Vibrac loan/mortgage

[ijjysmith]

Does anyone know much about this?

I've just seen a tweet:

@toffeetalk: Everton have renewed the Vibrac mortgage. Last year's has been "satisfied", a new one has been taken out.

I hear about Vibrac and we have a loan or mortgage with them but don't know a thing about it.

Can anyone educate me?

 

[riddick]

why would they need another loan for anything with all the money coming in? unless it's too cover expenses until the bulk gets there in offseason?

 

[stevietoffee]

i think this is a company that robert earl has something to do with . took out a loan last year against the sky money looks like we have done it again

 

[ijjysmith]

Just a note. I'm not saying that tweet is correct, just that it reminded me that I know nothing about it.

 

[neil999]

i thought you had gone all itk or financially astute or something!

 

[TheBlueGibbon]

There's not much to know really, they're also involved with West Ham, Southampton and until they were taken over, Fulham. Fulham had a £16m facility secured against Craven Cottage which was arranged in April. They're also registered in the British Virgin Isles, so there's no public information about the ownership.
The company has been mentioned several times in the back of Private Eye.

 

[mikewex]

Vibrac is a BVI company that deals in riskier mortgages for companies like football clubs, 4 or 5 English clubs have lines of credit with them. Most people confuse mortgages (edit: or what are being referred to as mortgages, they are more lines of credit) with loans btw, we could have a facility with them and never actually use it. Far as i can tell the only concrete Earl connection is that he (and a lot of others) have companies registered at the same solicitors office, might be more of a connection though.

 

[Hellerad]

Mortgages are security for payment of notes/loans. What they are probably referring to is a modification of terms. I imagine the loans are amortized over long term (10-20 years) with a quick balloon (3-5 years). When that balloon matures, you modify the terms and renew the mortgage.

The interest rate may have changed, but I imagine the debt remains the same.

 

[ijjysmith]

i thought you had gone all itk or financially astute or something!

Well I do work for a bank mate.

But a sh*t one!

 

[Neiler]

Robbing Peter to pay Paul, bridging loan i.e. we spend next years Tv money a year in advance.l

 

[Deleted member 28206]

We renew this yearly.

 

[D410]

Yep another snorter of a loan with lovely interest rates to boot for someone.

 

[evertony]

Vibrac......shouldn't this be in transfer thread with his international teammate Tadic?

 

[Deco]

This is going to pay for our big signing.

 

[SingBlue]

It's not a long term loan. The borrowing is secured against future broadcast revenue. My understanding is we have 2 such loans going up against TV revenue for two years hence - they're happy with the risk as worst case scenario - relegation - the parachute payment for year 1 in Championship would cover it. It's wrong to describe it as a mortgage - we have other loan facilities (against Goodison Park, season ticket securitisation etc) that are more like mortgages. This really is more like a pay day loan.

Still, remember to clap Bill when his mug comes on the screen against West Brom. After all we were +20m on the balance sheet when he took over (borrowed the money to take over) and he's only looking for a 700% return on his investment (of nothing).

Happy days!