If You Don't Want Client to Get Funding; Let Me Know and We'll Turn them Down Diplomatically.

One of the reasons I have had sucess in the funding world is because 99% of my deals are reccommended by attorneys. Couple that with the fact that I have been able to " weed out the stinkers". Lastly,add good underwriting and there you have it.
I still find that there are basically two kinds of attorney referrals;
1. Those attorneys who really want to obtain funding at a reasonable rate for the client and
2. Those attorneys who want to get the clients off their back.
If you happen to fall into category number two(2), let me know ahead of time and the process can be shortened and a professional looking "turn down letter" can be prepared and sent to you and client. Otherwise a "bad liability case" or a case with a threshhold injury will get dragged through the mud and ultimately denied. That creates nothing but bad will.
A quick phone call or email to me can go a long way.

Keys to a Successful Attorney-Funder Relationship

I've been funding now for over five (5) years and I've built a lot of strong relationships with attorneys in New York and nationwide. Funding relationships should NEVER, EVER be taken for granted. I try to treat every deal, big or small, new customer or old with knowledge, respect, professionalism and a sense of urgency (even some humor-no extra cost). One thing though; I will always talk candidly with the attorney and I will never SUBMIT A DEAL I DON'T THINK WILL FUND[OR SHOULDN'T FUND]. I will , if the attorney requests it, send a nice "turn down " letter . I am also available nights and weekends via phone, fax, cell or email. [phones and faxes are forwarded to my house for 24 /7 service].
What do I expect from the attorney;
1. Honesty,
2. Cooperation in getting the the deal through,
3. Reasonable accessibility,
4. Responsiveness in obtaining statuses and
5. Timely remittance of monies upon settlement{* and of course good cases-lol].
It seems simple, and yes it can be. If the attorney is honest and cooperative I will go to the end of the earth to protect him/ her and push their deals through.

Beware of Funding Agreements That Your Client Never Told You About.

Believe it or not, there are actually funding companies out there who will do deals with your client; but will not require a signature from you, the attorney. My funding practice is that I get 99% of my deals from the attorney so I know the source of the deal at all times.
So getting back to these funding companies who don't require attorneys' signatures...this is a real two-edge sword for them. On the one hand the attorney can't step in and obstruct a "bad deal". On the other hand, the attorney may not know about the funding at the time of settlement. Either way it's a mess!
Moral of the story, grill your client about existing funding agreements like you would about prior and subsequent accidents. Who knows; you might learn of a bad deal, bring it to my attention and I can step in and refinance and consolidate the prior fundings.

Funding; We're Here through the Long, Dry, Hot Summer.

Well the summer is here. Vacations planned, kids home for summer, trials you were counting on "kicked over " to September, rent due...well you know the story. It's all about "cash-flow"!
To add insult to injury you're dealing with the new medicare headaches.
Then at last a big settlement; but wait, it involves an infant and defendant is The City of New York. Yikes.... Will your bank loan against settlement? Of course not.
So that's where I come in. If the case is settled , I can provide immediate funding based on the closing documents with confirmation of the settlement amount . I guarantee getting you the best rates and can provide funding up to $1 million .
So don't worry, we can work together and keep things moving through the steamy heat of July and August!

What Should Your Client Expect From a Funder?

When dealing with an attorney and client in a funding situation, you should always treat them with respect and always be dignified and professional in your interactions. The attorney and client should also understand some basic funding concepts;
1. Normally the maximum advance[pre-settlement] is 10% of the value of the case or available coverage. Funders will usually go to 20% if the case in the latter stages.
2. On a settled case funders will normally advance 40-50% of the person'e expected net share;
3. Funders will not fund a questionable liability case unless injuries are catastrophic. Then usually a nominal advance is made.
4. Funders do not like to fund Allstate or Countrywide cases;
5. On a medical malpractice funding, information about a "real expert" must be available.
6. On a premises case some proofs re: " notice " must be submitted with the funding application.
7. Motor vehicle cases must have a police report, pd settlement or witness statement.
These are just a few of the general rules utilized by funders. Getting a little insight on this may just make the funding process go a little smoother.

Medicare, It's Killing Me!

Remember the days when you would settle a case on a Monday with Allstate on Emmons Avenue, Brooklyn for $75,000. You would immediately have the client in, sign the release and your messenger would take the closing papers to Allstate and pick up the settlement draft "all in one fell swoop". Usually just in time to make Friday's payroll. Well those were the "good old days"; but no more.
With all the craziness and uncertainty surrounding the Medicare Law, settlements traditionally taking 21 days(see CPLR SEC. 5003(a)} now are taking 3-6 months or more for payment. It is obvious what the delays are doing to attoreys' otherwise strapped cash-flow. Killing it, that's what ! There is certainly no shame in requesting funding if this type of situation arises. Infants comps, death comps and supplemental needs trusts also can be devastating to "cash-flow".
So if a situation arises where your really strapped for operating funds, contact me and we'll explore some reasonable options to assist you.

Medicare,It's killing me !

Whatever happened to the good old days when you settled a case with Allstate on Emmons Avenue for $75,000. Client comes in and executes the release and your messenger hand-delivers transmittal letter with release and stip. to Allstate and picks up check all in one "fell swoop". If you were lucky enough to get check on Monday or Tuesday, you would probably have money for Friday's payroll. Ah, the good old days!

Well no more. With all the craziness and uncertainty about the Medicare Resolution law, IT IS NOW TAKING LONGER THAN EVER to get clearance and ultimately the settlement funds. I have received more calls for funding from attorneys in the last 6 months; a result of the economy plus the Medicare delays. There is nothing to be ashamed of by requesting funding on cases[settled] which are taking 3-6 months to get paid, instead of the statutory 21 days.(see CPLR 5003(a). No one is a bottomless well.

If you have a situation where a delay in payment has occurred and a cash -flow issue exists, contact me and we can explore reasonable funding options.

Good luck.