Fifth Third Bancorp Leads Advocate Facility Increases
Advocate Capital announced it raised its maximum line of credit for law firm loans from the previous limit of $3.2 million to a new maximum limit of $4 million, an increase of 25%. The increase was made possible by the renewal and increase of their senior bank credit facility to a new high of $115 million.
Fifth Third Bancorp is lead agent bank of the facility, with Wells Fargo and New York Community Bancorp also participating as lenders.
“We are very thankful for the vote of confidence from our excellent team of bankers. Thanks to their support, we have been able to achieve a trailing 12-month growth rate of over 20%, stated Advocate’s CEO, Michael J. Swanson. “We are passionate about helping plaintiffs’ attorneys get even better results for their clients, mainly through our Case Expense Funding product. Our increased bank facility will enable us to deliver on that mission for years to come. Contingent-fee law firms are truly the keys to the civil courthouses in our country, and yet they face so many financial challenges, continued Swanson. Our Case Expense Funding product is the only financial advantage that is available to such firms. Using our proprietary AdvoTrac software, we track our client law firms’ lines of credit on a case-by-case basis so that the borrowing costs can ultimately be recouped from the cases themselves.”