Posted on November 5, 2014 by Brett
With less than 2 months left in the 4th quarter, all departments in financial institutions are frantically examining their numbers. Jobs are at risk should targets not be met. Odds are, you have been monitoring the progress of those numbers throughout the year and everything is lining up nicely for December 31. Should you be in charge of the collection department, that may not be the case due to a decline in inventory since cleaning house after the recession. Or, you may just want to knock the socks off your boss by trying something new that sends profits soaring, crushing goals in an area no one expected. How could you possibly increase profits, with little effort, the holidays approaching and not much time available? Sell your charged off commercial paper!
When referring to commercial charge offs, this is the paper that isuncollectable. It has been cycled through the internal collection department, law offices and multiple agencies. The accounts are determined dead, collecting dust in a warehouse. At this point, the institution has determined this paper has no value and wrote its value down to zero.
Here is where selling these delinquent accounts adds value! TBF Financial will buy these accounts and pay cash at closing. That cash goes directly to your bottom line as a recovery, INCREASING PROFITS OUT OF NOWHERE! The transaction can be closed quickly and with little effort by the seller. The due diligence requirements are minimal and pricing is quick.
The more there is to sell, the more money that can be recovered. The only requirement is that the paper is non-performing commercial paper! We buy equipment leases, bank notes and lines of credit, judgments, pre-agency, post agency, foreclosures, secured, unsecured, etc. As I said, it only needs to be non-performing and commercial. We even buy paper that is up to 4 years old from the date of default!
Now, how much easier can it be to impress your boss?
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Brett Boehm is CEO for TBF Financial. He can be reached at bboehm@tbfgroup.com, phone 847-267-0660 or via LinkedIn. |