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MENU ITEM #4 COSTS ASSOCIATED TO ACHIEVE A LOAN"YOUR FINANCIAL RELATIONSHIP PARTNER"
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Loan Associated Costs
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How do I know that this is a real offer, after all PROSPECTIVE PROJECT FUNDING is a Private Lender?
We do not expose our client list as references to other potential clients that we have engaged with to arrange private loans for projects because under private lending client's business is kept totally confidential and may not be used as a form of solicitation. Your loan also remains totally confidential unless you reveal your loan details, that's your business, but the involvement of reputable lawyers and accountants on both sides Borrower and Lender are also part of the overall transaction.
Consider this, our designate banks communicate with your collateral issuing bank, via a S.W.I.F.T. There must be existence of relationship, the involved bank(s) must be aware the MOU between parties, otherwise banks could not accept any financial undertakings; including bank instruments, cash deposits or provide distribution of funds on the Lender's behalf.
This should provide the assurance that the private loan structured will be funded under the specified terms and conditions outlined in the MOU provided.
We work through the bank as their client just the same as you, as a Client, work with your bank. Do you really think that if we have the ability to receive the collateral contracted to our bank they would just cooperate unknowingly of who we are & what we do?
All is explained and moves forward with success under the procedures and Terms and Conditions outlined in the lender loan contract once all is approved..
It costs very little to seek out that this is a real deal, our bank to bank communication tells you that it is very real and you will be satisfied that your loan is approved and begins to deliver funds to the project within specified banking day arrangements as outlined in the loan contract.
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"Your Financial Relationship Partner" Loan Associated Costs
What does it cost to apply for a loan?
The first step is to PURCHASE the application documentation, FILL IT OUT and apply for the loan. The cost associated with this is One Thousand Five Hundred United States Dollars (US$1,500.00) for the Application
THIS IS NOT AN UPFRONT FEE, IT IS THE COST OF THE APPLICATION DRAFT FORMAT THAT WE ESTABLISHED AND REQUIRE TO EVALUATE YOUR APPLICATION.
After sending in the PRIVATE loan application, how long does it take to process?
We first carry out basic compliance on the applicant(s) and the information provided in the application. Then we usually contact the applicant for more details and information, as required, for further discussions to clarify the project details for review The time line for acceptance would be determined by our dialogue to take it forward to the lender. These first steps usually take about ten (10) banking days, or less.
The Client is always part of these steps to know where the time lines of application progress to approvals are determined.
What happens once the application approval is given? The signatory will be in contact as mentioned above and dialogue between parties will answer many questions that arise. After this contact you will receive a MEMORANDUM of UNDERSTANDING (MOU) outlining and describing under which terms and conditions we would continue to seek final approval of the loan from the private lender appointed the loan. The MOU becomes the guideline to bring the private loan to a reality.
What happens once the application approval is given? The signatory will be in contact as mentioned above and dialogue between parties will answer many questions that arise. After this contact you will receive a MEMORANDUM of UNDERSTANDING (MOU) outlining and describing under which terms and conditions we would continue to seek final approval of the loan from the private lender appointed the loan. The MOU becomes the guideline to bring the private loan to a reality.
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Are there advance costs to initiate the loan?The costs to the client are as follows:The application documents themselves and the cost for us to provide you a draft format required to accept your application as presented, discuss with you our Client, any items requiring clarity on the application forms, then we do a quick review of the project presentation provided. The cost associated with this is One Thousand Five Hundred United States Dollars (US$1,500.00) for the draft Application.
Once the provided MOU that is presented to the Client is signed to engage, negotiated and signed as ACCEPTED, then a Commitment Cost outlined in the MOU becomes due and payable. Negotiating the Terms and Conditions of the loan for the Lender to the Client has varied costs that are explained between the parties involved to come to a total acceptance of these applicable costs and what they entail. This cost varies as to amount of loan requested and the structure of the loan applied for; it serves as your commitment to accept the procedure outlined for a successful close.
NOTE: It must be understood when the negotiations begin to involve lawyers, accountants and our bank relationships to provide everything to be a successful transaction between ourselves and the Client. - there are real costs that these other involved parties will require their Prepayment costs to carry their responsibility involvement within the anticipated transaction. These costs are the assurance that we are working in unison and that the Client and all involved are COMMITTED to finalize what the MOU outlines..
Additional costs would be related to the issuance of the collateral. These costs would be Bank charges from the Bank with whom the applicant may choose to work through. These costs could involve the bank to issue an introductory letter (Ready, Willing and Able (RWA)) addressed to the Client as the account holder and signatory, usually at a minimal cost that involves the CLIENT and their bank. This Ready, willing and Able (RWA) Letter would usually be part of an overall process for the bank to confirm collateral issuance.
