Mobile Version 2022 - Volume 30 - Issue 4
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AACFB President's Message

By Laura Estrada

For many of us the last few years have been a time of constant adjustments. 2022 has definitely been full of them. While change is inevitable, it is sometimes painful and very inconvenient.

True to form for the times we now live in, the AACFB received notice several weeks ago that a booking error occurred with our 2023 Annual Conference scheduled to take place in Portland, Oregon next May. The hotel had discovered that another group was already booked when our contract was signed, which meant that the AACFB would either need to move the dates or find a new hotel.

Since the Portland Marriott did not have any acceptable open dates, the Board decided to move the event. I am excited to announce that our 2023 Annual Conference will be relocated to the Irvine Marriott in sunny Irvine, California. The new dates will be May 2-4, 2023, so update your calendar! The theme of this event will be, "Riding the Tides: Adapt. Innovate. Connect," which certainly seems appropriate! 

The Irvine Marriott is close to the John Wayne-Orange County Airport and the hotel provides a complimentary shuttle, which will make getting to the hotel quick and easy. The hotel is also not far from beaches, canyons, and Disneyland. Even if you never leave the hotel, you can enjoy the FLOE Lounge and Bar, the Y.N.K (You Never Know) speakeasy, the heated pool, fitness studio, firepits, outdoor games, or their Topgolf Swing Suite.

Of course, the main attraction will be all of the networking opportunities provided at this conference. We all need as many funder and broker partners as we can get!

More information will be available soon so start making plans to attend today!

In the meantime, I want to wish each and everyone of you safe and happy holidays! Here's to 2023! Cheers!

Sincerely, 


Laura Estrada
AACFB President
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Save the Dates for 2023

 
 
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AACFB Welcomes New Members

 

A big welcome goes out to all of our new members. Anyone wishing to contact a member can locate their information in the AACFB online directory.

Member Type

Company Name

Contact Name

Broker

4 Kings Capital

Bill King

Broker

AUW Holdings

Hemang Mehta

Broker

Broad Fit Financial

Stephanie Taylor

Funder

Capital Express

Yaakov Goder

Broker

Emerge Lending Group

Beau Eckstein

Broker


FE Equipment Finance

George Spofford

Funder

Gulp Data LLC

Charles Fisher

Broker


Huddle Business Capital

Tamara McCourt

Broker

JM Funding Group

Shawn Minnihan

Broker


KMS Funding Solutions

Martin Blank

Funder

LCD Commercial Lending

Dan Sterba

Broker

Liberty Finance Solutions

Daniel Bartet

Broker

Nguyeners Path Capital

Tom Nguyen

Funder

Plexe

Todd Glassman

Broker

Professional Leasing Source

Dori Vandendriessche

 Broker

 S&A Finance LLC

Sherry Losee

 Broker

Secondary Loans

Ronak Vyas

Broker


Selco Business Finance of Colorado

 Edward Anderson

Broker 

Standard Capital Corporation

 Renee Jalbert

 Broker

Swigart And Company Capital Finance Group

 Dustin Swigart

 Broker

Team 1 Financial Group, LLC

 Alex Black

 Broker

 Thrive Business Funding Solutions

 Razak John

 Broker

 Tier One Capital LLC

 David  Campbell

 Broker

Xander Capital Corp

 Mohan Cheema

 

 

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AACFB Benefit Spotlight

  

CoreLogic Credco has recently been acquired by Credit Bureau Connection (CBC) and all CoreLogic customers will need to migrate to the CBC platform over the coming months. AACFB will continue to have a discounted program with CBC. Members can learn more about the program in the Members Only section of the website under Benefits.



Visit the Members Only Section at www.aacfb.org under Benefits - Savings.
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Front and Center

By Leslie Brown, CLFP


 
This installment of Front & Center focuses on AACFB Vice President Roderick Knoll, CLFP. Commercial Break correspondent Leslie Brown recently sat down with Roderick virtually to find out more about him, his background, and his journey. Click Here to view their chat.
 

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A Broken Moral Compass?

By Kenneth C. Greene, AACFB General Counsel


 
 
In the past week, I have received three ethics complaints against very large, generally reputable companies. I say “generally” because it seems the bigger you are, the more you will be attacked. That doesn’t mean they are unethical, but it does leave them vulnerable to such accusations.
 
