Brown Funeral Home - Homesteaders Life Company

y
M
Homesteaders
August 2015
Robert Fields (center) and his family
operate Brown Funeral Home out of
Martinsburg, West Virginia.
A carpenter by trade, founder Charles Brown opened
the doors to Brown Funeral Home in 1880 after several
years selling handcrafted caskets. At the time, he was
one of two funeral directors operating in the community
– one serving Democrats and one serving Republicans.
Today, the West Virginia funeral home serves a much more diverse
clientele at three affiliated locations. “This is my life and my passion,”
explained current President/Owner Robert Fields. “To be successful
in the funeral business, you really need to have a heart for
grieving families.”
A first-generation funeral director, Fields began working at the funeral
home in college and quickly developed a passion for the business
under the direction of then-owner Charles Brown. Upon graduation,
Fields attended Catonsville Mortuary College and has been working at
Brown Funeral Home ever since.
For Fields, the funeral home really is a family-owned business. “Charles
used to say that I was the son he never had, and now my three sons
are working here,” Fields explained. “All our employees are dedicated,
loyal and ethical, and each one has a passion for helping families.
It’s really a joy to come to work every day, and having such a strong
support staff makes it easier for all of us to enjoy life away from work.”
Fields noted that in his 33 years at Brown Funeral Home, they have
tripled the number of families they serve each year. As a result, they
recently broke ground on a fourth location in Spring Mills. “Successful
business is like a ladder,” he observed. “You start at a certain level, and
it gets you where you need to go. But if you don’t keep adding rungs,
someone with a bigger ladder is going to climb higher.”
According to Fields, building up his business means focusing on
meeting the ever-changing needs of his community and adapting to the
rising demand for cremation and personalized services. “As cremation
grows, we want to guarantee families that when they entrust their loved
More
My
Homesteaders
Contents – August 2015 Issue
Brown Funeral Home................................. page 1
Important Updates & Upcoming Events... page 4
The Homesteaders Life..............................page 5
What We’ve Been Reading........................page 6
Continuing Education................................ page 7
How Hospice Is Changing Funeral
Service – Part 3...........................................page 8
The New Homesteaders Website............page 10
Executive Insights.....................................page 12
Regulatory Roundup ...............................page 13
Note from the editor
Thank you to everyone who contributed to last month’s
successful launch of our first all-digital newsletter. We
trust you’re enjoying the more robust and interactive
content and taking advantage of the additional video
and website links. As always, our ultimate goal is to
reinforce our unwavering commitment to your success
and to promoting the value of funeral service.
Brown Funeral Home
ones to us, we treat them
with dignity and respect,” he
explained, noting that an
expansion to their South Berkley
location will soon feature an
on-site crematory.
Fields estimates that about
three quarters of the families
who select cremation for final
disposition also elect to hold
traditional services at their
funeral home, in large part due
to the staff’s commitment to
offering exceptional service to
every family.
In 1924, H.K. Brown purchased the King Street location and
used it as both a residence and funeral home. It has since
been remodeled three times, with additions in 1951 and 1961.
“We work hard to create an
environment where families
are comfortable asking
questions,” he noted. “We
never want to miss out on an
opportunity to serve a family
because they were afraid to
ask about our offerings.”
In this month’s issue, the owner of Brown Funeral
Home in West Virginia shares his thoughts on how
to be successful in funeral business, our marketing
staff provides an overview of the “new and improved”
Homesteaders website and Kim Medici Shelquist
completes her three-part series on hospice.
Sharon Teale, Manager-Licensing and Compensation,
provides an Executive Insights column that is a
must-read for agents, along with a new Regulatory
Roundup. In “The Homesteaders Life” section, we
share some highlights from our national sales meeting,
where our industry-leading account executives and
regional directors gathered to gain insights to help you
“fuel-up” your pre-need programs. If you haven’t visited
with your Homesteaders AE recently, I’d encourage
you to contact them to learn about the tools we
have available to help you promote the benefits of
advanced funeral planning and funding.
Crediting his 34-person staff
for their willingness to go
above and beyond to help
with these requests, Fields
described a service they
recently held for a motorcycle
enthusiast. “We wheeled
his Harley-Davidson into the
funeral home and set the
urn on the driver’s seat,” he
recalled. “That’s how he
lived his life, and that’s
how the family wanted to
remember him.”
