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BOCA RATON, Fla., May 30, 2002/PRNewswire via COMTEX- Peachtree Life Settlements, an affiliate of Georgia-based Peachtree Settlement Funding, has renewed a $250,000,000 facility with a major European money center bank. The company buys life insurance policies from individuals aged 65 or older who, for various reasons, no longer require or need them.
"This renewal confirms institutional support for life settlements," said Antony Mitchell, Chief Operating Officer for the company. The new purchasing parameters offer highly competitive pricing for policies ranging between $100,000 to $7.5 million in face value.
Seniors must have life expectancies between 3 and 10 years and must not be terminally ill. Peachtree's servicing department, which has also been chosen as back-up servicer for other major financial institutions, conducts all servicing functions and mortality tracking related to its life settlements. Therefore, insureds can count on unmatched, top quality, institutional service with all policies purchased by Peachtree.
Peachtree Settlement Funding was founded in 1997 and together with its affiliates, has originated more than $1 Billion of receivables, including structured legal settlements, lottery winnings and life settlements. Institutional relationships include Barclay's Capital, Salomon Smith Barney, Deutsche Bank, SunTrust Bank, Wachovia Bank/First Union Bank, Great West Life and Annuity, Jefferson Pilot, Lloyds of London and Bank of New York.
For more information and further details regarding Peachtree's life settlement program, please call Sergio Salani, at 800-444-9820.
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