Charles Schwab Corp. goes back on offense in banking -- promising to pump out discount loans with RIA help -- after ... - RIABiz

August 8, 2023 — 4:58 PM

Regarding Pledged Asset Lines at Schwab, "The rate on a $2.5 million loan would be 1.9%. Pledged Asset Line amounts begin at $100,000 with a required initial minimum advance of $70,000, according to the website. " Just a clarification. 1.9% is the SPREAD on top of SOFR, not the rate. SOFR is running near 5%+ so rate would be ~7% on PALs. The previous paragraph mentions 'spread' but still probably needs a clarification that the spread of 4.65% is ON TOP OF the SOFR rate. Schwab could not offer loans at 4.65% and 1.9% in terms of a rate as they would not be solvent if did that.

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August 08, 2023 at 08:20AM
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Charles Schwab Corp. goes back on offense in banking -- promising to pump out discount loans with RIA help -- after ... - RIABiz
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