My question involves a banking matter in the State of: PA
I am the owner of a structured settlement that will pay out $1 Million over 15 years. I am looking to open a secured line of credit for as much as possible with the structured settlement as collateral.
#1. Is a structured settlement something that a bank would accept as collateral for a large credit line?
#2. Any idea what a typical loan-to-value would be on something like this? Rate?
I imagine that my local Wachovia branch doesn't get too many people coming through their doors asking about this, so I wanted to run it by the ExpertLaw crowd first.