This is an update to the Post at http://funding.delhinet.com/?p=2354.
1. The first step is to have the Borrower fill out a Client Intake Form, outlining their request in details.
2. The request will be reviewed within 48 hrs after receiving the Client Intake Form. If accepted, a full submission package will be provided to the Borrower and will contain; Issuing bank info, (SWIFT language – if applicable), Client information sheet, Letter of intent, Passport and a Proof of funds docs for what the Borrower has set aside for fees.
3. Within 48 hours of submitting all required documentation, a contract will be issued in the name of the Borrower and will contain; Terms and conditions, a Draft of the pre-approved SWIFT verbiage (Exactly as the Bank will issue it) and the agreed Escrow procedures. The Borrower must counter-sign & seal the agreement and return them to us. The executed agreements are sent to the agreed escrow and an escrow agreement is drafted.
4. The Borrower must then transfer the agreed Deposit into Escrow. Upon the deposit being confirmed, the File is activated and then we submit the formal request to the selected institution for processing. The bank processing and approval typically takes 1-2 weeks.
5. Once approved and the account is established. Evidence of the account is provided to Escrow.
* * If all the Borrower requires is a tear sheet/POF. The Escrow agent is to confirm the issuance of the POF with the issuer. Upon successful confirmation, the Escrow agent is to notify the Borrower and release Escrow. If bank-to-bank confirmation is required. A request will be made for banker contact. A banker from the issuing bank will initiate contact with the receiving bank to confirm the POF.
6. If there is to be a SWIFT and/or instrument delivered. The issuing Bank will transmit a SWIFT MT 100 series message to “test” the communications between banks and to confirm the account is ready to receive the SWIFT. A copy of the transmission shall be provided to Escrow.
7. The Borrowers receiving bank MUST respond via SWIFT to:
I. Affirm that they are aware of the Borrowers transaction.
II. Agree with the SWIFT language.
III. Confirm readiness to receive the SWIFT and/or instrument into the clients account.
* * Assuming that the Clients Bank responded appropriately; the transaction will continue.
8. At this time the Borrower is to make the additional escrow deposit required under contract (if applicable).
9. After the initial SWIFT is sent. The receiving bank has 3 banking days to respond that they are ready to receive. Once the receiving bank has responded, the issuing bank shall transmit a SWIFT MT 760 delivery of the designated instrument “Live”, in the name of the Borrower and/or nominate Beneficiary.
10. The Borrower’s Bank receives the SWIFT Delivery of the Instrument then verifies & authenticates. At this time all fees are deemed earned and are released from escrow. The Borrower’s banker must put any discrepancies in writing within 72 hours of receipt. (The Instrument will be formatted as per the Draft in the agreement)
11. The Transaction is completed and the beneficiary has exclusive use of the Instrument for the duration of the term, until 350 days later, (or 15 days prior to maturity) when it must be returned free clear & unencumbered, unless additional terms are required. As all transactions are different, any and all terms and conditions herein are subject to change or further negotiations.