NEW YORK, March 12, 2013 /PRNewswire/ -- Legal-Bay LLC, The Lawsuit Settlement Funding Company, has opened up talks with a couple Spanish banks and institutional investors in order to secure more capital for their business clients needing cash advances or traditional lawsuit loans from their proposed B.P. Settlement Claim. Legal-Bay has already announced that they have secured up to $10MM in capital for B.P. Claim Funding; however Legal-Bay believes that this amount of money will simply not be enough to service all their client's needs.
"We are seeing a tremendous amount of commercial business B.P. Applications and have been processing and approving them at a fast rate. With the litigation to last at least another year, we are on a pace to fund over $10MM within the next few months," said Patty Kirby, Head of Client Relations at Legal-Bay.
Legal-Bay is funding in all five states affected by the B.P. Oil Spill: Texas, Louisiana, Mississippi, Alabama, and Florida. Legal-Bay has a strong focus of clients on Key West, FL where any business claims are pre-approved, as well as any other clients in Zone A. Zone A involves businesses closest to the water or vessels or business owners that operate on the water, such as fisherman and shrimpers. Many of the Shrimpers leave from New Orleans, Gulfport, MS; and Tampa and Pensacola, FL.
Legal-Bay is offering two types of funding programs: first is a non-recourse lawsuit cash advance in which no funds need to be paid back until the B.P. Check is paid; the 2nd program involves a traditional lawsuit loan that is similar to a business revolving credit facility. The difference is that there will be no need for credit checks as Legal-Bay and its investment partners will only evaluate the lawsuit loans based on the B.P. Claim values. And Legal-Bay's underwriting process could take as little as 48 hours. Legal-Bay is accepting business applications in all four B.P. zones: Zone A, B, C, and D.
Legal-Bay's CEO, Chris Janish, commented on the state of the B.P. Lawsuit Funding Market, "Although we have secured $10MM at this point from strong investment banking partners, we believe the B.P. economic claim settlement presents a unique situation whereas there is a tremendous short term need for business capital for businesses affected by the B.P. Oil Spill. We see a market that is going to expand very quickly and we want to be positioned to be able to accommodate all of our client's requests for business capital financing. We are re-entering into talks with banks in Spain, one being La Ciaxa who we have had discussions with in the past. We are also lining up talks with institutional investors that are interested in London, United Kingdom; Germany, France, Ireland, China, Australia, Brazil and other countries in South America. Due to the size of the B.P. litigation we are offering off shore institutional investors a special situation created by the catastrophic B.P. Oil tragedy, where they can obtain 2% per month fully collateralized by the B.P. business claim."
If you are a business owner looking to obtain US$5K to US$1MM in either lawsuit pre-settlement funding or via a traditional lawsuit loan, you may contact Legal-Bay on line at: lawsuitssettlementfunding.com or by calling toll free at: 877.571.0405 where experienced agents can walk you through their various B.P. Claim Funding Programs.
Patty Kirby, Head of Client Relations
Ph. 877.571.0405 or email: info@legal-Bay.com
SOURCE Legal-Bay LLC