FINANCING OR FUNDING AGAINST L/C
Post 1 of 3
My company has an opened L/C from U.S bank. My client is from Poland.
I need financing to buy the goods from the manufacturer. Becouse they did not accept transferable L/C. They only work cash. But the amount is 750.000 USD. I need urgent cash. I know that banks give credits agains the letter of credits opened to your company?
Do you any work in this way. Cash CREDITagainst L/C?
I need information, and bank names do this asap? and if anyone there what is the process?
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07 Jun 2009 16:31
Post 3 of 3
You need a different supplier if they are not accepting a confiremed transferable L/C. Many manufacturers can borrow against an L/C to buy materials but it appears you are the agent and in this case no bank will loan you the full amount of the L/C and may loan a portion if you have sufficient collateral in case the supplier defaults.
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09 Jun 2009 23:15
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