Letter of Credit Loan Program
Irrevocable, Unconditional, Assignable, Divisible, Transferable Cash Backed
AA, AA- or A+ Rated Bank
We will lend against an irrevocable, unconditional, assignable, divisible, transferable cash backed Letter of Credit (LC) or Standby Letter of Credit (SBLC) issued by any bank that is AA rated. We will consider AA- or A+ rating provided the bank has a New York city branch or correspondent bank in New York, where the LC would be held. The rate for this specific program is 6.75% and we will lend approximately 97% against its net present value.
Potential investors or parties to a business transaction react positively not only to the issue of a Letter of Credit, but also to the credit rating of the bank providing this credit enhancement.