Chicago, IL (PRWEB) December 16, 2005
The Funding Exchange, LLC, announces the production launch of their internet market designed to transform and streamline the litigation funding industry.
Litigation funding (sometimes referred to as pre-settlement funding, lawsuit loans, or lawsuit cash advances) involves advancing cash to a plaintiff based on the likelihood of the plaintiff winning his/her lawsuit. Not technically considered “loans”, these non-recourse cash advances can provide critical support to a plaintiff while they wait for their case to reach a verdict. Historically, funding litigation cases has been a very time-consuming process that required completion of an application which was then sent or faxed to a funds provider. Since the average funds provider declines 70% of inbound requests, this forces most plaintiffs, or the litigation brokers that represent them, to complete additional funding requests The entire process often takes weeks or even months to get approval for funding. By the time a plaintiff finally receives his/her cash advance, it may be too late.
The Funding Exchange was created to streamline the entire process of funding litigation cash advances. The Funding Exchange has eliminated the need for multiple applications; a plaintiff (or litigation broker) completes one application and then has access to an entire network of funds providers. Litigation brokers set their own commissions per application allowing for brokers to maximize their commissions. Brokerage commissions are deposited automatically into the broker’s bank account. Litigation funds providers set their own parameters so only funding requests that match their criteria will be assigned to them. The Funding Exchange drastically reduces the time and costs needed to fund litigation cash advances by streamlining every step in the process and, best of all, it is completely free of charge for plaintiffs and litigation brokers.
“We have begun a whole new phase in lawsuit funding with The Funding Exchange,” says Tony Perkins, Founder and President of The Funding Exchange. “No longer will multiple applications be needed in order to reach multiple providers. No longer will time be wasted because a lawsuit funding application was sent to the wrong provider. No longer are brokers’ commissions capped by a lawsuit cash advance provider. The Funding Exchange is the fastest, easiest, and most accurate way to get requests funded for all parties: funds recipients, brokers, and providers.”
“We use The Funding Exchange exclusively for our clients’ litigation funding requests,” states Susan Faltin, President of Lawsuit Funding Broker, a leading litigation broker. “With The Funding Exchange, we set our own brokerage commissions instead of having them set by a litigation lender. The whole process is electronic which saves so much time and effort in submitting funding applications. Plus, our lawsuit cash advance applications are always being reviewed by the best litigation lender so they are funded faster which is good for our clients and we receive our commission instantly which is great for us. Also, there is no charge for us to use The Funding Exchange so it is a no-brainer.”
James Hill, President of National Lawsuit Funding, a leading provider of litigation funding, states “we have been extremely pleased with The Funding Exchange, their services to us as a Funding Provider and their response to our wants and needs. We receive a steady flow of applications through The Funding Exchange and with their filter process, we only receive those applications that match our company's pre-set funding criteria. With the tools provided to us from The Funding Exchange we are able to preview that application and it's supporting documentation, communicate with brokers, and approve the applications online reducing the time that we need to handle the application.”
Background on The Funding Exchange, LLC
The Funding Exchange was established in March 2005 and launched a beta version to the public in August 2005. It is privately held with headquarters in Chicago, IL. The Funding Exchange was founded by Tony Perkins, an experienced developer of online collaboration technologies, and developed by a technical team with years of experience creating solutions for the legal marketplace. The Funding Exchange generates revenue by collecting a small transaction fee from funds providers for each approved funding request. Funds providers also pay a reasonable annual membership fee. The Funding Exchange is committed to serving the litigation funding industry in an ethical and responsible manner and promoting standards of practice that will reflect the critical service it provides.