FastFunds Financial Corporation (OTCQB: FFFC) and its wholly owned subsidiary NET LIFE Processing, Inc. announced today that it has reached an agreement with NET LIFE Financial Holdings regarding the compensation for processing the NET LIFE mortgages. FastFunds will be compensated gross 1% of the loan value of each mortgage closing. NET LIFE Financial reports that it currently has 6,000 applications in the various stages of processing, with an average mortgage amount of $150,000 per application. The parties are still discussing the terms of compensation for servicing the mortgages after closing.
NET LIFE Financial has developed two unique financial products as follows:
A NET LIFE LCMO(R) (Life Collateralized Mortgage Obligation) is a residential, business or corporate real estate mortgage which is not based on credit history; only on the collateral. All that is required to qualify is: (a.) that you are healthy, (b.) that the property maintains and sustains its stated value and (c.) that you have the income to pay your mortgage. All NET LIFE LCMO(R) mortgages are processed, managed and serviced exactly like a conventional mortgage without all of the red-tape qualification. NET LIFE has only reinvented the "vehicle"; not the "wheel" it rides upon.
A NET LIFE LCDO(R) (Life Collateralized Debt Obligation) is our second revolutionary product which has been formulated specifically for individuals and businesses seeking to raise capital. A NET LIFE LCDO(R) is an asset-backed lending process which is secured by the underlying collateral. A NET LIFE LCDO(R) is not based on credit history; only on the collateral. All that is required to qualify is: (a.) that you are healthy, (b.) that the asset(s) maintains and sustains its stated value and (c.) that you have the income to pay your loan. All NET LIFE LCDO(R) loans are processed, managed and serviced exactly like a conventional note or loan without all of the red-tape qualification. NET LIFE has only reinvented the "vehicle"; not the "wheel" it rides upon.
About FastFunds Financial Corporation FastFunds Financial Corporation is a holding company that is publicly traded on the Over-the-Counter QB under the symbol "FFFC." The Company currently operates in the financial services industry segment with a single credit card services portfolio. The Company is currently seeking new business opportunities to diversify and complement our current services and products, enhance our technical capabilities or otherwise offer growth opportunities for our stockholders.
About NET LIFENET LIFE Financial Processing, Inc., a wholly owned subsidiary of FFFC, is a development stage company formed in 2013 and recently acquired the assets related to the processing and servicing of loans generated from NET LIFE Financial Holdings Trust (www.netlifefinancial.com). NET LIFE Holdings has developed unique financial products principally for the mortgage industry.
FORWARD-LOOKING STATEMENTSThis news release may include "forward-looking statements" regarding FastFunds Financial Corporation, and its subsidiaries, business and project plans. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where FastFunds Financial Corporation expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. FastFunds Financial Corporation does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For Further Information Contact:NET LIFE Financial Holdingssupport@netlifefinancial.com
SOURCE: FastFunds Financial Corp.