Jim Plack, the issue can be addressed through support and guidance for athletes before that first professional moment occurs.
While pro players typically generate substantial incomes, the big paychecks take a while to materialize, and the pay structure in the major leagues can often lead to a cash flow situation. South River Capital, the boutique specialty lender founded by Jim Plack, recognizes the need for transitional capital and works to solidify the financial base of an athlete based on what earnings are “guaranteed” to come during the season while providing a short-term loan for cash flow. Due to their celebrity status, insufficiently established credit histories, and conflicting special interests, professional sportspeople are a unique category and often find it a challenge to secure financing from traditional banks. Unlike many lenders, South River Capital is free from certain constraints primarily because it funds its loans directly, providing anywhere between $50,000 and $10 million. The company also offers long-term financing when such cannot be obtained from traditional banking organizations.
As Jim Plack points out, South River Capital operates on the belief that there is value in supporting those who are on a path to success and require financial assistance immediately. It starts by trying to understand the needs and budget of athletes, considering issues such as whether their new job creates cash flow throughout the year or their league only makes payroll during the season. Secondly, the company seeks to ensure that any money borrowed has a defined, manageable re-payment plan and the clients’ agents and financial advisors concur with its recommendations. South River Capital has so far extended more than $200 million in athlete-directed loans, drawing praise for the high quality of its service, as well as the ease and speed of meeting the financial needs of its customers.
Jim Plack assumed the leadership role at South River Capital in 2016 after two decades of serving in CEO roles for both Sports Capital Lending and American Bank. Plack brings his extensive industry expertise to a company focused on niche real estate loans, bridge financing, and credit for professional athletes.
Jim Plack - CEO of South River Capital: http://jimplacknews.com
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Jim Plack Offers Guidance on Cost-Effective, Trouble-Free Banking: https://finance.yahoo.com/news/jim-plack-offers-guidance-cost-024600419.html
Contact Info:
Name: Jim Plack
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Organization: JimPlackNews.com
Website: http://jimplacknews.com
Release ID: 507202