Well if you default BitLendingClub is going to find it difficult to find someone willing to buy those domains for the same value as your loan. He has either grossly misjudged the value or doesn't understand what good collateral constitutes. I'm actually very surprised he would be willing to take those at that value.
Please note that my assumption is that the website will fetch no more than 1/3 of the valuation price. This is the first time I take domain names as collateral, but I'm assuming that liquidation will occur at a substantial discount. I'm not sure if 1/3 is overpriced, but if the community feels that it is, then the collateral ratio will be respectively lowered.
Again, I'm not an expert at this, I'm just trying to provide a solution which works for everybody. Your opinion is greatly valued.
Best Regards,
Kiril Gantchev
CEO of BitLendingClub