Take care,
Barbara A. Bloomquist, Manager –Marketing & Communications
800-477-3633, ext. 7763 email: [email protected]
myHomesteaders is a publication of Homesteaders Life Company,
P.O. Box 1756, Des Moines, IA 50306-1756
Stephen R. Lang, Chairman, President & CEO
Editor: Barbara A. Bloomquist Designer: Ken Haas
Visit us at homesteaderslife.com.
Life insurance and annuity products are issued by Homesteaders Life Company. Products are subject
to state availability. Texas consumers visit www.prepaidfunerals.texas.gov for more information.
(continued)
More
The stone chapel at the Ranson location was built in 1922
as an Episcopal mission and later became a Lutheran
church. In 1982, Brown Funeral Home began operating it
as a funeral chapel.
2
Brown Funeral Home
“
Homesteaders
worries about
my business’s
growth, not just
my commissions.
That’s the kind
of program that
really benefits a
funeral home.
”
Fields also cites their active pre-need program as a vital part
of their on-going success. “Pre-need is the lifeblood of our
funeral home,” he pointed out. “In today’s market, you need
prearrangements to keep your business going.”
Fields noted that he continues to be pleased by his choice
to work with Homesteaders, pointing out that the staff is both
responsive and supportive. “We’ve used other programs,
but Homesteaders is by far the best fit for us,” he affirmed.
“Homesteaders worries about my business’s growth, not
just my commissions. That’s the kind of program that really
benefits a funeral home.”
(continued)
Though the business has changed dramatically in the
last 135 years, the staff members at Brown Funeral Home
have maintained their passion for helping families and their
communities. “We want to provide exceptional service, which
is why we don’t use an answering service,” Fields remarked.
“We have a director on call 24/7, and the business phone
rings directly to my house. Day or night, when you call us,
you can talk to a licensed funeral director.”
Fields is proud of the ways he and his staff have been able
to benefit their local communities. The funeral home serves
as a business partner with the local Board of Education,
hosts several veterans events and even sponsors
an annual bike ride to honor police officers killed
in action. Many of the staff members are also
active in their local churches, rotary clubs and
charitable organizations.
“We are here to serve the community. People
know when they hear, ‘Brown Funeral Home,’ that
they’re going to be treated with respect, dignity
and compassion.”
brownfuneralhomeswv.com
Fields estimates that about three quarters of their client families who select
cremation for final disposition also elect to hold traditional services.
Check out
this short video
to learn more about
how Homesteaders
is partnering with
our funeral home
customers to help
grow their pre-need
business.
Today, Brown Funeral Home supports 34 employees working at three affiliated locations.
3
Important Updates
Security Option Plus is
now available in 46 states.
Homesteaders’ shortfall protection – Security Option Plus – is
now available in nearly every state. This product feature is
designed to reduce the amount and frequency of shortfalls on
prefunded funeral arrangements. “Security Option Plus is
Homesteaders’ answer to an industry-wide concern: the gap
between today’s funeral cost and the policy benefit,” said
Homesteaders Chairman, President and CEO Steve Lang.
“Most firms opt to guarantee the prices of funded prearranged
funerals, and Security Option Plus allows them to offer this
valuable protection with greater confidence.” To learn more
about how Security Option Plus can help your firm or to see if
it’s available in your state, contact your account executive.
Over 100 firms are using our
Families in Transition® aftercare
newsletter program.
We’re excited to announce that over 100 Homesteaders
customers are finding value in our Families in Transition®
aftercare newsletter program. The quarterly newsletter is
designed to provide aftercare assistance to families in the first
year following funeral planning or the death of a loved one.
Each quarterly newsletter offers the grief support,
encouragement and advice families need during these times
of transition. Contact your account executive to find out if
your firm qualifies for participation.
Upcoming Events
Homesteaders values participation in industry events, which
is why you’ll find our staff attending conventions throughout
the year. In the coming months, you can visit with
Homesteaders experts at the following events:
National Funeral Directors and Morticians Association
Convention and Expo
August 1-6 | St. Louis, MO
Renaissance St. Louis Grand & America’s Center
Independent Funeral Directors of Georgia Conference
September 20-22 | Savannah, GA
Hyatt Regency
New Jersey State Funeral Directors Association
Convention
September 29-October 1 | Atlantic City, NJ
Bally’s Hotel & Casino
Visit our website for the complete list of upcoming events.
Check out
this short video
to learn more
about the Families
in Transition®
newsletter.
