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09-03-2015, 02:20 PM #1
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850k paid back in 30 days through an assignment of proceeds
DEFINITION OF 'ASSIGNMENT OF PROCEEDS'
A document transferring all or part of the proceeds from a letter of credit to a third party beneficiary. To receive an assignment of proceeds, the beneficiary of a letter of credit is required to submit, in writing, a request to the bank to assign the funds to a different person or company.
My client is looking to borrow 850k @ 5% interest paid back in 25 days. Direct Lenders only.....
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