A recent article by Paul Pion, David DeKoos, and Jennifer Fiala regarding Vet Finance Group on behalf of Veterinary Information Network (VIN) did just that. They took a story, misrepresented the facts, created a misleading headline, withheld known information from the article that would have contradicted and proven the reported information as incorrect, and sent it out via email and print for their captive audience to see with the sole purpose of defaming and damaging Vet Finance Group and their management. Not for any other reason. Now for the purposes of continuing to write about the truth and provide facts not disclosed by Veterinary Information Network. Provided below is factual information had VIN done their homework would have kept them from writing such a slanderous and useless article to interfere with the value added service offered by Vet Finance Group to the veterinary industry.
Every bank, commercial finance company, broker, consultant, etc. operates under the same protocol as outlined below:
- Financial Package Obtained from client
- Financial package profiled, credit reviewed to determine viability of approval, structure, terms
- A Letter Of Intent/consulting agreement/ is prepared outlining terms and conditions and requesting a
commitment fee. In the case of the consulting agreement, where a bank does not pay fees to
consultant, the full disclosed fees to be earned are spelled about for the services and level of services
to be provided
- Once agreement is returned signed and commitment fee sent, package is analyzed for completeness,
spreadsheets are prepared and a write up is done
- Package is sent to underwriter for approval (Depending on size of deal usually two or more
signatures are needed for approval and in some cases depending on the source a committee must
unanimously approve the transaction) This process can be very long and tedious in todays
economy. It is a slow process and if any questions or information is needed, the review process
usually starts over or the file moves to the bottom of the stack.
- Once approved client is notified
- Additional paperwork is prepared
- At this step, lien and title searches are done, license verification, tax records to see if there are any
State or Federal tax problems, judgements, outstanding law suits etc.. (This process usually opens
the door for items not disclosed and generally prolongs the closing process because something
inevitably pops up)
- Meet and greet via face to face or telephonic interview with lender
- Additional Information needed to complete funing checklist i.e: Insurance, copy of Drivers License,
payoff statements, etc.
- Telephonic audit with funding coordinator
- Loan funds and proceeds disbursed
Provided is a comment on the record from a banker that Vet Finance Group has worked with for several years validating the process and that economic times have changed:
There is good history with VFG and Ron Paterson. VFG provides an invaluable service that saves me both time and money (by advertising, soliciting doctor business and packaging loans).