4
HOMESTEADERS
L i f e
At Homesteaders, we firmly believe
that our positive corporate culture
is the source of the high level of
customer service and expertise we
offer our funeral home customers.
Ask anyone who works for
Homesteaders and they’ll tell you
the days go fast – proof positive
that time flies when you’re having
fun and loving what you do.
Last month, we hosted our bi-annual sales meeting at our
West Des Moines office. Our account executives traveled here
from all across the country for a week of training to fuel them
up for even better service to our Homesteaders customers.
This year’s theme – Fueled to Win – focused on how our
account executives can partner with funeral professionals to
meet their goals and establish long-term financial security.
This year’s meeting was a huge success – complete with
team building exercises, presentations from industry experts
and, of course, a little fun along the way. Click here to
learn more about Homesteaders’ industry-leading account
executive program.
Right now in the Home Office
Our employees are celebrating major milestones.
Right now on the road
Oklahoma account executive
Jim Holderfield is retiring.
As funeral professionals, you understand the importance
of celebrating life – at the end of life and with loved ones
along the way. At Homesteaders, we work hard to pass that
along to our employees by encouraging them to celebrate
major milestones. We offer each employee one floating
personal day to use throughout the year (in addition to their
paid vacation and sick leave) and encourage employees
to participate in commemorating milestones in the lives of
their co-workers including work anniversaries, birthdays and
retirements. In July, we celebrated 20 birthdays, 19 work
anniversaries and one retirement. Collectively, last month’s
anniversaries added up to 247 years of experience working
at Homesteaders!
Our sales team is fueling up.
After over 20 years working with Homesteaders, account
executive Jim Holderfield will be retiring at the end of August.
Jim joined Homesteaders in February 1993, just one year
after we implemented our industry-leading account executive
program. Since then, he has built relationships with countless
funeral professionals in Oklahoma and the surrounding states,
helping them grow their business and meet their financial
goals. Please join all of us at Homesteaders in thanking Jim
for his outstanding service and wishing him and his wife,
Johnnie, a long and happy retirement.
Jim Holderfield, pictured center (with box of cookies) at last month’s sales
meeting, surrounded by well-wishing Homesteaders account executives.
5
WHAT We’ve Been Reading
This month, we’ve pulled together
a few of our staff’s favorite articles
and blogs which offer industry
updates, tips you can share with
your client families and highlights
from the all-new Homesteaders Life
Company blog.
Medicare Plans to Pay Doctors
for Counseling on End of Life
Medicare is proposing a new benefit for the 55 million
Americans covered under the program: reimbursement for
doctors who meet with patients to discuss their end-of-life
medical care preferences. A final decision on the proposal will
be made by November 1 with implementation beginning in
2016. Though certainly a controversial topic during the 2009
Affordable Care Act debates, the ongoing discussion brings
to the forefront the importance of advance directives and
end-of-life planning.
How to Write and Deliver a Eulogy
Often, the most moving parts of memorial services are the
memories and stories shared by the loved ones left behind.
Eulogies offer friends and family members an opportunity to
reflect on the life of the deceased and remember fondly those
moments which had the most impact. Though many will say it
is a privilege and an honor to be asked to share their thoughts,
it can also feel like a burden for loved ones who are coping
with feelings of loss. We recommend sharing these tips with
your client families to help them through the process.
Describing Your Services:
How to Write Great Copy
As funeral professionals, you’ve likely shared your list of
services with countless families only to find that your offerings,
though valuable and competitive, aren’t as attractive to them
as you would expect. This helpful article offers up five tips for
crafting service descriptions that compel customers to select
you as their service provider.
Do Kids Belong at Funerals?
As a company that is committed to promoting the value of
funeral service, we found this article especially thoughtprovoking. Blogger Sharon Holbrook describes the
importance of inviting children to funerals of older relatives
and, in doing so, offers some thoughts on illustrating the value
of life by exposing children to the natural grieving process.
Though certainly a personal choice for each family, Holbrook’s
perspective contributes to an ongoing discussion over the
best ways to help young children cope with grief.
The Homesteaders Blog
As part of our ongoing effort to provide valuable content
in an accessible digital format, we’re excited to introduce
the Homesteaders blog. This new content hub will feature
even more information to help you better serve your client
families and secure the long-term success of your business.
Highlights from last month’s posts include creative ways to
serve families who choose cremation, tips on boosting your
pre-need sales, best practices for earning referrals and much
more. Click here to take a closer look.
