Request for Financing Million Dollar Settlement
I have a very large personal injury case that we are about to settle. My attorney and I have come to agreement with the company to settle this case without having to go through the whole legal process required for many of these cases. This is a med mal case wrapped around a wrongful death suit. We are finalizing the deal and my attorney tells me that payment will probably not get to me soon enough. I have a financial dilemma and unfortunately I can’t wait another couple of months before the money is owed is received. I am contacting your company as a referral from my attorney understanding that you’ve funded several other malpractice suits for him. When I asked him about the payout and rates he told me they are higher than a standard loan because you only pay it back if you win. Fully understanding my suit and knowing now that we will come to an agreement on a number I would like more information on the following - How long would it take for you company to approve my loan? How do the rates work for cases that have already been settled but money isn’t yet in the clients hand? What types of guarantees can your company make to me that my case will get funded by your company? I would also like to know if you would consider this a high risk case although the case is going into the final settlement mode. I am a little unfamiliar with these processes and was hoping you could give me a little more information regarding my questions.
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How long would it take for you company to approve my loan? -It could take less than a day to several days depending upon how quickly we are able to obtain your case history. I’m assuming that your attorney would be able to get that information to us almost immediately considering he’s worked with us in the past. Part of the process can be held up by attorneys if we can’t obtain the information. How do the rates work for cases that have already been settled but money isn’t yet in the clients hand? -Post settlement rates are the best within pre settlement funding. This is because there is little risk to the underwriter so they are much more willing to fund the case at a better rate. What types of guarantees can your company make to me that my case will get funded by your company? - We can never guarantee that a case will qualify for funding. However, we do everything it takes to put our clients in the most favorable position to get financing for their case.
I have a patent infringement lawsuit that was appealed. The verdict was several million in damages. What is the percentage I can borrow against? I am also interested in the rate.
Sounds like a pretty good case. We would need to look at it before we could tell you what the rates would be on your case. It is really hard to ballpark rates without looking at the case documents. I can say that in your case they probably would be generally lower considering its in the appeals process and there is a good chance you will win. How much money are you looking to borrow?