A Production Loan is a short-term loan used in the TV & Film industry when a production has gone over budget or run out of funds they may draw on until the production is completed or they meet a certain goal in production. It is nothing new in the entertainment industry.
During the Covid 19 crisis production loans were opened up to other types of businesses and individuals to assist them during the crisis.
All loans have to be secured in some form, with credit, collateral or insurance. Production or projects are short term ventures that do not have credit or collateral, the 3rd option is production insurance. Therefore production insurance is used to protect the loan against default.
No, anyone who can meet the terms for a production loan may apply. This may change back to only tv & film projects and productions but for now anyone personal, group or company may apply.
Yes, to apply for a production loan you must have an active production account. Production accounts are a yearly subscription with a metered fee scale based upon the amount of service you require.
No, all fees are deducted from the loan proceeds at the time of funding to include production insurance.
Yes, your credit is never checked or considered when applying for a production loan.
In some cases, same day, out terms state 1 to 7 business days. This is dependent on the method of payment for your production insurance deposit, the loan amount, and how the loan proceeds are requested. It is also based upon the timing for the underwriting review of the loan application.
No, the security for the production loan is the production insurance. You are not personally responsible for defaulting on the production loan.
We do have support it is available 24/7 365 days a year, including holidays and weekends and it is required to be in writing. We are not a conventional lender, we do not have a dedicated department or individual(s) who manage production loans. We produce, partner and license TV & film projects. For legal purpose we require everything in writing.
There are no negotiations, our process and terms are non-negotiable. You, may email a request but unless we agree to it in writing it is not binding. This method ensures there are no miscommunications between parties.
Yes, but only if you meet all the terms and are not flagged by underwriting, 99% of production loans are approved and funded.
Yes, but, you may only apply for one loan at a time, you must pay off any outstanding loan before you may apply for a second or other loan. This insures that you are no using the first loan funds to pay for production insurance for yourself or others to obtain a loan. Doing so will result in denial of a production loan application or immediate call of any existing loan.
Name, address, contact information and company name if applicable. Also if you are a broker or agent you would include that information also.
Yes, there is an online account where you can apply for production loans and manage all parts of your production loan.
Applying for a production loan is a simple and takes 2 minutes.