It may sound funny, but every other day I get a call from a business owner - or broker - that needs my help to finance a $125,000,000 (or similar number) transaction. These transactions seem to have some things in common:
1. The caller is usually a broker that is new to the business.
2. The transaction involves precious stones or precious metals
3. The "supplier" is usually in some politically unstable African country or deep deep inside the Ukraine
4. The "supplier" needs "proof of funds" or a more formal "Bank Comfirmation Letter" or "Ready Willing and Able Statement"
5. The paper work looks good until you actually read it
My suspicion is that there are some shady companies that think that someone will put a proof of funds. Of course, the proof - or the shady operator will never be seen again.
I shoudl start directing those callers to this blog post :-)
Needless to say, we would not offer purchase order financing or factoring for these transactions.
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