Want more great content?
Connect with us on social media or subscribe to our
blog for additional industry information, tools and tips.
6
Continuing Education Opportunities
Successful Sales Strategies
for Pre-Need Professionals
September 22-24 | West Des Moines, IA
Don’t miss out on this great opportunity to boost your
pre-need sales and bolster your selling technique! This
rigorous three-day course is offered as a free benefit to
Homesteaders customers. Spots are limited for this session,
so contact Judy Ralston-Hansen or click here to learn more.
Certificate in Strategic
Business Management
October 6-8 | Des Moines, IA
The Certificate in Strategic Business Management is a
three-day classroom experience designed specifically for
owners and operators of funeral homes. In partnership with
Drake University, we are pleased to offer this program to
funeral professionals who want to adopt the latest and most
innovative business practices. Enroll by Saturday, September
19, to receive a $50 discount on your course registration.
Contact Lisa Boes at Drake University or click here to
learn more.
Homesteaders also
hosts several continuing
education programs
throughout the year which
qualify for state insurance,
funeral director and ethics
credit hours. Click here
to learn more about
our August classes in
Coralville, IA.
Check out
this short video
to hear what past
participants have
to say about our
Successful Sales
Strategies class.
7
How Hospice Is Changing
Funeral Service (and How You Can Adapt) – Part 3
Kim Medici
Shelquist
Senior VP-Planning
and Development
Prior to her tenure
at Homesteaders,
Shelquist worked as
Director of Business
Development and
Communications
for Hospice of
Central Iowa.
Hospice is changing how funeral
professionals interact with the
families they serve. In the first two
installments of this series, I explained
how hospice care providers can act
as “gatekeepers” for a significant
number of these families and
encouraged funeral professionals to
create meaningful relationships with
hospice care providers. In this final
installment, I’ll address ways hospice
care is changing families’ perception
of death and dying.
The family perspective
In my experience, families who have a loved one die under
hospice care have a different perspective on the death.
With nearly 50% of the deaths in the U.S. occurring under
hospice care, it’s important to ask whether the needs of these
individuals and families might differ from people we’ve served
in the past.
While there is no typical family experience, many hospice
families experience some or all of the following:
• A chance to gather with family and close friends to say
goodbye to their loved one.
• Conversation about what to expect at the time of death.
• Help in preparing for the death of their loved one.
• Participation at the time of death and as much time with
their loved one as needed following the death. They
may even have a prayer or brief ceremony facilitated by
hospice staff or clergy following the death.
The recent death of a good friend’s mother provides an
example of how some of these experiences can come
together to influence funeral choices. I knew my friend’s
mother was in hospice, so I wasn’t surprised when I saw
the following Facebook post.
“My 90-year-old Mother passed away this morning
surrounded and being held by almost all her family. Very
peaceful and very beautiful. So grateful to have had her for
so long. Brace yourself Dad – she is on her way!”
That post was closely followed by another:
“For those who have inquired: No funeral services for my
Mother at this time. She has been cremated. The family
will join together in April to bury her ashes and celebrate
her life. The pastor arrived at hospice just minutes after her
passing and shared with the family the most beautiful and
meaningful blessing and anointing. It lifted us all up and
filled us with love and peace for our mother.”
No funeral service at this time? I was surprised by this,
because my friend had told me about plans to make funeral
arrangements for her mom. We’ve been friends for a long
time, so I asked her about it over coffee. As it turns out, they
had planned a formal funeral service to accompany the burial
of the cremains, but as noted in her post, it wasn’t scheduled
until April – four months following the death.
Why wait? Didn’t they feel a need to gather the family and say
goodbye?
She told me that her mom had outlived most of her friends
and immediate family. In the months leading up to her death,
my friend’s siblings had made many out-of-state trips from
their homes. They really needed to get back home to their
jobs and families.
More
• Demographically, their loved ones tend to be older and
to have experienced a long-term, chronic illness.
• Many hours of missed work along with significant and
unexpected expenses.
This piece was adapted
from an article that originally
appeared in the February 2015
issue of The Director.
• Disagreements related to their loved one’s care when
difficult decisions about end-of-life must be made.
• Physical and emotional exhaustion.
8
How Hospice Is Changing
Funeral Service (and How You Can Adapt) – Part 3
We’ve all heard of similar delays, but the part played by hospice in
this story is one that is not often shared with the funeral director when
a family calls asking for a direct cremation or limited services. It’s
important that we understand it and identify ways to serve these families.
