Liquidity Access Line

Investors, developers, REIT's, etc. - helps make offers more competitive and also speeds up the closing process!

1. LIQUIDITY
ACCESS LINE
A line of credit designed to help
keep your portfolio intact.

2. 1
Liquidity Access Line is offered by Morgan Stanley Private Bank, National Association.
A Liquidity Access Line
1
allows you
to use the eligible securities in your
brokerage account as collateral for a line
of credit. You can finance real estate
purchases, fund tax obligations, cover
business expenses or any other financing
need — without liquidating assets.
There are risks associated with using securities as
collateral for a securities based loan, including possible
margin calls on short notice. See the disclosures at
the end of this brochure for details.
THE BENEFITS OF
Liquidity Access Line
Competitive floating- or fixed-interest rates
with typically no fees.
Simple application process and easy to manage online.
Access funds on demand. Funds are ready when you are.
Your current investment strategy remains intact.
Flexible repayment options.
1
2
3
4
5

3. LIQUIDITY ACCESS LINE
Borrow against portfolio
to access financing
LIQUIDATE ASSETS
Sell existing assets
or use cash reserves
TRADITIONAL BANK LOANS
Commercial and residential mortgage
loans, including home equity lines
of credit, student loans, etc.
GETTING STARTED
Simple application process N/A
No personal financial statements,
multiyear tax returns or other documentation required
1
Credit decision typically in 1-2 days N/A
Quick access to funds
2
COSTS
Typically no fees
3
Lower interest rates than other loan options
4 N/A
CONSIDERATIONS
Flexible repayment options
5 N/A
No impact to your credit scores
Your current investment strategy remains intact
No re-approval needed for multiple loan advances
5 N/A
1
Liquidity Access Line is offered by Morgan Stanley Private Bank, National Association.
A Liquidity Access Line
1
allows you
to use the eligible securities in your
brokerage account as collateral for a line
of credit. You can finance real estate
purchases, fund tax obligations, cover
business expenses or any other financing
need — without liquidating assets.
There are risks associated with using securities as
collateral for a securities based loan, including possible
margin calls on short notice. See the disclosures at
the end of this brochure for details.
When You Need Funds, Which Path Do You Choose?
1
In most cases. Additional supporting documentation may be requested for underwriting
purposes for certain borrower types such as trusts, corporations, partnerships or nonprofits.
2
Once approved, you can quickly access funds by wire, check or electronic transfer.
3
Clients typically will not be charged a fee to obtain a Liquidity Access Line with standard terms and
conditions. Please see the disclosures appearing at the end of this brochure for important information
on the potential fees associated with Liquidity Access Line.
4
Comparison based on interest rates quoted by banks
for installment loans or home equity lines of credit.
5
Subject to the provisions of the loan agreement.

4. Liquidity Access Line (“LAL”) is a securities-based line of credit product offered by Morgan Stanley Private Bank, National Association, an affiliate of
Morgan Stanley Smith Barney LLC. All LAL lines of credit are subject to the underwriting standards and independent approval of Morgan Stanley
Private Bank, National Association. LAL lines of credit may not be available in all locations. Rates, terms and conditions are subject to change without
notice. To be eligible for an LAL line of credit, a client must have a brokerage account at Morgan Stanley Smith Barney LLC that contains eligible
securities, which shall serve as collateral for the LAL. In conjunction with establishing a LAL line of credit, a LAL facilitation account will also be
opened in the client’s name at Morgan Stanley Smith Barney LLC at no charge. The ongoing availability of the LAL is contingent, among other things,
on a client maintaining sufficient eligible collateral. Other restrictions may apply. The information contained herein should not be construed as a
commitment to lend. Morgan Stanley Private Bank, National Association is a Member FDIC that is primarily regulated by the Office of the Comptrol-
ler of the Currency.
The proceeds from an LAL loan/line of credit (including draws and other advances) may not be used to purchase, trade, or carry margin stock;
repay margin debt that was used to purchase, trade or carry margin stock; and cannot be deposited into a Morgan Stanley Smith Barney LLC
or other brokerage account.
A fee may be charged for the issuance of a letter of credit, for prepayment of principal on fixed rate advances, and upon a client’s request for certain
cash management services (e.g., duplicate statement or check re-order). In certain cases, a client may be responsible for third-party legal fees when
Morgan Stanley Private Bank, National Association engages the firm to review complex Liquidity Asset Line transactions.
Borrowing against securities may not be suitable for everyone. You should be aware that securities-based loans involve a high degree of risk and that
market conditions can magnify any potential for loss. Most importantly, you need to understand that: (1) Sufficient collateral must be maintained
to support your loan(s) and to take future advances; (2) You may have to deposit additional cash or eligible securities on short notice; (3) Some or
all of your securities may be sold without prior notice in order to maintain account equity at required maintenance levels. You will not be entitled
to choose the securities that will be sold. These actions may interrupt your long-term investment strategy and may result in adverse tax conse-
quences or in additional fees being assessed; (4) Morgan Stanley Bank, N.A., Morgan Stanley Private Bank, National Association or Morgan Stanley
Smith Barney LLC (collectively referred to as “Morgan Stanley”) reserves the right not to fund any advance request due to insufficient collateral or
for any other reason except for any portion of a securities-based loan that is identified as a committed facility; (5) Morgan Stanley reserves the right
to increase your collateral maintenance requirements at any time without notice; and (6) Morgan Stanley reserves the right to call securities-based
loans at any time and for any reason.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney
LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services. Investment
services are offered through Morgan Stanley Smith Barney LLC.
Unless specifically disclosed in writing, investments and services offered through Morgan Stanley Smith Barney LLC are not insured by the FDIC,
are not deposits or other obligations of, or guaranteed by, a bank and involve investment risks, including possible loss of principal amount invested.
© 2015 Morgan Stanley Smith Barney LLC. Member SIPC.  CRC 1137706 6/15  CS 8185312 04/15
LIQUIDITY ACCESS LINE. Let’s have that conversation.