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There are 4 types of POFs,
1. Brokerage Accounts
2. Escrow Accounts
3. Attorney Escrow Accounts
4. Bank Accounts (on a case by case basis/US banks only)
Can assist with brokerage account POFs from $5M to $2.5B
Escrow account POFs from $100K to $30M
Attorney escrow accounts POFs from $100K to $1M
Bank account POFs from $300K to $1M.
Accounts will be established in the client’s name and can be verified. Accounts can only be verified via SWIFT if there is collateral for the funds.
Note: There is never an obligation to continue beyond a one month period.
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.
Larry @ Lgpotter33@gmail.com
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