Throughout the industry, many Advisors have heard about massive lender delays at Premium Financing lenders nationwide. We have fielded calls from Advisors who have told us that lenders were turning away their business, or telling them loans would take 4-6 months to get a term sheet. It is during times like this, that working with Succession Capital Alliance means more than ever.
It is true that certain lenders are understaffed to handle their current volume of business. However, as you know, we are the largest client for most of the lenders in the premium financing space, and as such, we are not subject to the majority of those issues. Due to our size and reputation, we are able to submit our premium financing cases efficiently and, while the timelines for some lenders are slightly longer than they would normally be for us, we have implemented multiple strategies to make sure that business is not affected.
Keep in mind, Succession Capital is the founder of Premium Financing, and this year we are celebrating our 25th anniversary. With over $45 Billion in death benefit and $4.5 Billion of premium placed in 25 years, we are the only firm with co-branded client approved brochures with major life insurance carriers. Our unmatched history of doing Premium Financing the right way for 25 years affords us special privileges that you can access as an Advisor partner with Succession Capital.
First, we have our own dedicated team with many of these lenders and they give us the best timelines possible for any Premium Financing group. In addition, we have direct access to Senior Management at the lenders to move things along if urgency is needed. Several advisors have experienced this first hand on a few cases that we did at year end that relied solely on our relationship with the lenders to get done.
Next, we have always had a multiple lender platform. Over the past few years we have continued to add more and more lenders to our lending platform, including proprietary loan programs and lenders with ultra competitive loan rates, fixed rates, and interest rate caps. So, on every case, we have been discussing with our partner Advisors which of these alternative lending options would make sense on each case, depending on timelines and details of the particular client.
Finally, our lender partners who are experiencing delays have had their Senior Management assure us that they are actively working to adequately staff for their increased volume. They all expect that over the next few months these timelines will continue to get better and better.
We value our relationship with all of our partner Advisors and are proud to be able to serve you and your clients. Please let us know if you have a case you want to discuss by filling out the attached Prospect Analyzer.
Best,
Julian Movsesian, MBA | President and CEO
Michael J. Rothman, CFP | Executive Vice President
