Irrevocable Letter of Credit as Collateral
Many times I receive calls from parents or family members who are out of state and have another relative who was arrested in Colorado and whose bond is large. These folks want to bond the family member out of jail as soon as possible. Unfortunately, without a local cosigner, the bond cannot be posted.
If the family is financially solvent, they may approach their bank to issue an Irrevocable Letter of Credit (ILOC) to the bondsman for the amount that will cover the collateral requirement. It is similar to a bank line of credit, however, it is a guarantee of funds available, and no money is shifted unless the Individual on bond fails to appear.
This is an available option for both in-state and out-of-state Cosigners to secure a higher bond amount and have their family member out of jail.