Frequently Asked Questions

The following are frequently asked
questions about the RapidFunds®
transaction.

If you do not find an answer to your question here or if you want a more detailed explanation, please call us at 914-368-7249 and speak to either Peter Speziale or Sue Brofman. They will be more than happy to answer your questions. If you need to speak to someone after hours or wish to call direct on our cell phones, please call Peter at 914-552-4261 or Charlie Brofman at 917-747-7100. We are almost always available.

Frequently
Asked Questions
about Rapid Funds

Why is this not a loan?

A loan generally has monthly or periodic interest and/or principal payments due, with full return of principal due on a date certain. Our transaction is NOT a loan but rather a purchase and sale of a portion of your anticipated legal fee. We are buying a portion of your anticipated fee and waiting the time along with you for you to receive your fee from the underlying obligor. If for some reason the underlying obligor doesn’t pay, you owe us nothing.

Do you reach out to the defendant or defense counsel to verify the transaction and let them know you are purchasing a portion of my fee?

No. Our communication is between you and us. We rely on the RapidFunds® application which you will complete, and our own independent due diligence. The only time we would reach out to defense counsel is if and only if, our client commits fraud, misrepresentation or otherwise fails to communicate with us. This is rare.

What if I have an existing bank loan?

We deal with this frequently. If the bank has a blanket security interest on you or your practice, we will gladly work with your bank and create a subordination or inter-creditor agreement that permits the sale of your legal fee on a particular case.

If I have an existing funder that I am not happy with, can I use RapidFunds®?

If you have an existing funder who will not provide you any more capital OR if you are simply unhappy with the service they are providing, then call us. We may be able to help. Customer service is our mantra and we take it very seriously.

What are your rates?

We don’t have “rates” because we are not a lender. We will provide you with a written proposal that we will honor. You will know exactly what you have sold us, and the purchase price you pay, before you commit and throughout the length of the transaction, and, there are NEVER any hidden charges.

What if another legal fee comes in and I want to pay yours off – can I do that?

You can pay us partially or completely at any time based upon the agreement we reach. There are no “pre-payment” penalties because this is not a loan.

When are the funds you purchased due back?

Again, this is not a loan, so there is no compulsion to pay by a due date certain. Your obligation to transfer the amount of the legal fee you sold to us is upon your receipt of the settlement funds and/or your legal fee from the underlying payer. Once those funds clear in your escrow account, you immediately transfer the assigned portion of your legal fee to us.

If I am not a borrower and you are not a lender, then what is our relationship?

Under the standard terms of our agreement, when we buy an interest in your legal fee, you become our fiduciary and escrow agent. You owe us the same duty of care that you owe all of your clients. So when you receive your fee, it gets deposited in your escrow account and then the funds sold to us are dispersed to us by either check or wire. The rules surrounding fiduciaries and escrow/trust accounts in your State apply.

What size transactions do you handle?

We will handle transactions as small as $10,000 and as large as $20,000,000. We are definitely not afraid to write a “big check” and have done legal fee purchases in the millions to qualified lawyers on qualified cases.

What if my practice handles mostly small matters involving soft tissue injuries, slip and falls, auto cases?

Many lawyers specialize in matters involving lesser types of injuries where the client is still entitled to compensation. We can group several of your settled legal fees together. This may enable us purchase more fees, resulting in more capital available to you. We are nimble, we understand your practice and we will do the best we can to consummate a transaction to get you capital.

What types of cases will you fund?

We fund an attorney’s anticipated legal fees on cases the attorney has settled. An example of the types of legal fees we have funded are from the following non-exclusive list: auto cases; premises liability; product liability; medical malpractice; cases involving an infant compromise or a death compromise; employment litigation; mass torts; multi-district litigations; class actions; labor cases; construction defect cases; workers compensation and in some instances, commercial cases; etc. Again, this list is not exhaustive—these are just examples. You may be handling a unique area of the law—call us because we want to hear about it and we will try and find a way to help.

What if I have co-counsel who worked with me on a case and is sharing the fee in some manner?

YES, we can work with that.

Can I get funded the same day I submit the application?

Yes, provided we have all of the information we require. Same day funding happens frequently, especially with our recurring clients.

What kind of documentation is required?

That varies by case type but generally we need some background information on you and written documentation related to the settlement and/or release and the amount of the agreed upon fee.

How do I apply?

Two ways—either click on the button below, fill it out and submit it to us,

or

just call Peter Speziale at 914-552-4261 or Sue Brofman at 914-368-7249. They will help you through the process.

MORE INFORMATION

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Can I get funded the
same day I submit
the application?

Yes, provided we have all of the information we require. Same day funding happens frequently, especially with our recurring clients.

What kind of
documentation is
required?

That varies by case type but generally we need some background information on you and written documentation related to the settlement and/or release and the amount of the agreed upon fee.

How do I apply?

Two ways––either click on the application page on this website (“Apply Here”), fill it out and submit it to us, or, just call Peter Speziale at 914-552-4261 or Sue Brofman at 914-368-7249. They will help you through the process.

Get your fees today and unlock
the value of your assets.

We look forward to hearing from you.