Express Credit A securities based loan that can be used for any business or personal purpose except to buy or carry other securities. Express Credit can offer greater borrowing power than Portfolio CreditLine and can be used to make loans to a client's business or family member. A Salomon Smith Barney account that consolidates all of your investments and links them to a comprehensive array of financial services such as automatic dividend reinvestment, check-writing privileges, debit card, and more. Equity lines of credit are typically revolving accounts which can be drawn on by check usually, repaid and drawn again for the term of the loan. The minimum payment due each month is interest only.
Billing is based on the outstanding line balance.
Loan proceeds are provided in the form of a check for one lump sum at the time of closing. Repayment of both principal and interest is expected to begin the proceeding month. Initial margin requirement Amount of cash required to be deposited in your Salomon Smith Barney account when purchasing securities with your Portfolio CreditLine. The initial requirement may also be met by depositing securities with sufficient Borrowing Power. The cost of using money, expressed as a rate for a period of time.