NEW YORK and RENO, Nev., Oct. 4, 2013 /PRNewswire/ -- Case Funding announced today it achieved record volume for its A.C.E. attorney loan program launched in July 2013. As of 2011 there were approximately 90,000 personal injury attorneys licensed in the US, 45,000 of which operate as sole practitioners and are prime candidates for A.C.E. loans. "The new loan product has been extremely well received as a means for our clientele to gain quick access to financing for their law firms," states Richard Silverstein, President and CEO of Case Funding. The A.C.E. loan is structured exclusively for trial lawyers and law firms and allows for flexible repayment terms geared to the cash flow projections of the borrower. The application process requires less documentation and approvals are granted on an expedited basis up to $50,000.
"We have been inundated with applications and have approved and funded loans in as few as 48 hours, and expect the trend to continue and gain momentum in the fourth quarter," added Silverstein.
$1 Billion Industry
Sources estimate the size of the legal lending business in the US at $1 billion although most lending companies are private and don't report figures. Case Funding's A.C.E. program is unique in the industry and offers law firms an alternative way to finance operating and case and trial costs. Loans are underwritten by case funding's own team of lawyers and must meet internal credit criteria. Loans are secured in part by the future legal fees of the law firm.
Case Funding has offices throughout the United States including Reno NV, and Manhattan and serves law firms of all sizes involved in a broad array of cases including personal injury, Mass Tort, class action, product liability and pharmaceutical and others.
For more information, visit www.casefunding.com or call Leon Branam at 888 796-7594.
SOURCE Case Funding Inc.