If the bank is to forward a S.W.I.F.T., via MT799 or MT199 format (or equivalent) as a pre-advise message in a bank to bank communication, then these S.W.I.F.T. procedures to confirm the RWA letter to our bank would usually also be at a cost that the Client bank would issue for this type of undertaking and, of course any follow through of financial instruments issued by the Bank on their Client's behalf..
The bank cost for sending the confirmation of the collateral, for example a MT760 Standby Letter of Credit (SBLC)), MT760 instrument, or equivalent financial instrument, or a bank responsibility on specific collateral, sent via S.W.I.F.T. banking procedures. The bank will charge an issuance and transmission cost and that is for the Client to negotiate all the referenced bank fees on their own - this is NOT a part where we are involved.
The Client banking arrangement is the Sender of the collateral, our designated bank(s) or other Receiving banks involving the final Lender would be the Receiver and hold responsibility for those bank costs with the designated bank(s). Remember that this expense is ONLY applicable when all is finalized between all involved parties including Private Lender(s) and the Client involving lawyer and accountants for closing costs. Minimal fees are received by PROSPECTIVE PROJECT FUNDING to reach the approval stage to the Client. All costs applicable are justified as to charges made.
Once the provided MOU that is presented to the Client is signed to engage, negotiated and signed as ACCEPTED, then a Commitment Cost outlined in the MOU becomes due and payable. Negotiating the Terms and Conditions of the loan for the Lender to the Client has varied costs that are explained between the parties involved to come to a total acceptance of these applicable costs and what they entail. This cost varies as to amount of loan requested and the structure of the loan applied for; it serves as your commitment to accept the procedure outlined for a successful close.
NOTE: It must be understood when the negotiations begin to involve lawyers, accountants and our bank relationships to provide everything to be a successful transaction between ourselves and the Client. - there are real costs that these other involved parties will require their Prepayment costs to carry their responsibility involvement within the anticipated transaction. These costs are the assurance that we are working in unison and that the Client and all involved are COMMITTED to finalize what the MOU outlines..
Additional costs would be related to the issuance of the collateral. These costs would be Bank charges from the Bank with whom the applicant may choose to work through. These costs could involve the bank to issue an introductory letter (Ready, Willing and Able (RWA)) addressed to the Client as the account holder and signatory, usually at a minimal cost that involves the CLIENT and their bank. This Ready, willing and Able (RWA) Letter would usually be part of an overall process for the bank to confirm collateral issuance.
If the bank is to forward a S.W.I.F.T., via MT799 or MT199 format (or equivalent) as a pre-advise message in a bank to bank communication, then these S.W.I.F.T. procedures to confirm the RWA letter to our bank would usually also be at a cost that the Client bank would issue for this type of undertaking and, of course any follow through of financial instruments issued by the Bank on their Client's behalf..
The bank cost for sending the confirmation of the collateral, for example a MT760 Standby Letter of Credit (SBLC)), MT760 instrument, or equivalent financial instrument, or a bank responsibility on specific collateral, sent via S.W.I.F.T. banking procedures. The bank will charge an issuance and transmission cost and that is for the Client to negotiate all the referenced bank fees on their own - this is NOT a part where we are involved.
The Client banking arrangement is the Sender of the collateral, our designated bank(s) or other Receiving banks involving the final Lender would be the Receiver and hold responsibility for those bank costs with the designated bank(s). Remember that this expense is ONLY applicable when all is finalized between all involved parties including Private Lender(s) and the Client involving lawyer and accountants for closing costs. Minimal fees are received by PROSPECTIVE PROJECT FUNDING to reach the approval stage to the Client. All costs applicable are justified as to charges made.
This is a special designed structure for acceptable projects. You still have the loan to make repayment to and your collateral position remains as the loan is repaid.
A Private Lender always holds the entire project as part of the loan collateral until the loan is fully repaid. just like a mortgage is applicable to real estate.
What is acceptable collateral toward a loan?
We accept Cash, Solid Financial Instruments (Standby Letters of Credit, MT760 BLOCKED FUNDS held in your bank account), Government Guarantees: including some African and other third world nations as acceptable, if the country credit rating is reasonable - Gold (if Dore Gold we have to make sure it is registered and refined), diamonds (rough or polished - we can arrange sale of the gold and diamonds if necessary)In ground assets are also taken as collateral but more difficult to have accepted when the commodity climate in the markets is too volatile.