ATLANTA (PRWEB) December 05, 2017
As part of its growth strategy, FLOCK Specialty Finance (“FLOCK”) is pleased to announce an exclusive strategic partnership with Michael Bernstein, owner of MEB Finance Solutions LLC (“MEB”) whereby he will be primarily focused on increasing deal origination volume for FLOCK.
The principal of MEB, Michael E. Bernstein, was an original founder of CreditMax LLC/CMAX Finance LLC. Mr. Bernstein has originated over $350 mm of funding to debt buyers for portfolio purchases in the ARM industry. Mr. Bernstein stated, “I’m very excited about the partnership with FLOCK as we collectively see the immense opportunity available for FLOCK to capture significant market share in the specialty finance sector. The relationship is very synergistic as we’re able to capitalize on both FLOCK and my experience and expertise which has strengthened FLOCK’s overall position in the marketplace.”
Under this partnership arrangement, FLOCK and Bernstein co-developed a flexible funding structure, a “hybrid” solution, to respond to the demands in the marketplace and recent industry trends. The “hybrid” structure provides a 60-75% advance rate, limited to no back-end profit participation, no fixed monthly payments without any corporate or personal guarantees. This product fills a void in the marketplace and complements FLOCK’s traditional high advance rate (80-95%) investment structure. FLOCK clients now have maximum flexibility to meet their capital requirements for portfolio purchases.
The first months of the FLOCK/Bernstein partnership have started well. Michael Flock, FLOCK’s Chairman & CEO, added, “with the early success of this partnership, 2017 origination volume should exceed 140% of 2016 volume and with its current pipeline of deal flow, 2018 should experience similar growth. The market is growing again, and we’re pleased that our new financing solution is taking off with the assistance of our partnership with Michael Bernstein.”