1) What is the nature of the loans? Who is the borrower? What collateral is backing the loan? If the collateral is insufficient, can the lender pursue the borrower's personal assets? 2)If this were an Auto loan ABS deal, they would use used car value estimates (such as Kelly Blue Book) based on lots of comparable transactions. In this case they are using estimates of "Hammer Price". How do you think the relative transparency of collateral value impacts the Loan-to-Value ratio on each type of loan (Auto vs Art)