The reason for this article is to investigate if and why the general ethical environment of the business world has devolved to a point of degenerated morality. Granted, as an attorney, I see more of this than most people. But I have also seen more of it recently than in my 43 year career.
 
Identity fraud. Internet scams. The dark web. Spoofed websites. Wire fraud. Ponzi schemes. Trolling. Data theft. Some of these deceits are new, some are old, some are permutations on an ancient theme, based on new, readily available opportunities. 
 
First, let’s ask why. Is it the economy? Inflation? Joblessness? Homelessness? Are people so desperate they need to perpetrate crime and civil disobedience to survive?
 
Personally, I don’t think so. Inflation is old news. Unemployment, especially today, seems largely self-inflicted, as there is a plethora of open job positions but a dearth of willing applicants. Homelessness is indeed a problem, but the homeless are more likely to steal a loaf of bread than spoof a website. 
 
Is it laziness? A laissez-faire sense that the future is so bleak it doesn’t warrant working or saving for the future? Are our children and (should they choose to procreate) their children so disillusioned with the world we have created (think, climate) that they have no hope there will be a non-dystopian future?
 
That’s a big maybe. 
 
Let’s look at some potentially revealing statistics, at least in the old US of A. According to at least one periodical, the marriage rate has halved in the last 30 years, while, in 2022, approximately 50% of all marriages will end in divorce. What does that mean? A lack of commitment? Marriage (and kids) are not always easy, but, in the long run (if you make it) these are the institutions that ground you. Tether you to the planet. And to society. Make it seemingly less likely that you will turn on your neighbor, or your community, from whom you might rob, cheat, steal or worse.
 
College enrollment and graduation are dropping. The most common jobs nationally in the U.S. in 2022 are as follows: (1) cashier (average salary $29,297); (2) food prep worker ($31,542); (3) stocking associate ($36,501); (4) laborer ($39,539); and (5) janitor ($39,584). The average rent in the U.S. is $1,295 and the average mortgage payment (in 2021) was $1,815 for a starter home. Multiply either of those numbers by 12 ($14,460/$21,780), not including utilities, food, insurance, car payments, gas, etc.) and you will sense a level of imbalance that might go far to explain the anomie and lack of commitment on behalf of those people trapped in that economic maelstrom. That could go far to explain the desperation and moral turpitude that desperation historically breeds. It’s Les Misérables, but offstage.
 
Of course, many of the people committing ethical violations are not making minimum wage. Far from it. So this is not an excuse as much as a potential explanation. The lack of ethics is like a cancer, spreading without regard for boundaries. We have witnessed more people turn to crime, fraud, lies and despicable behavior than ever in my life, at least, though I do acknowledge that there have been times, like the Great Depression, World War II, and, in other countries, the French and Russian Revolutions, that left people in similarly dire straits with no recourse but to act with no alternative but to disregard morality and ethics. 
 
Just a thought. But you can see it in politics, in sports, in entertainment, and in your own business. For some, the moral compass is like a roulette wheel, unpredictable, and arbitrary.  
 
ABOUT THE AUTHOR
Kenneth C. Greene is an attorney based in Westlake Village, California. He has been representing lessors, brokers and others involved in the leasing and finance industry for almost 40 years. His practice entails documentation, licensing, compliance, litigation, and bankruptcy. He is currently General Counsel to the American Association of Commercial Finance Brokers as well as an Advisory Board member of Leasing News. 
 
This article is presented by the Law Office of Kenneth Charles Greene. All copyrightable text, the selection, arrangement, and presentation of all materials (including information in the public domain), and the overall design of this presentation are the property of the Law Office of Kenneth Charles Greene. All rights reserved. Permission is granted to download and reprint materials from this article for the purpose of viewing, reading, and retaining for reference. Any other copying, distribution, retransmission, or modification of information or materials on this site, whether in electronic or hard copy form, without the express prior written permission of Kenneth C. Greene, is strictly prohibited. 
 
The materials available from this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use of and access to these materials does not create an attorney-client relationship between the Law Office of Kenneth Charles Greene and the user or viewer. The opinions expressed at or through this site are the opinions of the individual author.   
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How to Massively Increase Your Business

By John Chapin

 
 
There’s an idea I share during my speeches that massively increases the business of everyone who follows it. It is not for the faint of heart and it takes some work, but if you’re willing to do it, it will significantly grow your business. 
 
