Delray Beach, FL, May 01, 2019 --(PR.com
)-- DRB Financial Solutions, LLC (DRBfinancial.com) is pleased to announce that it has closed on yet another multi-year, multi-asset credit facility. This $50 million facility provided by a large US insurance company is yet another vote of confidence from the capital markets that will help fuel the continued growth of DRB’s Producer Advance subsidiary (ProducerAdvance.com). Producer Advance provides innovative liquidity solutions to insurance producers secured by their renewal commissions.
Robert Axenrod, the President of Producer Advance, said, “The timing couldn’t be better as we are in the midst of bringing several new IMO producer groups on line and will be closing the third tranche of a $30M transaction with a major property & casualty producer group. We are delighted to have the flexibility and additional capacity this facility provides.”
Since its inception in November of 2016, Producer Advance has provided over $80 million in financing across a wide variety of insurance lines including short & long term medical, fixed indemnity, property & casualty, Medicare Advantage/Supplement, automobile, homeowners, renters, and others.
About Producer Advance: Producer Advance is part of the DRB Financial Solutions family of companies. Founded in 2016, Producer Advance offers fast, low-cost liquidity for insurance producers and brokers who have earned, but not yet received, commissions from the sale of an insurance product. Producer Advance provides commission advances for a wide variety of insurance products including Short Term Medical, Long Term Medical, Fixed Indemnity, and Uninsured Products.
About DRB Financial Solutions, LLC, (DRB) provides liquidity solutions to individuals and small/medium sized businesses holding high quality but illiquid assets. Having raised over $1 billion in capital and developed a robust origination platform, DRB is a market leader in five major lines of business: USClaims (USclaims.com), DRB Capital (DRBCapital.com), Echelon Medical Capital (EchelonMedicalCapital.com), CRG Financial (CRGFinancial.com), and Producer Advance.