This will require even greater flexibility from funeral professionals and an
understanding that non-traditional services can play
a meaningful role following the loss of a loved one.
My friend went on to tell me about her mom’s death.
“The hospice nurse was wonderful. When Mom died, the nurse
didn’t say ‘She’s gone.’ or anything like that. She said, ‘You sent
her on her way with so much love.’ It felt like we had really done
something for Mom.”
Check out
this short video
to hear more about
how hospice is
changing funeral
service.
Differences in the siblings’ religious traditions had led the family to agree
they didn’t want a church service, but they welcomed a pastor to the
hospice room following the death.
(continued)
“toIt’saskimportant
whether
the needs of hospice
families differ from
people we’ve served
in the past.
”
“He touched Mom’s hands and asked us to remember
the wonderful things she had done with her hands. We were each
able to share something that had meaning to us. When it was over,
we felt like we had been to a memorial service.”
Conclusion
How is hospice changing funeral service? Likely in
ways too numerous to count. We need to anticipate
that those changes will continue and prepare for the
accompanying opportunities and challenges.
The key to preparing is in more completely
understanding hospice care and the
families it serves. Only then will we
have the information
and tools needed
to create meaningful
relationships and
join together in
mutual passion
for serving
families.
9
Introducing the New
Homesteaders Website
Dean Lambert,
Senior
VP–Marketing
Communications
Six years ago, Homesteaders
launched a website that reflected the
times in terms of navigation, content
and technology. Because website
users’ needs (and the available
technology) advance rapidly, it soon
became clear our website needed
an update.
We’re pleased to introduce the new homesteaderslife.com,
which is designed to provide the best possible user
experience. The site is easy to navigate, provides flexibility
for us to continuously add new content and, most importantly,
is created to promote the value of funeral service.
The vision for redesigning our website was simple: put
funeral service first. Because Homesteaders is focused solely
on pre-need funding, we share a common goal with our
customers to help serve families. We want to help you
communicate the importance of what you do every day to
make the worst day in a family’s life a little easier.
We hope the website will become a resource for visitors
searching for answers about funerals, cremation, burial,
end-of-life planning, prearrangement and other topics that
funeral professionals are uniquely qualified to answer. By
doing so, we’ll establish funeral professionals as experts on
these topics.
More
Alyssa McNab,
Digital Marketing
Specialist
10
Introducing the New
Homesteaders Website
(continued)
In addition to educating website visitors about relevant topics
such as funeral planning, funeral funding, burial, cremation
and more, it is also our intention to launch a funeral home
locator soon. This function will make it easier for consumers to
connect with funeral homes that actively do business
with Homesteaders.
Finally, the new site is also designed to address the way
people are consuming content. Tablet computers make up
half of all devices purchased today and used to access the
internet.* The all-new Homesteaders website is designed
to provide an excellent visitor experience no matter how it is
accessed: desktop computer, laptop, tablet or smartphone.
Of course, the website will still support our company’s brand
and ensure our customers have access to key information.
You’ll find answers to common questions and a link to the
secure myHomesteaders dashboard. New to the website
is a frequently updated blog and Homesteaders Twitter feed.
These communication sources will provide fresh content to
keep you informed, help you grow your business and better
serve client families.
We invite you to take a look at the new homesteaderslife.com
and spend some time exploring its new features. Because
we’ll be adding content constantly, please check back often
to find fresh business ideas and information that fulfills our
commitment to promoting the value of funeral service.
*According to market research from Canalys
The vision for
“
redesigning our website
was simple: put funeral
service first.
”
11
Executive
Insights
Sharon Teale
Manager-Licensing and Compensation
At Homesteaders, we partner with
pre-need sales agents to help
families select the right product
to fund their end-of-life plans. We
rely on our agents to not only write
good business, but also to maintain
accurate policy records.
A pre-need policy record contains legally binding contracts
between our company, the consumer and their funeral service
provider, and as such is subject to state regulations regarding
auditing and reporting. Because of this, one of the most
important responsibilities entrusted to agents is the keeping
of readily available, up-to-date pre-need policy records.
Record-keeping regulations differ by location, but generally,
agents must maintain a separate record of each pre-need
contract including the following information:
1. C
ontact Information
Include the full name and current address for the policy
holder and/or insured as well as all beneficiaries.
2. P
ayment Details
4. P
olicy Value
Include the value and balance of each policy as of the
most recent transaction.
