Advocate Capital, Inc. announced today that it has raised its maximum line of credit for law firm loans from the previous limit of $3,200,000 to a new maximum limit of $4,000,000, 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 (NASD:FITB) headquartered in Cincinnati, OH is the lead agent bank of the facility with Wells Fargo & Co. (NYSE:WFC) and New York Community Bancorp (NYSE: NYCB) 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 Mr. Swanson. “Our Case Expense Funding product is the only financial advantage that is available to such firms. Using our proprietary AdvoTracTM 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.”
Founded in 1999, Advocate Capital, Inc. now serves hundreds of law firms nationwide. The firm has developed a reputation as community leader through public service projects. They are also a vocal advocate for the constitutional rights of all U.S. citizens to have access to a jury trial as provided for in the 7th Amendment of the U.S. Constitution. For more information visit www.AdvocateCapital.com.