---
# System prepended metadata

title: 'Collateral Call Summary - Episode #05'
tags: [Collateral Call]

---

---
tags: Collateral Call
---

# Collateral Call Summary - Episode #05
August 12th, 2020

## Agenda

- [00:00](https://youtu.be/E0ekD33FHCo?t=0): Introduction with Lucas Vogelsang
- [02:30](https://youtu.be/E0ekD33FHCo?t=150): New Silver with Kirill Bensonoff
- [14:30](https://youtu.be/E0ekD33FHCo?t=870): Q&A and Discussion about New Silver
- [32:00](https://youtu.be/E0ekD33FHCo?t=1920): 6s Capital with Matthew Rabinowitz
- [43:42](https://youtu.be/E0ekD33FHCo?t=2622): Q&A and Discussion about 6s Capital

## Video

<https://www.youtube.com/watch?v=E0ekD33FHCo>

## Introduction

### Lucas Vogelsang

#### Agenda and Preamble
[00:00](https://youtu.be/E0ekD33FHCo?t=0)

- Introducing a new format for the collateral onboarding call. This started when the MIPs process was introduced, and after a break, we're kicking them off again.
- We're experimenting with two 10-minute presentations from two different community members, followed by a 20-minute discussion for each presentation.
- Today we have real estate as a bigger theme. Matt and Kirill will introduce two different types of collateral types or ideas for collateral.
- Discussions about collateral happen in the [Forum.](https://forum.makerdao.com/c/risk/collateral-meetings/23)

## New Silver

### Kirill Bensonoff

- [New Silver Forum Thread](https://forum.makerdao.com/t/ns-drop-mip6-application-new-silver-drop-real-estate-backed-loans/3477)

#### Presentation
[02:30](https://youtu.be/E0ekD33FHCo?t=150)

![Cover Slide](https://i.imgur.com/HWJLOoc.jpg)

![Overview](https://i.imgur.com/DiLf8DD.png)

![Opportunity](https://i.imgur.com/ckIrCJ2.png)

![Solution/Strategy](https://i.imgur.com/LTrvvlC.png)

![Technology](https://i.imgur.com/3dlxXFB.png)

![Overview of Loan Process](https://i.imgur.com/2xFNqT6.png)

![New Silver Home](https://i.imgur.com/Iqvo8EQ.jpg)

![New Silver Property](https://i.imgur.com/DFf4MEY.png)

![New Silver Process](https://i.imgur.com/No9ZFk9.png)

#### Discussion

- [14:30 - Planet_X: Is the Dai being out of peg a problem for New Silver? What are the effects?](https://youtu.be/E0ekD33FHCo?t=870)
- [17:11 - Frank Cruz: Was New Silver around 10~15 years ago? I feel that I've heard the company name before.](https://youtu.be/E0ekD33FHCo?t=1031)
- [17:38 - Frank Cruz: Are you registered in all 50 states?](https://youtu.be/E0ekD33FHCo?t=1058)
- [18:02 - Vitaly R: What would the liquidation process would look like in the context of MakerDAO?](https://youtu.be/E0ekD33FHCo?t=1082)
- [20:47 - Lev: Would MakerDAO take the senior tranches? Could you please expand on that?](https://youtu.be/E0ekD33FHCo?t=1247)
- [23:22 - Juan: Can an investor invest in the New Silver Vault and take part of the risk and profits or in this case it would only be MakerDAO?](https://youtu.be/E0ekD33FHCo?t=1402)
- [25:52- Planet_X: As far as I understand, ERC1404 is like an ERC20 token, where you could limit the addresses that receive the token. Maybe you could look into it. ](https://youtu.be/E0ekD33FHCo?t=1500)
- [30:03 - LongForWisdom: Can you give an estimate of the amount of the senior tranch loans that you could generate through the Maker Protocol?](https://youtu.be/E0ekD33FHCo?t=1803)
- [31:04 - Lucas Vogelsang: What's the time of an average loan?](https://youtu.be/E0ekD33FHCo?t=1864)


## 6s Development

### Matthew Rabinowitz

- [6s Capital Forum Thread](https://forum.makerdao.com/t/how-makerdao-can-be-a-competitive-lender-in-the-credit-tenant-lease-marketplace/3521)

#### Presentation
[32:00](https://youtu.be/E0ekD33FHCo?t=1920)

![Cover Slide](https://i.imgur.com/jWskdWR.png)

![Peter Drucker](https://i.imgur.com/xUhXujZ.png)

![External Centrlized Lending](https://i.imgur.com/wi6n3Ey.png)

![Central Bank](https://i.imgur.com/elRciE3.png)

![Why does this matter?](https://i.imgur.com/Z2Ye4Ef.png)

![Current Dai Market](https://i.imgur.com/F4tMfBr.jpg)

![DeFi yield farming](https://i.imgur.com/4QPdiRk.png)

![Edge of pool](https://i.imgur.com/PQxYSf7.jpg)

