Short description
If an exporter is not in a position to wait for the payment due to them under a documentary credit, there is the possibility of finance being made available for the amount due under the documentary credit. Suncorp will consider a number of issues prior to agreeing to advance funds to the exporter against the shipping documents presented under a documentary credit. Finance under a documentary credit will only be possible from the time that the exporter lodges, with their bank, the shipping documents drawn under the documentary credit. If documents comply Suncorp will then consider the creditworthiness of the issuing bank and the exporter. Subject to satisfactory evaluation of the above Suncorp may agree to advance the value of the drawing under the documentary credit.
Product is only available to existing Suncorp clients with current debit funding and will be reviewed on transaction by transaction basis.
| Feature |
Description |
| Amount |
Minimum drawdown amount: $50,000.00
No maximum amount |
| Interest options |
Loan rates are calculated using a competitive base rate plus a customer margin.
Rates are individually priced to purpose, term, current market and security.
Principal and interest fixed rate for the set period.
At Call - rate fluctuates in line with market rates to the maturity of the loan. |
| Repayments |
Loan repaid from proceeds of negotiation under documentary credit. Interest payable upon liquidation of loan. |
| Term |
Minimum: on sight
Maximum: As per term of letter of credit up to 180 days or as approved by Suncorp. |
| Security |
Determined by creditworthiness of issuing bank and exporter. Full recourse remains with exporter. Security in the form of cash or property may be required. |
| Currency |
Available in multiple currencies. |
| Fees |
|
Fees and charges vary for each transaction |
Please speak to a Trade Finance Specialist on +61 07 3362 1902. |
All trade finance facilities are available to approved applicants only and are subject to fees and charges. Terms and Conditions also apply. Risks are involved in utilising foreign currency products and independent legal and accounting advice should be sought in relation to the risks involved and the suitability of these products for your specific needs.
