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Within a week, Ministry of Shipping rushed a Cabinet plan proposing that the Export Development Fund (EDF) be allowed to raise and provide the 150-million buyers' credit facility denominated in Indian currency (the Rupee) to Iran.
AFG is accused of failing to make mortgage payments on the properties, ruining the straw buyers' credit ratings and sending the sellers' homes into foreclosure.
The pre-qualification letter should state that the buyers' credit was checked and was acceptable to the lender.
Just because the buyers' credit was checked doesn't mean the loan approval process has begun.
For importers, buyers' credit allows existing credit lines with their local commercial banks to be preserved and used for standard financing requirements such as working capital.
The funds are provided as a buyers' credits for exports.