![Why is this critical?](https://i.imgur.com/efKxdoQ.png)

![Recommendation](https://i.imgur.com/a4pFdQ7.png)

![What does that mean?](https://i.imgur.com/6z05ds6.png)

![Commercial Real Estate](https://i.imgur.com/p8AN1rT.png)

![Starting Requirements](https://i.imgur.com/4HqUslc.png)

![Equity Contribution](https://i.imgur.com/p6p1zJ9.png)

![A gun to the head](https://i.imgur.com/wmQJqC4.png)

![Singular greatest issues](https://i.imgur.com/rCjnCe4.png)

![Structure](https://i.imgur.com/cssXtNE.png)

![Structure with Maker](https://i.imgur.com/Em2fDHt.png)

![Centralizing Processes](https://i.imgur.com/FjXTCRp.png)

![Risk Teams](https://i.imgur.com/osuEJAg.png)

![Components needed](https://i.imgur.com/tybHHiP.png)

![6s Capital Executive Summary](https://i.imgur.com/3uVrOqo.png)

![Philosophy](https://i.imgur.com/O0S0ypZ.png)

![Organizational Structure](https://i.imgur.com/qzcc9vU.png)

![Process](https://i.imgur.com/k7y71LQ.png)

![Money Movement](https://i.imgur.com/5Rc1tog.png)

![Key Takeaway](https://i.imgur.com/AqbLaAI.png)

![Risk Analysis](https://i.imgur.com/ETx9ALS.png)

![Best of Both Worlds](https://i.imgur.com/fbiRUh6.png)

![Resistant](https://i.imgur.com/7YEgTVA.png)


#### Discussion

- [43:42 - Martin: Who is the signing the credit facility agreement for Maker with 6s Capital?](https://youtu.be/E0ekD33FHCo?t=2622)
- [44:45 - Sébastien Deriveaux: Can a DAO sign a contract?](https://youtu.be/E0ekD33FHCo?t=2685)
- [45:17 - LongForWisdom: The DAO needs to trust the representative then?](https://youtu.be/E0ekD33FHCo?t=2717)
- [46:00 - Lucas Vogelsang: Could the Community elect 20 entities to be part of this trust? How many honest participants would you need?](https://youtu.be/E0ekD33FHCo?t=2760)
- [47:06 - Lucas Vogelsang: You said that the people should be uncomfortable holding Dai or having a Dai debt in this scenario?](https://youtu.be/E0ekD33FHCo?t=2826)
- [49:22 - Sébastien Deriveaux: Do you have any idea of the amount you want to borrow?](https://youtu.be/E0ekD33FHCo?t=2962)
- [49:44 - LongForWisdom: In terms of outstanding borrowers at any one time, what is that roughly?](https://youtu.be/E0ekD33FHCo?t=2984)
- [50:42 - Sébastien Deriveaux: How much equity can you put in the SPV?](https://youtu.be/E0ekD33FHCo?t=3042)
- [51:09 - Will Remor: In terms of the credit quality, because it's a revolving loan facility, it's very important to monitor of the credit quality, as it might be changing. How could Maker be assured that you're actually monitoring the credit quality of the underlying facilities?](https://youtu.be/E0ekD33FHCo?t=3069)
- [52:48 - Will Remor: Would it be acceptable that the interest rate that is charged is dynamically set rather than dynamically set?](https://youtu.be/E0ekD33FHCo?t=3168)
- [54:06 - Will Remor: I think it's very important that all the information is available, so that the pricing mechanism can be set right every time.](https://youtu.be/E0ekD33FHCo?t=3246)
- [57:45 - Lucas Vogelsang: You're talking about backup servicing companies that do this as well like in a traditional credit world, where you can have third party servicer that can take over a portfolio of loans if the operating company is going bankrupt?](https://youtu.be/E0ekD33FHCo?t=3465)
- [59:31 - Sébastien Deriveaux: For both projects we're talking about fixed rates, right?](https://youtu.be/E0ekD33FHCo?t=3571)

## Closing Comments

### Lucas Vogelsang

#### Outro
[1:00:25](https://youtu.be/E0ekD33FHCo?t=3625)

- Thanks, everyone, for joining. We'll do another one in two weeks. Same time. Open for suggestions on new topics, new collateral types, and feedback on format.
- There's a [Forum Thread](https://forum.makerdao.com/c/risk/collateral-meetings/23) on these calls. 
- Also, if you want to continue the conversation on:
    - [New Silver Forum Thread](https://forum.makerdao.com/t/ns-drop-mip6-application-new-silver-drop-real-estate-backed-loans/3477)
    - [6s Capital Forum Thread](https://forum.makerdao.com/t/how-makerdao-can-be-a-competitive-lender-in-the-credit-tenant-lease-marketplace/3521)
- Let's keep going the conversation there, and I hope to see you in two weeks.


## Credits

- Juan Guillen produced this summary.
- Everyone who spoke and presented on the call, listed in the headers.