High Rise Financial
Overview
High Rise Financial is a financial services company that specializes in litigation finance, particularly in providing pre-settlement funding to plaintiffs involved in personal injury lawsuits. Founded in 2016 by Mark Berookim and Michael Berookim, the company is headquartered in Los Angeles, California. High Rise Financial offers a service that allows victims of accidents to access a portion of their expected settlement funds in advance of their case's resolution, providing financial relief without reliance on credit history or current employment status. As of recent developments, the company has secured significant funding, with a noteworthy deal including a $100 million senior secured credit facility.
Recent Developments
- In September 2024, High Rise Financial secured a $100 million senior secured credit facility with assistance from Bryant Park Capital, which served as the exclusive financial advisor. This facility was obtained through cooperative efforts with a group of syndicated bank lenders.
- The funding aims to support High Rise Financial's ongoing strategy and business growth, emphasizing specialty finance and legal assets.
- As of August 2024, the company has been involved in expanding its financial services and reportedly focuses on enhancing its product offerings and market reach.
- Recent collaborations details suggest strategic initiatives aimed at fortifying its industry presence amidst regulatory changes and evolving market demands.
- High Rise Financial continues to leverage its credit facility to expand its portfolio and reach more clients across the United States, emphasizing a robust network of legal and financial partnerships.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2016 |
| Headquarters | Los Angeles, California, USA |
| Founders | Mark Berookim, Michael Berookim |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Bryant Park Capital |
| Industry | Litigation Finance, Consumer Finance |
| Number of Employees | Approximately 34 |
Early History
High Rise Financial was founded in 2016 by Mark Berookim and Michael Berookim, who set out to revolutionize the pre-settlement lending landscape by providing fair and accessible funding options for plaintiffs in personal injury cases. The founders recognized a significant gap in the market where accident victims were often forced into unfavorable settlements due to immediate financial pressure. By offering non-recourse funding options, where repayment is contingent on the settlement's success, High Rise Financial allowed clients to manage their financial needs without the risks associated with traditional loans.
Company Profile and Achievements
High Rise Financial operates primarily through offering pre-settlement funding, a financial service where plaintiffs can receive a portion of their anticipated legal settlement in advance. This service is particularly beneficial for individuals who have suffered severe injuries and are out of work, yet face mounting medical and personal expenses.
- Business Model: The company operates on a model where the legal funding provided is not a loan but an advance against future settlement winnings. If the plaintiff loses their case, they owe nothing to High Rise Financial.
- Achievements:
- Successfully secured significant credit facilities to bolster operational capacity and client outreach.
- Established a robust reputation within the legal funding community for reliability and customer service.
- Maintained high client satisfaction and strong ratings, emphasizing transparent and client-friendly processes.
Current Operations and Market Position
High Rise Financial continues to operate as a leader in the litigation finance industry, focusing on pre-settlement funding within personal injury cases. The company’s strategic use of its credit facilities to expand has allowed it to augment its service offerings and enter new markets across the United States.
- Market Share and Competition: It maintains a competitive position among its peers by focusing on robust service models, client education, and transparent communication.
- Strategic Initiatives: Recent efforts include advancements in technological processes to improve application efficiency and client communication.
High Rise Financial Reviews
Reviews of High Rise Financial highlight its efficient service when providing financial backing during lawsuits. Clients frequently commend the company for its quick processing and supportive customer service. Reviews typically underscore the firm’s role in aiding plaintiffs to maintain financial stability throughout prolonged legal processes, enhancing their capacity to secure fair compensation.
High Rise Financial Interest Rates
High Rise Financial's funding is structured as a non-recourse transaction, where the repayment is tied to the lawsuit's success; therefore, there are no traditional interest rates. Instead, the company applies a flat fee based on the projected settlement value, ensuring clients are not burdened with ongoing costs if the legal outcome is not in their favor.
Conclusion
High Rise Financial stands out in the consumer finance sector through its dedicated litigation funding services, providing crucial support to personal injury victims awaiting lawsuit settlements. The company’s strategic growth, bolstered by significant financial partnerships, underscores its commitment to expanding access to transparent, risk-free pre-settlement funding nationwide. Looking forward, High Rise Financial appears poised to enhance its market position and service offerings, reflecting industry trends toward more inclusive and innovative financial solutions.