5. L
ocation of Funds
List the location of all pre-need funds, including the
name, address and account number for bank accounts,
the location of any certificate of deposit, the name of the
insurance company and the assigned policy number.
6. P
olicy Documentation
Keep copies of any communication you receive from
Homesteaders Life Company regarding the policy.
In general, policy records should be kept for five to seven
years, depending on the requirements of your state regulators.
Keep in mind that inaccurate records could result in the
termination of an agent’s insurance license, criminal sanctions
and, in some cases, termination of a funeral provider’s ability
to conduct business.
Requirements differ by state, so check with your local
insurance department to ensure you are in compliance with
your specific requirements. As always, you can contact
Homesteaders at 800-477-3633 if you have questions about
keeping and maintaining accurate policy records.
Outline each of the payment details including the amount
of pre-need funds paid, along with any periodic payments,
as well as the date each payment was received.
3. C
ontract Details
Specify the purchase of all goods and services
through the contract as well as the contract revocability
identification.
Check out
this short video
to learn more.
12
Regulatory Roundup
In this new section, our agents can
find information on changes in their
states’ insurance regulation. As part
of our ongoing effort to help our
agents stay up-to-date on the industry
trends, we’ll be including this content
periodically on the back page of
our newsletter.
California’s Department of Insurance
has increased licensing fees.
All fees have increased by 10 percent – it is now $170 to
renew a California insurance license. If your license has
expired, you can avoid long lines and delays by using the
department’s online renewal service. Online applications are
processed quickly, and licenses are issued within 24 hours,
provided all renewal requirements have been met.
Click here for details.
Agents in Massachusetts need
to complete continuing education
credits prior to license expiration.
North Carolina has launched
a new website for exam results.
The North Carolina Department of Insurance’s new site
makes it much easier to track pre-licensing exam results.
The new site includes test results, pass/fail rates and
regulation updates. Click here to check out the site’s
new features.
Tennessee has introduced a new
one-stop shop for licensing information.
The new Department of Insurance site serves as a hub
for details surrounding all regulated professions, including
pre-need insurance. Features include application information,
fees and additional requirements. Click here for more details
about pre-need seller registration.
The National Insurance Producer
Registry has introduced an online
form to update contact information.
The NIPR now accepts contact change requests for 23 states
using a new digital form. The process makes it easier to
update phone numbers, fax numbers, email addresses and
physical addresses. Click here to see if your state accepts
the online form.
Per state regulations, agents must complete their required
continuing education credits before their licenses expire to
avoid increased fees and possible license suspension. The
credit hours must appear on the agent’s transcript prior to the
license renewal date. Click here for details.
13
39,357 families served to date in 2015
what are your next steps for improving
your business?
Refinance
Acquire
Renovate
In 2014, Live Oak Bank saved borrowers
who refinanced an average of $5,732 per
month. Refinancing your existing debt
can allow you to achieve new savings and
improve cash flow.
You’ve built a successful funeral home,
and you’re ready to develop your business
even more. Acquiring another funeral home
provides that growth.
*average monthly savings based on 17 DCM
borrowers who refinanced in 2014.
vs.
Could your business benefit from expanding
or renovating its current facilities? With
changing trends in the funeral industry,
making necessary improvements to your
funeral home could provide families more
options and increase your customer base.
LOCAL BANK
Dedicated Funeral Home Lending Team that understands the
changes in the industry
Lender works across various industries without specializing
in those industries
Lends capital based on the business’s cash flow
Lends capital based on 80-85% of the real estate value with
no consideration for goodwill
Lends on the goodwill of the business, meaning the owner’s
hard work and business reputation is rewarded
Owner gains no credit for the business reputation if real
estate value is not adequate
Longer term loans with no balloon payments or covenants
allow for lower monthly payments, improve cash flow
Shorter loan terms that include balloons, offsetting the
lower interest rate offered
All appraisal, environmental, and other costs included in loan
proceeds
Higher out-of-pocket cost for buyer and seller
Simple loan structure that includes working capital and seller
carry options to satisfy any required down payment
Complex loan structure that can have as many as four loans
to satisfy one request
No prepayment penalty after 3 years
Prepayment penalties that may offset lower interest
Contact Tim Bridgers at 910.685.7446
[email protected] | liveoakbank.com/funeral
Copyright 2015 Live Oak Banking Company. All Rights Reserved. Member FDIC