How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask UKSolicitorJA Your Own Question
UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
62162956
Type Your Law Question Here...
UKSolicitorJA is online now

Hi I am about to go for a sinking loan with an american

Resolved Question:

Hi
I am about to go for a sinking loan with an american firm called Lloyds commercial finance. They have asked for 100k in escrow, which is when I thought I better seek legal advice. How do I know how legitimate they are ?
Please help. I can also send the escrow document.
Submitted: 2 years ago.
Category: Law
Expert:  UKSolicitorJA replied 2 years ago.
Hello,
This does not sound right.
Lloyds Bank is a UK bank, not an American company and why are you being asked to put money in escrow if you will be borrowing money?
Customer: replied 2 years ago.

I didn't say Lloyd's bank, these guys are called "Lloyd's commercial finance" and appear to be American.

This is their website :-

http://www.lloydscommercialfinance.com/

Please feel free to check as I'm worried that they may not be real. They asked for the amount of money on escrow just to make sure I do not turn down the loan at the last minute - thats what they told me.

Can you know if they are a real firm ?

Thanks

Tug

Expert:  UKSolicitorJA replied 2 years ago.
I would advise you not to send them any money whether to be kept in Escrow or not.

Lloyds Bank also as a commercial finance division http://www.lloydsbankcommercialfinance.co.uk/
and I would suggest that you deal with them as they are a UK regulated bank rather than this American outfit which does not appear to be regulated by anyone:

Hope this helps
UKSolicitorJA and other Law Specialists are ready to help you