DISCOVER – Explore Case Details
Initial sharing of information between Vérité and the advisor/client. Primary focus is on insurance needs and borrowers’ financial commitment. It also includes life insurance illustrations to be financed and discussion regarding borrowers’ financials.
DESIGN – Customized Architecture
Vérité will create a customized Premium Finance design to meet the clients’ goals. This stage is often a “back and forth” between Vérité and the referring advisor. We will suggest products that allow for the highest probability of success.
SUBMIT – Lender Submission Document Preparation
Borrower to provide necessary documents/financials to form a complete package. Vérité will obtain term sheet(s) and upon review, negotiation and acceptance, will proceed to formal approval.
CLOSE – Close The Transaction
Either in person, by phone and/or through WebEx, we will be present throughout to ensure a smooth closing and document signing. The closing package is inclusive of applications, documents, designs and stress testing.
FUND – Facilitate Premium Payment
Following receipt of signed and notarized documents, pledged collateral (if needed) and receipt of interest (if required), the bank will send a wire to the insurance carrier for the premium.
MANAGE – Ongoing Analysis
Vérité has an annual process to ensure a successful renewal. This is not “set it and forget it.” We evaluate both the insurance performance and the lending terms on an ongoing basis.