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New Horizon provides a new avenue for collection agencies to quickly collect on accounts, by offering borrowers the use of their home’s equity to pay off debt.  With our in-house closing centre, we are able to reduce costs and close deals in a timely fashion.

New Horizon’s product line of first and second mortgages that are approved on an equity basis puts debt recovery in a whole new light. Borrowers who have previously been denied loans are now able to leverage their home’s equity to obtain the financing needed to settle collection accounts quickly and easily.

Our borrowers have three distinct qualities :
  1. Sufficient equity in their real estate properties.
  2. Are in need of financing to pay down debts or consolidate debts.
  3. Have credit challenges that reduce and/or eliminate the possibility of borrowing through traditional institutions such as banks or trust companies.

Throughout our experience in dealing with collection agencies and their clients, we have identified several problems when dealing with third party assistance :

  1. Time and efficiency.
  2. Additional costs to the borrower.
  3. Effective communication between the lender, the third party and the collection agency.

New Horizon has implemented several processes to help mitigate these problems :

  1. By providing a direct source of funding.
  2. By creating our own in-house closing centre.
  3. By hiring knowledgeable and experienced staff with a history of dealing with collection agencies and debtors.
  4. By producing a 24/7 answering service.
  5. By committing to a two-hour response time (during regular business hours).

After identifying the challenges collection agencies face, and implementing efficient and effective solutions, we offers collection agencies the ability to:

  1. Use the equity of bad debt consumers to ensure a full and timely payment.
  2. Assist agents in meeting their monthly targets.
  3. Assist the debtor in repairing their credit rating.
  4. Reduce the cost of borrowing by eliminating third party fees.

In order to evaluate the difference between using New Horizon to obtain financing directly as opposed to utilizing a third party broker, consider the following:

Assuming Borrower owns a home with a fair market value of $300,000.00 with an existing first mortgage in the amount of $200,000.00.  Assuming Borrower needs $40,000.00 to clear up credit card debt, after the standard 10% broker’s fee of $4,000.00, only $36,000.00 of the loan is left remaining, which is insufficient to cover the existing debt.
  Direct with New Horizon Third Party Arrangement
Loan Value $40,000.00 $40,000.00
Brokers Fee Nil 10% or $4,000.00
Balance $40,000.00 $36,000.00
     
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