Ming Fong Finance provides Proof of Funds to our clients for credit enhancement purpose. Blocked funds are in an account with the client listed as the funds owner for a pre-determined amount of time.
These can be:
- Proof of Funds (POF) Blocked Funds
- Bank Comfort Letters (BCL)
- Bank statements
- SWIFT MT799
- SWIFT MT760
- SWIFT MT199
- Bank Guarantees
- Stand By Letter of Credit (SBLC)
- VOD (1006)
- Escrow Accounts (with major escrow companies)
It is important to understand that this is not a loan and the money will never move from the account. It is blocked, but free and clear.
You receive Verification of the funds and proof that the funds are yours (for verification purpose only). There are different ways to verify those funds. Some banks or financial institutions let you go to your local bank or branch. Some have a dedicated National 800 number, while others use online services.
The cost for this service varies according to the POF amount, the type of account as well as the length of time needed to show the funds.
We must be satisfied with your capacity to pay the up front fee for providing Proof of Funds (known as the Arrangement Fee). Payment of the Arrangement Fee in the form of a “success fee” is not acceptable.
|Any use including:
Minimum of only 1 month with discounts for multiple months.
|Proof of Funds Program Highlights:
- amount available ranging from $500K to 200 + billion.
- Funds seasoned for up to six (6) months.
- Rates starting at 2% per month.
- 30, 60 & 90 day accounts, with discounts provided for renewal terms.
- You have access to the paperwork in less than 24 hours after confirmation.
- Funds in an account under your name and signature.
Types of accounts:
- Domestic Brokerage Firm:
- Domestic Banks:
- Brokerage Accounts
- Prime Western Europe Banks:
- Domestic Hedge Investment (NON BANK)
Types of confirmation
- Standard verification of deposit (VOD): the customer faxes over a form to the financial institution. They then look up the account information, and fill out a standard form.
- Bank-to-bank electronic confirmation.
NOTICE TO INTENDING CUSTOMERS: These posts are for educational purposes and I make them mostly to educate our highly esteemed customers. If you have interest in these posts or interested in doing business with us please send us an email introducing yourself and indicating in which area you think we can work together. We look forward to receiving your email soon.
NOTICE TO BROKERS/AGENTS/COMPANY REPS: Brokers are the life blood of our business and as a result we respect them, value them and appreciate them. So new brokers are welcomed, appreciated and compensated with good commission.