind. I’m sure people who have $50,000 to drop on something like this either understand this or pay people to understand it for them, though.
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It’s riskier than it looks imo - ultimately it’s backed by cards after all which can be volatile in price
That said - the interest rate is likely decent relative to similar risk instruments - especially at 9%. Banks generally don’t have the know-how to evaluate card risk and are unlikely to participate meaningfully, and likely requested a much higher interest rate than 9% from pwcc based on their judgment
The risk certainly comes if/when prices see a major decline. From skimming through the disclosures and supplemental documentation they provided it seems they’ve had 0 defaults within this program so far which isn’t overly surprising given that it looks to be just “60+” data points so far (seems surprisingly low) during which time a majority of these items have only gone up. It also looks as if 50% of the estimated value of the item is all that is able to be borrowed against any item. We have though seen several Pokemon items drop >60% in the past several months.
More due diligence would certainly have to be done by anyone intending to purchase these notes as would only be reasonable to do as far as how noteholders are prioritized for payout if/when defaults happen and if/when PWCC as a whole went under which sounds unreasonable but you should always know and understand the risks even in nuclear scenarios.
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I think it’s also worth comparing the percents earned to other things than just a generic banknote. AT&T has a 6.5% dividend.
9% is hella strong, though, and I would definitely want to take advantage of that if it was available. Especially if they’re collateralizing the cards at double the lent amount. That is compelling, IMO.
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3,317 listings in the May auction block so far. Only 56 German BGS slabs this time. Quick glance highlights, didn’t see a lot of high end - maybe people are spooked due to price drops (or maybe it hasn’t been listed yet), only 1st ed base PSA 10 holos are Raichu and Nidoking, ton of Reverse Skyridge PSA 10s, Ton of Evolutions Charizards
Still not all done yet though, they are taking their sweet time updating my submissions
Oh my bad, didn’t realize they uploaded in waves like that
Japanese expedition booster though 
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Looks like I picked the wrong month to auction some cards with PWCC
Does the PWCC Premier Auction have a buyer’s premium? I noticed their fee structure mentions the seller getting >100% of the hammer price. Is this supposed to be relative to other auction houses? Or is PWCC tacking on a fee to the buyer once the auction closes?
Lots of stuff in the May auction. I’ve got my curious eye on the 2006 Championship Arena PSA 10(With Palkia and Dialga). Beautiful and rare card. I wish I had a timestamp of how much the pop report has grown the past year.
*Edit* - There are several on eBay in both PSA 10 and PSA 9. Just checked. Seems the card has a ceiling as long as those are listed.
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20% BP
@admiral, thanks! I see it’s marked down in the FAQ section
Pichufan made a website for this: pokemetrics.org
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I think it’s all uploaded now
Someone graded Darkness Ablaze booster packs and sent them in…
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I thought you were kidding…it says pop 1 of 3 
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