Things VIN Should Have Told You, But That Would Not Have Made A Good Story

In todays society, we have been programmed to judge without really knowing what we are judging.  The media has created a shoot, ready, aim practice of reporting that the reader has in many cases succombed too.  They, the media,  dont need facts to write an article,  just a spark so they can generate the flame.  In many cases the story is not news worthy. So the writer, in an attempt to make something more entertaining or readable by the audience fabricates pieces to insert into their story.

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:

THE PROCESS

-  Financial Package Obtained from client
-  Financial package profiled, credit reviewed to determine viability of approval, structure, terms 
   conditions etc.
-  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).

I think that every business owner needs to understand that times have changed with the recent collapse of the real estate market, resulting in federal and political involvement in the banking arena.  There are some pretty strict regulatory guidelines that have filtered through to the  commercial lending sector, which have had a direct impact on almost every aspect of the loan approval process (and turnaround time).  I witness the frustration of business owners every day and I can’t imagine what it is like to be a broker out there, attempting to keep promises in a world where the “credit box” is on the NASCAR circuit.  Having said that, I also think that healthcare professionals have a higher level of expectation than what most banks are able to deliver.  It is imperative that a doctor selects a bank that understands the healthcare sector.  I can count the number of banks with an approved Professional Healthcare Loan Policy on one hand.  Brokers are a big part of our business.  The introduction to a bank that understands and lends to the veterinary industry is an invaluable resource to our healthcare professionals.    

Regards,

Evan Barker, SVP Healthcare

It is too bad that Paul Pion and his news team at Veterinary Information Network did not take the time to understand the valuable role the Vet Finance Group had in working with providing a very positive role in successfully offering advisory and consultant services in helping the Vets weave through these tough times.  Many practices benefitted and as we have seen in several testimonials some even went so far as to state that Vet Finance Group saved their business.  So despite the VIN mission statement of fair and unbiased, they have proven to not be fair to the services that actually help the veterinarians that VIN claims to support.