Many of you are going to groan, wince, swear, or do all three when you hear this. Few people will be willing to do it. Please don’t be fooled by its simplicity; after all, most problems have simple solutions; we as humans just like to complicate them, so we have an excuse for a lack of success. In any case, without further ado, here is the idea: spend a minimum of three to four hours a day, Monday through Friday, prospecting for new clients.
 
While that may sound like a lot of time, it’s actually fifteen to twenty hours a week, out of your total hours of 168. Spending nine to twelve percent of that time doing the most important task you do as a salesperson: prospect for new business, is not all that much time. Now I know some of you are thinking, Wait, closing the business, not prospecting, is the most important task because without closing, nothing happens, and you’d be right, at the same time, in order to get the sales, you need plenty of prospects. You can’t close the sales, without first getting the prospects. So, whether you agree with me or not, just stick with me a little longer.
 
Let me give you a couple of examples of people who have followed this. I have a friend who is one of the top realtors in Central Massachusetts. When he started in the business he was a transplant from New Jersey who knew absolutely no one in the area. He went to the manager of the office and asked him how he should get some sales. The manager told him to call the “expireds” list (people who had listed their house with an agent, but it did not sell) and the list of FSBOs (for sale by owners). My friend was used to cold calling over the phone. One of his previous jobs was selling newspapers over the phone, so he was used to making a lot of calls and getting rejected. He proceeded to make 603 phone calls over the next month. From those calls, six people decided to list their houses with him and that resulted in three sales over the next two months. For sake of comparison, the average realtor gets twelve listings a year and sells three houses. So, in two months, he equaled the average realtor’s annual sales simply by making 603 phone calls in a month. By the way, the other realtors in the office called him lucky, said he must know a bunch of people in the area, or otherwise be connected, etc. None of that was true, he was just simply willing to do something the others were not: get on the phone and do a massive amount of prospecting. 
 
In a similar story I have another friend who lost his job in the banking industry when he was in his early 40s. Evaluating his life and options he decided to embark on a dream he had years ago when he was in college. His dream was to become a chiropractor. He resumed and completed his studies he had started in college, got all the necessary training, and, since he was starting a new career, decided to change his location too. He moved from Minnesota to San Diego. Upon his arrival in San Diego one of the first things he did was to visit the offices of the local association of chiropractors. They turned him away at the door. They told him, “We already have too many chiropractors. There is one chiropractor for every eight people in San Diego.” Now keep in mind, this wasn’t eight people looking for a chiropractor, it was every eight people. Let me ask you a question, if you had been my friend, what would you have done? I’m embarrassed to say I’m pretty sure I would have turned around and gone back to where I came from. I think the vast majority of people would have. The excuse would of course be along the lines of, the market is saturated with chiropractors, thus it’s not a good place to be a chiropractor. How could you possibly be successful in that market? My friend decided to stay. Over the next eight months he went out seven days a week and knocked on the doors of houses and businesses. He had a questionnaire with him. The first question was: if a chiropractic office opened in your area, what would you like to see, just regular chiropractic, yoga, reiki, massage, other? The last question was: If I open a chiropractic office in the area, would you like an invite to the open house? In the eight months he knocked on over 20,000 doors, spoke to over 6,000 people of which 4,000 said they’d like an invite to the open house. In month nine he sent out the invites, opened the business in month ten, and in the next twelve months grossed 1.2 million in revenues which, at the time, put him in the top ten percent of chiropractic offices in San Diego, a city with too many chiropractors.  
 
Granted, the chiropractor spent more than three or four hours, and he did it seven days a week. That said, he completely blew the average out of the water and beat 90% of other businesses in a saturated market. On the flip side, the realtor wasn’t quite doing three hours Monday through Friday and yet he did 600% of the average sales. Either way, the numbers that work for everyone I’ve prescribed this to is prospecting for new business fifteen to twenty hours a week. If you do that properly, you’ll see a huge increase in business.
 
