At Westfield Bank, we understand the unique needs of your insurance agency. Together, as a proud partner of The Agency Cluster, we can create customized solutions that empower your agency and promote your book of business every step of the way.
An asset to your agency
Empower your agency with working capital as you achieve new milestones. Using your book of business as collateral, our team of dedicated bankers is here to keep you moving forward.
For loans from $250,000 to $2,000,000. Online process takes just two weeks or less.
- Maximum loan amount is such that your monthly commissions received are 5 times your payment
- Limited underwriting outside of commission statements
- Commissions must be deposited into a Westfield Bank account
- All loan payments deducted from a Westfield Bank account
- Minimum balance of 3x your monthly loan payment
- Fast turn times (less than 2 weeks)
- Online application process
For capital requests of $2,000,000 and higher, we review your financials over the last three years and complete a cash flow analysis. The turnaround time is approximately 60 days.
- Projections of agency post-book purchase
- Longer turn time – 60 days
- For loans of $2,000,000 and higher
- All loan payments deducted from a Westfield Bank account
- We request three years of tax returns/financials on agency and majority owner(s)
Contact us today for customized, prompt support, and service.
Our treasury management tools and treasury management business solutions make it faster and even more convenient to maximize cash flow, access working capital, manage risk, and simplify day to day operations:
- ACH payment and receivable
- Account transfers
- Bill Pay
- Mobile Deposit for Business
- Positive Pay
- Remote deposit capture
- Sweep accounts
- Wire service
Connect with us to learn how Westfield Bank can maximize your cash flow, access working capital, manage risk, and simplify day to day operations.
Partner with Westfield Bank for specialized solutions that meet the insurance premium financial needs of your clients.
Our dedicated team at Westfield Bank understands what it takes to be a successful agent. As a result, we’re able to make the process faster and easier for you by providing solutions that increase your clients’ cash flow, allowing them to finance commercial insurance premiums at a nominal cost.
We make it simple and fast to complete transactions with:
- Real-time quoting
- Funding within 48 hours of a signed finance agreement
- Customized payment plans
Our premium financing provides your agency with funds, paid back in convenient monthly installments, to cover the costs of your commercial insurance premiums.
Standard Loan Structures*:
- 25/9 - 25% down payment; 9 monthly payments
- 40/3 - 40% down payment; 3 quarterly payments
- 30/8 - 30% down payment; 8 payments for Commercial Auto (filings)
* Terms are subject to change depending on coverage type and minimum earned premium.
Let’s talk about premium financing.
You have sophisticated financial requirements. Westfield Private Banking provides a distinct library of resources and tools that allow us to focus on objectives as unique as you. Financial plans are achieved with personalized services that are supported by a relevant assortment of premium financial management solutions, including:
- Access to lending discounts
- Competitive rates on mortgage loans
- A distinct library of personalized resources and tools
Meet with our team of Private Bankers to achieve your personal financial objectives.
Finding the right mortgage loan is easy with the expert lending team at Westfield Bank. We know the market and take the time to get to know you, so that we can offer a customized solution meeting your needs. Our nationwide capabilities provide faster lending decisions and greater flexibility for you.
Westfield Bank offers competitive solutions for:
- Construction loans
- Jumbo loans
- Purchase or refinance loans