Contract Advances for Professional NBA Draft Picks and MLB Draft Picks
Why Take Out a Contract Advance for NBA Draft Picks?
Contract Advances for Professional Sports Draftees. An NBA draft pick might be guaranteed a massive signing bonus, but what you might not know is that it can sometimes take quite a while to actually receive that money. Sometimes you receive your NBA signing bonus all in one lump sum and sometimes you will get it in one, two, or three installments. NBA Draftees do not receive their signing bonus as soon as the ink dries on their contract. It can take a while before you actually receive a lot of your money.
During that time, you may need to buy a new home in a new city for you and your family. You might be just out of college and need a car. You might need to rent an apartment for you or your family. It is expensive to relocate to a new city. It is even more expensive if you want to maintain a residence in your home town, and a residence where you team is located, which is a normal thing professional athletes do. Drew Brees didn’t “live” in New Orleans. He lived in San Diego and stayed in New Orleans during football season.
Many athletes buy their parents a house to show their appreciation for all those practices and games they took you to and picked you up from. A contract advance can help you with all of these things. Contract Advances for Professional Sports Draftees.
Download Contract Advances for NBA Draft Picks Infographic
Why Take Out a Contract Advance for MLB Draft Picks?
Contract Advances for Professional Sports Draftees. An MLB draft pick might be guaranteed a massive signing bonus, but what you might not know is that it can sometimes take quite a while to actually receive that money. Until the season begins, you will only make a minimal amount of money. Sometimes you receive your MLB signing bonus all in one lump sum and sometimes you will get it in one, two, or three installments over a period of years. MLB Draftees do not receive their signing bonus as soon as the ink dries on their contract. It can take a while before you actually receive a lot of your money.
Contract Advances for Professional Sports Draftees. During that time, you may need to buy a new home in a new city for you and your family. You will probably have to travel to spring practice and stay there. Did you know that MLB rookies receive less than $400 per week in per diem during spring training camp? That isn’t a lot of money to live on.
You might be just out of college and need a car. You might need to rent an apartment for you or your family. It is expensive to relocate to a new city. It is even more expensive if you want to maintain a residence in your home town, and a residence where your team is located, which is a normal thing professional athletes do. A lot of professional athletes don’t live full time where they play. Drew Brees didn’t “live” in New Orleans while he quarterbacked for the Saints all those years; He lived in San Diego and stayed in New Orleans during football season.
Many athletes buy their parents a house to show their appreciation for all those practices and games they took you to and picked you up from. A contract advance can help you with all of these things.
Download Contract Advances for MLB Draft Picks Infographic
What if I Just Want A Contract Loan to Buy a Cool Car?
Contract Advances for Professional Sports Draftees. No problem. We know you’ve worked really hard for a long time to get a spot an NBA or MLB team. Why shouldn’t you want some of the nice things now that you’ve finally made it? An awesome new car is one of the main things draftees take out a contract loan to buy. And why wouldn’t you? You’ve put in the work and suffered to get where you are. Why shouldn’t you have a nice car to drive? Everyone else does. We have all heard the story of the NBA player who bought an old beater car to drive just to show the world that the career hadn’t changed them. But the truth is, that story is retold over and over again because it isn’t normal. Of course you want a nice car. Everyone else on the team is going to have one – why not you?
Can I Buy My Parents a House with My Contract Advance?
Of course, you can, and lots of players do exactly that as a way of showing their appreciation for all of the work their parents put in to help them get where they are now. You can buy every member of your family a new home if you want to. It’s your money. You can do what you want to with it.
Can I Take Out A Loan Against My Signing Bonus?
Yes, you can. In fact, signing bonuses are often what athletes want to take out a loan against. We know the team has to pay you your signing bonus no matter what, which makes it great collateral. Plus, we know it can take anywhere from twelve to eighteen months to receive your signing bonus and during that time any number of expenses might come up.
Contract Advances for Professional Sports Draftees. But contract loans against signing bonuses aren’t just for rookies and draft picks. Veteran athletes can use them as well to finance business opportunities as they arise. You don’t want to miss a great investment opportunity just because you are waiting on a signing bonus. You can take out a loan right now and get a lot of your money right away to use for investments, business opportunities, a new home, a new franchise, Etc.
How Much Money Can I Borrow Against My Contract?
If you work with Balanced Bridge Funding, we can generally fund up to five million dollars against your contract – or – as little as $25,000. A lot of this depends on the size of your contract, how much of a contract advance you can take out.
How Long Does it Take To Get Approved For A Contract Loan?
This is the best part. You can be approved and have your money from an NBA or MLB contract advance in a matter of days. You simply provide the documentation we need, sign your agreement, and we send you the money right away. It is easier than you can imagine. Contract Advances for Professional Sports Draftees.
Is An Athlete Contract Loan an actual Loan?
Yes, an athlete’s contract advance is an actual loan. You are just being funded by a finance company like Balanced Bridge Funding instead of a bank. But it is still a loan.
Why Wouldn’t I just Borrow the Money from a Bank instead of using a contract advance?
One of the reasons you might work with an athlete funding company like Balanced Bridge Funding is because we have different lending standards than banks as far as professional athletes go. When you are a NBA or MLB draftee, chances are you do not have much of a credit score or earning history. Bank lending standards usually involve having a good credit score and two years of tax returns to look back on as proof of solid income. This is generally how banks decide who to lend money to.
Contract Advances for Professional Sports Draftees. This means that as a new NBA draft pick, or rookie MLB player, you might have all the money in the world coming to you pretty soon from your contract, but you might have no credit history, and you won’t have two years showing how much money you’ve been making yet.
This is where Athlete Funding Companies like Balanced Bridge Funding come in. We understand Athlete Contracts and how professional athletes get paid, and we have no problem lending money against your upcoming contract. It isn’t that we are any different from a bank – we just have different lending standards that are favorable to NBA and MLB draft picks who are coming into a lot of money, but don’t have access to that cash yet.
Is Balanced Bridge Funding just a “middle man” or a Broker?
No, Balanced Bridge Funding is a direct lender. We are not a broker for some other company who actually loans the money. This is important because if there are any issues with your loan approval or after the loan is made, you are dealing directly with the source of your loan instead of a broker who has no real say in any part of the process.
How does a Contract Advance for NBA or MLB Draft Picks Work?
Contract Advances for Professional Sports Draftees. Actually, a contract advance for NBA or MLB draft picks is really simple. You send us some paperwork showing the value of your upcoming contract, we negotiate how much of a contract advance you want to take out, we agree on fees and conditions, you sign our agreement and within a few days you will have the cash in your bank account.
Just Click Here to Apply and Get Started Today
How Does Balanced Bridge Funding Make Money on Professional Athlete Contract Advances?
Contract Advances for Professional Sports Draftees. We get paid much the same way as any financial institution, and for the same reasons. We essentially get paid to “wait for the money.” You get your money now, and for a fee (often referred to as interest), we wait to be paid from your NBA or MLB contract sometime in the future. The fees vary a great deal depending on the size of the advance, the length of time we have to wait to receive our funds back from your contract, and other factors. We do not publish our fees online, as they change often with the market. If you call us, we can tell you what your fees will be today.
