Intangible collateral fails underwriting for procedural reasons far more often than for valuation ones. The mark is registered in four jurisdictions and used in eleven. The licence agreements do not survive a change of control. The domain sits in a founder's personal registrar account.
None of that changes what the asset is worth in the abstract. All of it changes what a lender can realise, which is the only number that matters in a credit paper.
Our checklist before we advance against a brand runs to nineteen items. The first three are: registration coverage matched to actual trading territories, licence assignability confirmed in writing, and control of the digital estate transferred into the borrower entity.
Intangible collateral fails for procedural reasons far more often than valuation ones.
This note reflects transactions completed by the group and is published for information only. It is not an appraisal, a valuation opinion or an offer of credit.