Posted by David Butler America’s Note Network on June 17, 2000 at 12:34:36:
Hello Rich,
There are several ways to accomplish this objective. A simple step might be to try your own bank first. Depending on the bank, and your relationship with a bank officer, this can be an excellent way to meet your goal… but it also the most difficult.
Another way to achieve a similar result is to simply sell a partial interest in your notes. This is the easiest, and usually most effective way to accomplish your goal. For example, you have a note with 144 payments left, and you sell the next 60 payments. After those payments are received by the buyer, the remaining 84 payments revert to you. There are several other ways to structure partials, but this should give you an idea.
Another option is to exlore the powerful BrokerLine program offered by First National Acceptance Corporation at:
One strong point about BrokerLine is that they look to your experience and the quality of the notes you hold as the primary factor in advancing funds, and they will go as high 96% of the note balance, and as low as 12.50% (I believe that is the rate now, based on the recent series of prime rate hikes) on the rate charged against the cash advance. It is the equivalent of a warehouse line of credit used by mortgage bankers and brokers.
Hope this helps, and feel free to email me if you have related questions. Best of luck!
David P. Butler Vice President, Broker Relations