According to a company press release, the updated version of the securities-based consumer lending tool LoanAdvance eliminates the need to liquidate securities or moves assets into separate collateral accounts, thus making lending management more efficient.
LoanAdvance can’t be used to purchase securities, and is available to Pershing’s qualified introducing broker-dealer customers and their clients as well as to qualified independent registered investment advisers and their clients through Pershing’s affiliate, Pershing Advisor Solutions LLC.
Through LoanAdvance, Pershing’s customers and their clients can borrow up to 70% of the market value of qualified equity, mutual fund, and investment-grade corporate or municipal bond securities, as well as up to 90% of the market value for U.S. Treasury securities.
“These enhancements will provide our introducing broker-dealer and independent registered investment advisor customers with a flexible solution that will help them meet their individual clients’ liquidity and financing needs,’ said Ron Fiske, managing director of the product management and development group at Pershing, in the release.
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