ABOUT THE AUTHOR
John Chapin is a motivational sales speaker, coach, and trainer. For his free eBook: 30 Ideas to Double Sales and monthly article, or to have him speak at your next event, go to www.completeselling.com. John has over 34 years of sales experience as a number one sales rep and is the author of the 2010 sales book of the year: Sales Encyclopedia (Axiom Book Awards). You can reprint provided you keep contact information in place. E-mail: johnchapin@completeselling.com.
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4 Ways to Get Sales Teams to Embrace and Promote Financing to Buyers

By Robert Preville


 
In the world of commercial finance, it is hard to overstate the importance of working in partnership with sales teams to reach customers with products that fit their needs. At its absolute best, the relationship between sales professionals and finance brokers can be symbiotic and highly productive.
 
In 2021, nearly eight out of ten businesses who acquired equipment or software used at least one form of financing to do so, according to the 2022 Equipment Leasing and Finance Industry Horizon Report. But in my own experience serving equipment manufacturers and dealers, I have learned that sales teams are often reluctant to talk about financing as part of their sales process. Customers who do not fully understand their financing options vastly underestimate their buying power. This translates to missed opportunities for everyone involved.
 
Interviews with customers have identified four ways that financing can be delivered to fit seamlessly with a sales team’s work, in a way that quells some of the common fears that cause sales professionals to avoid the financing discussion. Implementing these ideas in your own approach to financing can greatly improve your relationships with sales teams.
 
1. Don’t make the customer jump to a third-party website. 
 
Good sales representatives see themselves as the buyer’s personal guides through a large transaction. The more you can help them feel they are maintaining control of the process, the more likely they’ll be to route customers to your financing products.
 
You can do this by:
  • Making sure any online portal or interface you want sales teams to route customers to is capable of keeping the seller’s branding front-and-center and does not give the buyer the feeling that they are suddenly doing business with an unknown company.
  • Creating tools that can be embedded on your partners’ websites, rather than asking them to link out to your own site.
  • Ensuring that all of your online tools have a smooth and pleasing user experience, so that they don’t stand out as a clunky contrast to the seller’s website.

2. Keep the sales representative informed at every step of the deal. 
 
The best sales professionals understand that deals run on momentum. Their job is to build that momentum and to keep it going throughout the transaction. It’s hard for them to do this if they feel that their customers disappear into a black hole as soon as they refer them out for financing. View every step of the financing process—from application status updates to reports on offers—as a potential connection point. Use these connection points to stay in touch with clients and maintain the energy of their deals. Sales teams particularly appreciate access to mobile apps, which ping them with notifications when they are out in the field so that they can track deals in real time. The best way to do this well is to talk regularly with the sales teams you work with. Be curious. Ask them where they are hitting roadblocks in the buyer journey and think about how you might adjust your approach to eliminate those roadblocks.
 
3. Keep the application process easy and simple. 
 
Sales representatives appreciate and value when customers can apply for financing through a platform with just a few clicks. This keeps the deal rolling and makes it easy for the sales rep to confidently send customers over without fear that they’ll get stuck for a week filling out an application. Tech-based tools make it possible to reduce once-onerous tasks to a matter of minutes, and commercial finance applications should be no exception. In today’s fast-paced world, every extra click, data field or document upload makes it less likely a customer will follow through. Examine your own application process and ask where you can simplify it to make it easier for buyers.
 
4. A network of lenders ensures maximum approvals. 
 
The ability to offer clients access to a network of lenders is a competitive advantage that brokers offer. Bringing multiple lenders to every deal can have a positive, measurable impact on sales, making this an important key to building effective relationships with sales professionals. Data shows that when buyers are presented with costs that include more than one financing offer, conversions double. Using advanced technology and machine learning to algorithmically match financing applications with their best-fit lenders from within the network, optimizes the network effect. Finding ways to put the advantages of the lender network to work for your clients will make you a valuable partner for sales teams.
 
Commercial financing can be its most successful when it works hand-in-hand with the sales process. By thinking like a sales pro, commercial finance brokers can fine-tune their processes to yield stronger business growth for funders, sellers, and buyers alike.
 
ABOUT THE AUTHOR
Robert Preville is a multi-exit entrepreneur, investor and CEO of APPROVE Payments, a fintech company specializing in the development of innovative B2B payment solutions. Preville sits on the Innovation Board for the Equipment Leasing and Financing Association (ELFA) and he received Monitor Daily’s 2022 Disruptor Icon Award for his role in leading APPROVE and evolving equipment finance with a number of tech-based solutions. 
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Let's Party!

