The Premier Loan is our most popular lending program. The loan’s popularity is due to its simplicity -- there are no prepayment penalties and interest is based on the Prime lending Rate plus a competitive spread. The client can choose to pay the annual interest payment either in advance or in arrears.
Benefits of the Premier Loan
- The client can choose to pay annual interest either in advance or in arrears
- No prepayment penalties
- No required revenue sharing
Terms
- Open to Universal life, Whole life (with APL turned off) and Indexed policies
- Minimum net worth $5,000,000
- $100,000 minimum initial loan amount
- Full Recourse
- Spread is locked in for the life of the loan
- Interest can be paid annually, either in advance or in arrears
- Fast and simple annual loan review requires minimal annual contact from the borrower
Submitting application
The following information will be needed in order to submit a case to FIRST’s Life Financing Department:
- Approved carrier premium finance illustration signed and dated by the applicant/borrower and insured
- Policy sales illustration signed and dated by applicant/borrower and broker
- Personal Financial Statements (not more than 6 months old, signed and dated)
- 2 Years of Tax Returns (complete with all schedules, signed and dated by the tax filers)
- Completed FIRST Credit Application (signed and dated)
- Organizational documents (if a trust, corporation or other entity)
- Brokerage statements
For more information, please contact our New Business Department at 1-888-747-4762 or E-Mail us at
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