Posted by Kelly Rainer on 11/14/12 1:48pm
Msg #443380
Structured loans
I just got a call to do a Structured Loan. I do not have experience with these. Can anyone tell me exactly what they are and what are the differences in these loans compared to others. Any advice for this novice agent would be greatly appreciated!
|
Reply by dgd/CA on 11/14/12 2:22pm
Msg #443382
It's a business high interest loan product. Here's a site that should help:
http://www.ehow.com/info_8044532_structured-loans.html
|
Reply by MistarellaFL on 11/14/12 2:27pm
Msg #443384
Although it could be a structured settlement: n/m
|
Reply by Kelly Rainer on 11/14/12 2:31pm
Msg #443385
Thanks for the site information. I left out one very important word...'settlement'. This call is for a Structured Settlement loan. Have any experience with these?
|
Reply by jba/fl on 11/14/12 2:46pm
Msg #443389
yes. Few pieces of paper, perhaps something to notarize,
perhaps not. Easy. Mostly self explanatory or follow the instructions.
|
Reply by dgd/CA on 11/14/12 5:31pm
Msg #443415
Okay Kelly, two different things...
Yes, they can be a PITA, but they pay reasonably well. One piece of counsel... when you schedule (or confirm) the appointment, please ensure that the borrower has had an opportunity to review documents in advance, otherwise, you're most likely going to experience a "nightmare" of an accommodation. Good luck on this.
|
Reply by MW/VA on 11/14/12 3:30pm
Msg #443395
I have done quite a few structured settlements. They
are usually about 40 pages, 7 or 8 notarizations, and most require faxbacks of the entire pkg. They're not difficult. Just make sure you're paid at least $75. for the time & faxbacks required. ;-)
BTW, these are when people sell insurance or court settlements for pennies on the dollar to get the money faster. The cos. doing this make out like bandits!!
|
Reply by SheilaSJCA on 11/14/12 5:12pm
Msg #443408
SO...MV....why do you only ask for $75? I get $100-150 n/m
|
Reply by dgd/CA on 11/14/12 5:40pm
Msg #443417
Sheila... as do I, however;
I think MV was (not knowing Kellys' background) trying to state a "minimum" charge. After all, there are any number of newbies out there that charge even less for a full loan signing.
|
Reply by dgd/CA on 11/14/12 5:45pm
Msg #443419
Oops... MW... my bad... n/m
|
Reply by MW/VA on 11/14/12 9:06pm
Msg #443448
You got the point, dgd. Why is that everyone thinks
they need to jump someone everytime the subject of fees comes up! It's annoying & rude, IMO. BTW, we don't get the fees that CA notaries have come to expect as "normal". You also have a $10/notarization fee, and ours is $5. Fees do differ by demographics.
Yes, I usually get at least $xxx for a structured settlement. I can also scan & email the docs in minutes.
|
Reply by NVLSlady/VA on 11/15/12 8:55am
Msg #443487
Re: You got the point
<<make sure you're paid at least $75>>
Not confusing at all  AND what you ACTUALLY SAID
|
Reply by OR on 11/14/12 3:34pm
Msg #443397
Re: "GBU" says how are they to work for?
Whan asking how these Companys are to work for I Love the "GBU" Company name and city state in subject line. It means Good, Bad or Ulgy. Then I know what the poster is asking before I have to read the post. I wish everyone used it. I do not have any experance with Structured Loans.
|
Reply by OR on 11/14/12 3:36pm
Msg #443398
Re: "G/B/U" says how are they to work for?
should have used / in first post.
|
Reply by Luckydog on 11/15/12 6:42am
Msg #443473
Re: "G/B/U" says how are they to work for?
Do not know about a structure loan, but structured settlements are great. Usually about 45 pages, print package once, and fax back. Buyer usually has their package well ahead of time to review. Need a good fax or scanner system, but they go fast, usually no questions from the recipient and usually on a Saturday. These are people who win a lawsuit from a car accident or win lottery earnings and want to get paid quicker or in timely installments. The SS I do these for typically pay within 2 weeks.
|
