Since introducing our "Asset Backed Credit Line" program, there has been tremendous interest from clients interested in utilizing it. However, one issue that clients are running into when trying to put the offering together with their bank is the bank's ability to confirm the gold bullion being used to underwrite the credit line.

The simplest methods of pledging our bullion to the bank to underwrite a credit line are (a) a SafeKeeping Receipt (SKR) from G4S, or (b) a Letter of Credit. There are a couple of elements to consider for both of these options, that we have continued to refine to make it easier for banks to confirm the gold assets pledged.

If the bank decides they prefer to use a SKR, one of the common issues is that they need to have confirmation of the gold from another bank (rather than only from G4S). We have now made that a simple process - if the bank requires such a confirmation it will be provided to them by JP Morgan in London, via a SWIFT199 communication. JP Morgan will confirm our holdings with G4S to the credit-issuing bank, and that those holdings are unencumbered and in "Good-Standing". Since JP Morgan is one of the two largest banks (along with HSBC) in the western world, this confirmation should satisfy any banking group's due diligence requirements.

If they prefer a Letter of Credit, we have set the process up so that they will tell us which Italian Bank they prefer to receive the Letter of Credit from. The vast majority of banks have affiliate international banking relationships, so we will pledge the gold to whichever Italian bank they are affiliated with, and that affiliate bank will issue the Letter of Credit. For banks that have no affiliate in Italy, we would arrange to issue the Letter of Credit from UniCredit, which is the largest bank in Italy, and the LC would be transferred and confirmed via bank-to-bank SWIFT communication.

IMPORTANT NOTE ** It is necessary that the Letter of Credit come from an Italian bank because the gold bullion we will be pledging to generate the Letter of Credit is vaulted with the Italian Central Bank. The only banks that can communicate directly with the Italian Central Bank are other central banks, OR banks within their banking jurisdiction (in other words, Italian Banks). By pledging our bullion to the affiliate bank in Italy, that affiliate can easily confirm it with the Central Bank, and then issue the Letter of Credit to the bank that will use it to underwrite the credit line.

FilmCabbage continues to refine this offering to always try to make it as easy as possible for client banks to work with us in setting up financing for our client projects. Go to our "Contact" page to get in touch and get started funding your projects today!

The traditional FilmCabbage program was one of the most exciting programs available for low risk funding of films - all you needed was to have 20% of the costs already raised and we would be able to provide the remaining balance of the budget.

But not all clients have the ability to raise that 20%. Since this is causing so many fantastic projects to remain unrealized, FilmCabbage now announces our most exiting funding program to date: The "Asset Backed Bank Credit Line Program".

This program makes it possible for you to receive 100% funding, with your project/budget fully underwritten by us, and offer absolutely no risk to you. In addition, funds become available much more quickly than through our traditional program, and there is no 60 day banking compliance process to wait through.

Did I mention that you don't have to bring a single dollar to the table yourself?

I know, I know, I know.... "If I don't need to bring any money, and you make it possible to receive the funds for the full budget, and you underwrite the whole thing, and I have no risk... there's no way it will work. It's just too good to be true."

Well it's not too good to be true. It's just true. All you will need to be able to provide is a banking relationship with a bank that will work with us to set up a credit line. Using this program FilmCabbage will work YOUR bank to set up a dedicated credit line to fund your project, by underwriting it in full with FilmCabbage assets. This will be set up to have more than enough available credit to fully fund your project, and always guarantee both you AND YOUR BANK a zero risk position.

All you need to make it work is a bank that will accept our underwriting of the credit line with our own assets. This will be done either through a bank-to-bank issued Letter of Credit (fully confirmed by both banks, backed in full by our assets), an Asset Pledge of gold bullion, or a SKR (safekeeping receipt) from a Brinks or G4S facility where we have gold vaulted, declaring your bank as the SKR beneficiary.

While that last paragraph sounds a bit challenging, any mid-level banking executive (or higher) will understand the process, especially regarding a SKR or a bank-to-bank Letter of Credit. They will be able to confirm the security of their preferred collateral via any level of due diligence they require. Since they decide and will receive any level of confirmation they need, they'll always be certain their principal is completely guaranteed at all times.

Need more information? See the "Asset Back Bank Credit Line Program" page on our site.

We believe this is the easiest, most risk-free program ever offered to the film industry. No cost... no risk... full funding...

What can you possibly be waiting for?

The FilmCabbage program very necessarily requires the involvement of several third party channel partners to be able to provide the loans we do.  Some of these channel partners include banks, central banks, accounting firms, law firms and asset security companies such as Brinks and G4S.

Due to the ongoing global pandemic, and the social distancing/isolation standards many countries and most corporations are utilizing to try to slow the spread of COVID-19, we are experiencing timing challenges in our program.  For instance, nothing is moving through our central bank compliance processes right now because the central banks are all fully engaged in developing financial relief packages for the governments of the world.  Others among our channel partners are simply operating at a very small fraction of their normal capacity, as anyone who is still working, is working from their homes with limited resources.

As a result, timing is very difficult to determine right now.  It is taking longer to process applications (as we involve accounting firms and our banking partners in that process), develop contracts (as most law firms are operating only remotely), develop SKRs (as Brinks/G4S/Ferrari Group are also working almost exclusively from home) and process deals through central banking compliance.

We are still operating and will continue to do so, we simply cannot keep to our normal timelines due to the changing business practices in the world.  Once our channel partners are all back to normal (or close to normal) capacity we will be able to return to business as usual.  Until then, as with most of the companies of the western world right now, we continue to work diligently toward our and our borrowers' common goals as best we can under the circumstances.

Stay safe everyone, and be well.