USE LETTERS OF CREDIT (L/Cs) TO GET FINANCING
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USE LETTERS OF CREDIT (L/Cs) TO GET FINANCING
LETTERS OF CREDIT (“L/Cs” FOR SHORT) are valuable for financing trade activities in import-export, for guaranteeing loans, and for a variety of other financial transactions. To get an L/C or have one confirmed (evaluated as good) take these easy steps now:
1. Associate yourself with an international bank having a strong network of overseas correspondent
banks and associates
2. Work with branches of overseas banks having offices in your country because they can speed
all types of international transactions
3. Insist that the bank have the ability to confirm unconfirmed L/Cs you might get from overseas.
(When a bank confirms an (L/C) it--in effect--tells you that the L/C is good and can be trusted.)
WHEN A BANK ISSUES AN L/C IN YOUR FAVOR--that is an L/C you use to:
*Collateralize a loan you get for business or income real estate use
*Pay for imported goods which you sell in your own country
You will be charged a nominal fee--typically 0.25%. This amounts to $2.50 per $1000 L/C. Thus, on a $100,000 L/C you'll pay $2500 when the L/C has been in force for one year. This will be about $200 a month.
But during that time you can use the L/C to do any of the transactions mentioned above. So the L/C is really cheap advance confirmation that you can get a loan or import salable items.
BESIDES USING AN L/C AS COLLATERAL you can also get many other useful services from your issuing bank. Thus, the bank:
*Can issue valuable trade leads, telling you who's seeking what products or services in
overseas countries around the world
*Can handle paperwork for loans, imports, exports, and other international transactions
for you or your client
*Can be a valuable international partner anywhere in the world for you or your client
USE LETTERS OF CREDIT LCs TO GET FINANCING - To learn more about this author, visit Tyler Hicks's Website.
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Marcus ArkanMarcus Arkan currently serves as the President/Principle Broker of Syndicate Mortgages Inc. After working with a number of Canada's top financial institutions, the experience and knowledge he gained throughout his professional career combined with his drive and entrepreneurial spirit led him to develop his own company. The operation began in 2003 in the basement of his home and now has flourished into a successful corporation with a head office in one of Metropolitan Toronto's busiest sectors and 10 branch locations employing over 100 mortgage professionals. His organization is now one of Ontario's leading mortgage brokerages specializing in residential, commercial, and construction financing. He holds the designation of Accredited Mortgage Professional from the Canadian Association of Accredited Mortgage Professionals. This allows him to differentiate himself from other mortgage originators and demonstrates his commitment to the highest standards of industry performance. For more information on Mr. Arkan and his Syndicate Mortgages Inc., please visit www.syndicatemortgages.com. - Visit Marcus Arkan's Website |
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