Loan Management AccountВ® (LMAВ® Account), A secured personal credit line

Are you searching for a flexible, convenient method to manage income?

The Loan Management Account® (LMA ® account) offered through Bank of America is really a versatile credit line that can be utilized for virtually any function. Whether you are looking to simply help a member of family, renovate your home, pay taxes or address training expenses, an LMA account can really help. By having an LMA account, you will generate money, combine other outstanding loans if desired and gain a better image of balance sheet.

Just how to make use of an account that is lmaв

You can make use of the LMA account as being a convenient method to pursueВ a variety of individual and company funding requirements, including:

• Private and investment real estate acquisitions
• Luxury acquisitions
• Tax re payments
• Education costs
• Healthcare expenses
• Weddings
• Debt consolidation reduction
• Company or purchases
• Diversification for concentrated securities jobs
• Crisis costs

A Borrowing Strategy

An LMA accountВ is really a secured credit line that uses your current securities, such as for example stocks and bonds, as collateral. There are not any charges to ascertain, no minimum balance nor yearly fee, to help you access funds since you need to. You have access to funds, generally speaking within one of approval day. You can access your credit by means of both fixed price and adjustable price loans. Your advisor that is financial can you select the loan terms that work most readily useful for the specific situation.

Get the full story

Speak to your Merrill Lynch monetary consultant about whether an LMA accountВ could be right for you.

Dangers of LMA Borrowing

Securities-based funding involves unique dangers. You ought to review the LMA Loan Agreement and associated documents and disclosures very carefully and check with your own tax that is independent appropriate advisors.

• A decline within the worth of one’s security assets might need you to definitely offer extra funds or securities in order to avoid a collateral upkeep call. You are able to lose more funds than take place within the collateral account. The LMA account is just a full-recourse loan and you will end up accountable for any deficiency.
• The Bank can force the sale or other liquidation of every securities or other investment home within the security account and, unless otherwise needed by law, can perform so without very very first contacting you.
• You aren’t eligible to choose which securities within the security account are sold or liquidated.
• The Bank can alter its security maintenance requirement at any time without warning to you personally.
• You aren’t eligible for an extension of the time to meet the Bank’s security upkeep requirement.
• There might be tax that is adverse other effects for you if securities are offered or elsewhere liquidated because of the financial institution.
• The LMA account can be an uncommitted center, although loans to people and trusts can be committed in a sum to not ever meet or exceed $100,000. The financial institution may need complete or repayment that is partial any moment and any dedication might be instantly ended.
• For fixed-rate improvements and term loans, principal payments produced in advance associated with end associated with the applicable period that is fixed-rate whether voluntarily or involuntarily, (due to demand or liquidation by the lender, ) are susceptible to a considerable breakage fee as decided by the financial institution.
• Some limitations from the utilization of LMA account profits may apply beneath the regards to the mortgage papers and relevant guidelines and laws.

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