Pacific Financial offers four basic plans to Brokers requesting BMC-85 Trust Agreements. We are sure that at least on eof these plans will suit your needs.
1. CASH PLAN
Cost:
$10,550 initially, comprised of a one time $550 administrative fee plus the $10,000 collateralization payment.
Description:
The Broker submits $10,000 in cash to collateralize a BMC-85 Trust Fund.
2. LETTER OF CREDIT PLAN
Cost:
$550 annual administration fee due at the beginning of each contract year, plus a $10,000 Letter of Credit.
Description:
The Broker arranges for a $10,000 Irrevocable Standby Letter of Credit issued by a federally insured bank or credit union, naming Pacific Financial as beneficiary.
3. ANNUAL PAYMENT PLAN
Cost:
$950 annual administration fee due at the beginning of each contract year.
Description:
The Broker will execute a Collateral Agreement securing credit for the BMC-85 Trust Fund. Pacific Financial will also require at least one Irrevocable Personal Guarantee of a principal who must have good credit.
4. MONTHLY INSTALLMENT PLAN
Cost:
Broker will pay monthly installment payments plus the $950 administrative fee for the first year. Renewal fees include a $750 fee for the second year; a $550 fee for the third year and no renewal fee for subsequent years thereafter, assuming all monthly collateralization installment payments have been paid as agreed.
Description:
The Broker will execute a Collateral Agreement securing credit for the BMC-85 Trust Fund. Pacific Financial will also require at least one Irrevocable Personal Guarantee os a principal.
Please contact the Underwriting Department at 1-800-595-2615 for more information or assistance in submitting an application.
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