Firstly one needs to understand that banks do not advertise SBLC’s as part of their everyday banking products, the true reason behind this is simple, banks aren’t allowed to. Standby Letters of Credit (SBLC) are provided by high net worth clients with a large cash holding in a bank account. These high net worth clients usually have investment portfolios which include hedge funds, private equity, pension funds etc and these individuals can be truly hard to get in touch with, either because they choose to remain anonymous or they are just straight-up busy individuals.
In order to be sure these genuine providers are dealing with serious prospective buyers of their bank instrument they usually undertake serious checks and balances, this task is usually assigned to Mandate Agents with direct links to them. These Mandate Agents such as Eugene M. Edwards ICS are given the responsibility of making sure a strict screening process is adhered to and only prospective buyers who meet the necessary criteria are allowed access to the Genuine Provider.
If you are in the market for an SBLC (Standby Letter OF Credit) then make sure you use a reputable Mandate Agent with years of experience like Eugene M. Edwards, the benefits of following this approach is you know you have peace of mind that your interest would be looked after and you surely would be getting the best deal.
More experienced Mandate Agents have negotiating powers with Instrument Providers as they would have a portfolio of various providers which can serve as leverage, as they are able to source a different provider for you if negations aren't going your way.
Still interested in leasing an SBLC? Then get in contact today with Eugene M. Edwards
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