Part 2 - Beginning the Process
Once you and the Funding Company have come to an agreement on a transaction that best fits your needs, you are ready to “begin” the process. At this stage, it is customary for some funders to prepare and send you generic documentation to accelerate the funding process, but often this method backfires. The generic documents may not address appropriately your specific needs. Additionally this method could be considered a gray area legally, or could miss vital information needed by the courts. Taking shortcuts like these could unnecessarily extend or even cause your transaction to be overturned.
For Prosperity Partners, this practice is unacceptable. Now it is very important for you and your account representative (”A/R”) to spend the necessary time going over the entire Application for Sale, as well as discuss with you how obtaining your money will serve your “best interest”. By spending this time together, the A/R can type up the Application for Sale for you, so you do not have to do it yourself. By taking the Application over the telephone, the A/R can speed up the process of getting your money to you, while eliminating the legal pitfalls and risks other companies might find acceptable.
The Application for Sale will ask questions which can and will effect the processing of your transaction. The standard application questions like name, address, date of birth, social security number, marital status, etc. are all included in the document, but more detailed questions need to be asked as well. Questions that request specific information on items like Child Support, Federal and State Tax Liens, Bankruptcy’s, need to be addressed so that during the actual Due Diligence phase of the transaction, we can obtain whatever pertinent items we need to facilitate and accelerate the process of getting your money to you. In week 4 we will discuss the Due Diligence items that are needed and what effect they can have on your transaction.
Related posts:
- Part 2 cont. - Beginning the Process
- Part 8 – Final Audit and Funding
- Part 3 - Disclosure and Transfer Documentation
Submitted to The Process Start to Finish
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