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X Social Capital is a consulting company providing lawyers an alternative to expensive Hedge Fund Loans. The financing package includes insurance on your docket value to access capital at a reduced rate.
The Solution
We set out to come up with a solution to fix this industry wide problem. We offer a unique product, the first of its kind to be offered commercially, that will insure loans secured by a Mass Tort docket. Pricing is very on premium is very competitive, with rates between 6-12%, depending on collateral, loan amount, etc. Final premium amount is determined by company offering the insurance.
Our process provides our loan applicant to be matched with the right lender coupled with an A Rated insurance company. Because the loan is backed up with insurance on the principal loan amount, the commercial banks (Bank, Family office, Hedge funds) are all interested in loaning money on this product at an interest rate that is below current market rates.
X Social Capital is a consulting company connecting lawyers with insurance brokers and financial institutions who provide working capital as a Non-Recourse loan.
The Problem Explained:
Today in our industry many law firms rely on capital funding via what is normally known as a Hedge Fund loans. The law firm pledges attorney’s fees coming on their Docket in exchange for financing that traditional banks do not offer.
The hedge fund loans are consistently over three times current bank rates and usually over 20% per year. The rates go from about 17% to 24% depending on how good the lawyers docket is. If a law firm loaned 10 million today in 3.6 years, he will owe more than 20 million.
It takes time before the lawyers gets paid and as an example a tort like Roundup has now run for 7 years. While the lawyers get paid well for their work, a lot of that profit ends up with the hedge funds because of the 17%-24% interest rate.
Probably 50% or more of the law firms we deal with are getting loans like this.