Sure Sports Lending
Sure Sports Lending Newsletter
#TheDifference
June 2015
 

The 2015 NFL Draft Viewing in Chicago turned out to be one of our most successful events to date. We were particularly excited that 75% of our attendees were newcomers! We had the best seat in the bar to view the 1st round of the draft, but spent most of the time networking with the new faces in the room. The scene was comprised of Bankers, Retired Players, Lawyers, Private Lenders, Agents and Financial Advisors. Rebar at Trump Chicago graciously hosted the event on April 30th and their staff kept the drinks flowing. Joleen's highlight was a photo op with former San Diego Charger, LaDainian Tomlinson.

We are thrilled this year's NHL draft will be right in our backyard. Are you a sports industry professional and traveling to South Florida for the event? Are you local and in the sports industry? Contact us to setup a meeting and make sure you are on the invite list for our networking party! Save the Date - The Puck Drops on Thursday, June 25th. We will be announcing the event details next week.

 

  

Loan Highlights
  • Cuban Born MLB Player pays off $3M, 5.75% APR loan originated by SSL in 2012, before the player made it to the big leagues.  #SportsLendingDoneRight
  • NBA Rookie needs to retire 24% simple interest rate debt.  Credit Facility:  $535K at 14% APR for 18 months. 
  • Cuban born MLB Player wants to purchase home in the city where he plays.  Credit Facility:  $1.35M at 6.5% for 5 years
  • Venezuelan born MLB Player has training and off-season living expenses.  Credit Facility:  $630K at 9% for 18 months. 
  • NFL Player has training and off-season living expenses.  Credit Facility:  $100K at 10% for 14 months.
Our Clients Say it Best!

"I can't say enough about the time and consideration your team committed to making the (Player) deal work for all parties.  You made my job easy, so I hope we can continue to partner with you for future relationships as your business continues to grow."
-VP of Alabama based Community Bank

Join our Team!

 


 

Are you passionate about sports? Join our Team!! Sure Sports is hiring a Marketing Coordinator and Credit Analyst. These are great opportunities for anyone interested in joining a fast-paced, fun work environment in a niche industry - sports lending. Visit the career opportunities section of our website for details.

 

McKenzie Promising Futures Fund Update

 

Thank you to all of our business associates who donated to McKenzie Promising Futures Fund.  Our 2nd Annual Campaign is wrapping up and we have raised roughly $8K in year two.  All donations go directly to a scholarship fund for students attending Lansdowne Friends school.  Sure Sports Lending matches donations yearly up to $10K. We are proud to announce a third scholarship will be awarded this year thanks to everyone's generosity! It's never too late to donate.  Please contact Joleen Matte for details.


 
 

 

Meet The Redd Sports Group

 

Q&A

Leon:    What do you think are the pitfalls of young NFL bound players signing with agents in conjunction with taking marketing advances? On a $100K (marketing advance), how do you think that compares, financially or otherwise, to taking a contract advance from SSL for $100K and repaying $110K in their rookie season

 

Craig:     "Marketing Advance", as you know, is the new buzz term that many agents are using instead of loan.  Many young athletes think that they are getting something for nothing and don't have to pay it back, but what really happens is it is a way for agents to pay for a player and work into an addendum to the Standard Representation Agreement a much higher percentage from a loan as there are more risk involved for the agent.  The player ends up paying more money at the end and what many of them don't realize is that if they leave that agent, that money or the difference that the agent hasn't made back on marketing deals, comes due usually, within 10 days or so.   It really is a bad deal for players.   I believe they are better off, if they truly need it, taking a contract advance or line of credit and paying 5 - 8% interest then the marketing advance at 15 - 30% interest.


 
Sure Sports Lending Conclusion (#TheDifference):

  1. Player builds credit
  2. Player pays less
  3. Agent isn't out of pocket for expenses 

About Craig Redd  and The Redd Sports Group

Sports Group provides a number of services for college and professional athletes. The goal of RSG for college athletes is to educate and empower you and your family with the knowledge to make good, informed and confident decisions based on facts and truths through the agent screening process and your professional careers. By working with RSG, athletes and their families will feel less anxiety and stress that is associated with the process of agent selection and becoming a professional athlete.  Services provided to college athletes and families include (but not limited to): 

  • Understanding of the NCAA amateurism rules

  • Understanding the overall agent recruiting practices

  • Understanding the overall agent selection process

  • Action plan for dealing with the agent process

  • Mentor

  • Business Advisor

The Redd Sports Group assists professional athletes maintain and manage your business relationship and responsibilities.

For more information please visit www.reddsportsgroup.com or call 201-960-3640

  

Did you know that 1st round NBA prospects are eligible for pre-draft loans? We completed roughly $1M in total NFL Pre-draft loans in 2015.  This gross loan amount decreased slightly from last year, but the number of requests increased.  It's good to see players borrowing less per request until they are actually drafted.  We'd like to think that this is due in part to the education between Sure Sports and the Advisors.  Don't hesitate to contact me for further information about pre-draft loans.

 

Sincerely,
 

Joleen Matte
Director of Operations  
In This Issue
Loan Highlights
Client Testimonial
Career Opportunities
Promising Futures
Vendor Highlight - The Redd Sports Group
Case Study
Current Events
Case Study

Case: A MLB Player needs to retire $600K in high interest rate debts.

 

Hurdle:  Player is not a US Citizen, 1st year arbitration process, low credit score

 

Resolution: Financial Advisor reaches out to SSL.  Our Legal Counsel, Heitner Legal, prepares an insightful memo, regarding the arbitration process, for our community Bank's legal counsel to review.

 

Credit Facility:  

  • $630K Financed at 9% for 12 months
  • No payments in the off season
#TheDifference
The Community Bank receives net deposits, just over $650K
Current Events impacting the Sports Lending Industry
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