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Thread: Iloc

  1. Hamburglar
    Hamburglar is offline Member
    Join Date
    Dec 2005
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    67

    Iloc

    I am having a difficult time trying to obtain a bond. I was told I could get an Irrevocable Letter of Credit. What exactly is this?
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  2. Admin
    Admin is offline Administrator
    Join Date
    Jan 2005
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    An ILOC is where the bank freeze $X amount of you assets and issues a letter of credit for you on your behalf. Typically this requires 100% collateral and a 1% fee. Therefore, the bond is much cheaper provided you can qualify in a standard market.

    I recommend you apply with our agency to see if we can get you approved, it is rare that we can not get an approval.
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