Transcript The bank will offer several repayment options. For example, traditional principal and interest, flexible amortization schedules, and interest-only payments are some of the options that the dealer will have. View All FAQ Videos
Transcript Dealers often wonder if they can use their reserve accounts to secure a securities-backed line of credit. And the answer is no. Only surplus accounts can be used to secure these types of loans. The reason is your reserve account hasn’t earned out yet, and therefore it’s still subject to underwriter requirements. Because of… Read More
Transcript Traditionally, if a dealer needed money to expand, or remodel, or acquire new dealerships, they would go out and either have a traditional loan set up with their third-party lending institution, or in our world, in the reinsurance world, they would borrow from themselves inside of their reinsurance company. That has worked terrifically for… Read More
Transcript I believe that this particular platform is best suited for our clients who believe in the power of holistic financial planning. Our dealers that have been partnering with Darnall Sikes for some time would appreciate this and they understand that their re-insurance companies are certainly a big part in some instances of their long-term… Read More
Transcript Dealers often wonder whether there’s any restrictions on how the funds can be used. The good news is these are non-purpose loans, so the funds can be used for any purpose whatsoever. View All FAQ Videos
Transcript If you, or someone you know is interested in these securities-backed lines of credit, please reach out to our team at Darnall Sikes Wealth Partners. View All FAQ Videos
Transcript Once the collateralized loan is in effect, there are some restrictions that a dealer would wanna be aware of. For example, a dealer would need to get permission from the bank or financial institution in order to make withdrawals or transfers out of the account. View All FAQ Videos
Transcript This platform is completely flexible. What we wanna remember is that we’re simply utilizing assets as collateral, and it’s non-purpose. So, once again, meaning it can be used for anything. And the owner of the dealership, the principal dealer, is typically the person that’s borrowing the money, but not always. It can be the… Read More