$800,000 US funds in any bank (VOD), qualifies the borrower for up to 25 million dollars. The money in the bank is only for verification purposes for the loan. This is basically a line of credit available to use to purchase real estate. This is a new bank program that has just recently become available to some brokers. It can be used to purchase multiple properties, or just one property. You can access less or as much as 25 million. No credit approval is required.
The closing for this line of credit usually takes 10-30 days. The interest rates are around 6%. A summary of the borrower/or company along with your plans on the use of the money needs to be submitted for final approval. You also must have a social security number.