SBLC or BG Questions...

[twgbob]

Has anyone used a Stand By Letter of Credit (SBLC)or Bank Guarantee
(BG) for investment purposes.

I have an investment buddy that used to have a mortgage company and
told me about using an SBLC to get $2 Million in a Non Recourse loan
which he can use for any purpose he wants.

He said he put up $75,000 in escrow and they cut him a 5 Million SBLC
of which the Lender gave him a 45% Loan To Value on the 5M....approx 2
Million he netted.

I said "produce me the wire confirmations showing that you and your
partners got paid and I'm in". He said no problem. I'll have my proof
today. Just wondering if any of you have heard of this before?

I asked him if he was responsible for the loan? He said no, when he
gets the loan, he transfers the SBLC to the Lender, the lender gets a
Line of Credit to trade for the Full amount of the SBLC. So she
received 5Million and paid the 2.25M from that and invests the
rest....if she doesn't repay the loan, it's on her not my friend.

Please let me know if you have heard of this before. Also, it's going
to be a stretch for me pooling together a full 75K, so I need to make
absolutely sure the funds stay in escrow and I don't lose my money.

Any information would be great.

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