1. Brokerage accounts (better for higher dollar amounts)
2. Escrow accounts (from $100K to $30M)
3. Bank Proof of Funds
Proof of Funds Have Been Successfully Used For:
*Gold, Petroleum, Commodities Transactions
*Private Investment Opportunities
*Leverage Funding for Commercial Real Estate
*Balance Sheet Enhancement
*Demonstrate Proof of Funds
For brokerage accounts, a brokerage account will be opened in the name of whoever would be necessary for you. The account can be verified via email, phone, online and online via access code. The client will also have online access to their account.
For escrow accounts, an escrow account will be established at a licensed title & escrow company in your name or your client's name for a small fee. The account can be verified via phone, fax, email, etc. The letter issued by the title company will state that they confirm that an escrow account has been established on a certain date for a certain dollar amount and will give the escrow account number. It will also state that the information can be verified via phone, email, etc.
Brokerage accounts can be in Euro or USD and will be much cheaper. Escrow accounts have to be in USD.
For bank POFs in the client's name, the client will need to provide collateral. When they provide the collateral, there are no restrictions on the funds. Pretty much any kind of collateral would be acceptable. It would be much easier for them to present collateral and we can let them know if it is acceptable or not. Any asset that can be liquidated or sold on an open market will suffice. As an example, depending on the asset, you would need between $10.5M and $20M in assets for a $10M loan.
The only other option would be a bank account POF in the name of the lender. The lender would first have to approve the use of the account.
To obtain a quote, the provider needs to know the amount required, USD or Euros and how long needed.
Larry @ firstname.lastname@example.org
May 15, 2013 Update: All of our new rated banks are online for SBLC/BG and back to back funding from $1mm and up. We like to bring you up to speed, so we can do some business together.
Note: Anybody looking to exchange currency can go directly to the FOREX market.