Lender Partners

Payment Plans, Inc. originated in 1957. Founder Robert Eckis at the time had developed a niche in the insurance market - physical damage on "Mobile Homes". His leads came from Dealers. Over and over when he asked what he could do for them he heard: "Find me some longer term financing the customer can afford, and a non-recourse program so I can afford to stay in business". Mr. Eckis went to a major commercial bank and asked what it would take for longer term non-recourse financing. The obvious answer from the bank: "A guarantee that would remove the risk". The result: PPI developed the first ever Credit Guarantee policy. He found a major carrier to underwrite it and went back to the bank. The rest is history - long term non-recourse financing, which enabled the sale of increasingly larger and more expensive homes.

PPI has guaranteed installment loan portfolios for major lenders and finance companies across the country. We insured all of the installment loans of GECC for 15 years. In addition to Credit Insurance, PPI was also a Service Company, originating, servicing and guaranteeing over half a billion dollars in Manufactured Home loans.

In 1966 PPI developed the first Land/Home one-close construction perm with the then unheard of term of 18 years. This continues to be a particular specialty area of expertise unmatched in the industry today.

PPI's long history of servicing loans and lenders puts us in a unique position in what is clearly still a specialty type of lending. Managing Land Home construction projects rather than merely originating and brokering loans, has enabled PPI to generate substantial portfolios for many lenders without ever having a construction project default before completion and closing. We also manage the entire process for the lenders, coordinating and working with all parties: lender, builder/dealer, sub-contractors, borrower, attorneys, title companies and appraisers. We see to it that the borrower gets the finished product he paid for, that the builder/dealer and subs gets paid for work properly completed, and that the lender books a loan that is well documented on a quality borrower and project.

For more information contact me personally at direct dial 716-923-4166 or at johneckis@paymentplans.com. I would be pleased to work with interested lenders in developing quality, profitable portfolios in this growing and unique market.