There are a few options for bridge financing for premium financed policies and premium financing cases.
Here is a sample overview of what may be required and terms.
- Policy Type: Individual policies or Portfolio financing
- Duration: 90 days to 48 months available.
- Submission Information Needed: Current in-force illustration, AVS / 21st or executed FLS documents (available upon request)
- Loan Type / Collateral: Policy is the only collateral required
- Interest Rate: 1% per month if paid monthly (compounded daily) or 1.5% per month if paid upon maturity (compounded daily).
- Origination Fee: 5% origination fee on borrowed funds plus applicable legal fees
- Policy Requirements: Policies must be non-contestable and lender performs full medical underwriting
- Agent / Broker compensation: Up to 1% of face to be built into the loan on select policy financing.
If you have any questions or would like to see if your policy will fit this type of financing, pleas call 1-888-823-7764 and will find someone to assist.
