Michael Bernstein, the owner of MEB Finance Solutions and one of the founders of CMAX Finance, and Flock Specialty Finance have formed a partnership to help finance debt buyers and their purchases of portfolios.
This year has already been a good one for Flock. Originations are up 140% over last year’s total and 2018 is shaping up to be just as busy, Flock Finance Chairman & CEO Michael Flock said in a statement.
“The market is growing again, and we’re pleased that our new financing solution is taking off with the assistance of our partnership with Michael Bernstein,” Flock said.
The new product created by this partnership will have a lower advance rate than Flock’s traditional funding product, “limited to no back-end profit participation, no fixed monthly payments without any corporate or personal guarantees,” according to a release announcing the partnership. Flock’s traditional product has an advance rate of 80%-to-95%. The advance rate on the new “hybrid” product is between 60% and 75%.
“I’m very excited about the partnership with Flock as we collectively see the immense opportunity available for Flock to capture significant market share in the specialty finance sector,” Bernstein said. “The relationship is very synergistic as we’re able to capitalize on both Flock and my experience and expertise which has strengthened Flock’s overall position in the marketplace.”