I have a loan officer who has a unique idea and I am wondering if any of you have any ideas of how to accomplish what he is trying to do.
He wants to do a master loan to the Hospital to help them fund the un-insured and under insured patients who might need long term financing through the hospital.
His idea is a master loan/blanket agreement with the Hospital and we would structure loans to the patients for 1-2 years with a fixed payment to help them payoff the debt to the hospital. If the patient/borrower did not perform and went 30-45 days delinquent the agreement with the hospital would be for them to take back that patient so the bank would not take a loss on the loan.
He would like to do minimal underwriting since the loan is ultimately secured by the hospital and the borrowers would likely not qualify for the loan. However he would also like there to be a benefit to the borrower/patient in hopefully re-establishing good credit.
We would welcome any thoughts or ideas on this subject.