By Cindy Downs


 
Let’s Party! 
 
Hello from North Dakota. If you don’t already know, North Dakota is a major producer of sunflowers, field peas, dry edible beans, flax and canola as well as sugar beets, potatoes and other commodities. And for production of these crops, you need equipment. Right? According to a local auction company, agricultural equipment, for the 3 months ending April, prices for used agriculture equipment increased 14% compared to the same time frame last year. 
 
I was making some dealer calls yesterday and one dealer told me, “If you order a new grain hopper bottom trailer, you should look at paying about $10,000 more than last year and be ready to wait about 6 -12 months.” 
 
The Federal Reserve raised the target federal funds rate by 0.75 percentage points for the third time in a row to cool down inflation. Where is the good news? The good news is, everything that goes up must come down. If you have been in the business long enough, you know we have been here before. Right now, our customers may not be buying as much as we would like them to, but the equipment will show up on the lots again. Rates will come down and we will be back to “normal” and looking back on these days before you know it.  
 
So, what can you do while you wait for normal?  Here is what we are doing in our office. We are calling our customers JUST to check in. We are mailing our customers and inviting them into our office for a cup of coffee. We are emailing our customers reminders that we are here if they need financing. 
 
We are all in this together. 
 
Let’s party like its 2019! (Pre-COVID) 
 
ABOUT THE AUTHOR
Cindy Downs is a Senior Equipment Leasing Manager for Heartland Capital Group, LLC. She came to Heartland Capital Group in 2013 after spending 10 years in Real Estate and the investment world. Cindy a past president of the AACFB Board of Directors and serves on the AACFB Education Committee.
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Three Ways Data Can Assure the Transition from Broker to Lessor

By David Gnade and Scott Nelson


 
Old business plans are usually much easier described than completed – identify customers who have a need, create a product that meets that need, sell your product, make a profit. One of the oldest and most common such business plans in equipment finance is the broker-to-lessor transformation and goes like this: establish one’s brand as a finance broker, build customer and lender relationships, grow the business to the point where one can secure funding for the paper and become a lessor. One could say it’s a straightforward three-step process.  
 

 
Figure 1: The fundamentals of transforming from broker to lessor have not changed – building relationships in both directions from the middle – customers, venders, lenders.

Many successful finance companies have traveled this path. Industry veterans told us that anywhere from 30%-50% of all finance brokers today would like to do the same. Of course, for every successful journey on this path, there are probably ten that either didn’t make it or failed all together because of the investment and distraction to core business operations. But if we have learned anything over the past two decades it is that traditional business plans are either disrupted or accelerated by technology – sometimes both simultaneously. The broker-to-lessor transition is no different. 
 
The fundamentals of the broker-to-lessor business model are sound – they withstand the test of time – but the execution of the steps can be both accelerated and the probability of success improved with the use of data. 
 
Establish the brand
 
Establishing a brand in equipment finance is, at least, a two-sided battle. As Figure 2 shows, the first side is establishing relationships with customers looking for access to equipment. The broker must find these parties and convince them that he/she can solve their equipment financing problem. 
Figure 2: A customer’s view of the leasing process highlights the roles of the broker (Origination) and lessor (Underwriting, Funding, and Servicing).

This leads to the second side of the battle, underwriting and the lenders. Herein lay the opportunity because equipment finance is a sales driving industry that depends heavily on brokers to meet the recurring demand for as much as 1/3 of the book of business as previous deals roll off the books. The customer, of course, wants a single point solution which creates the opportunity for the broker as they own that relationship. This is the point at which the value of data becomes apparent – customer data. 

Figure 3: A data-centric approach helps the organization organize its relationships and lays the foundation for using data to improve both speed and matching success between customers and lenders. 

Customer data captured in a Customer Resource Management (CRM) system immediately do three things for a broker. First, it facilitates the customer relationship via communications, marketing, and convenience in application processes. Second, it establishes the basis for business intelligence framework that helps analyze customer characteristics, needs, and matching (approvals) with the broker’s lending partners. 
 
At this point in the journey success is all about more successful deals. More deals require more customers, better customers from the point of view of lending partners or, preferably, both. A broker who does not capture data about their customers and the outcomes of applications does not have the ability to learn and adapt to the many changing attitudes of the lending ecosystem. A simple CRM deployment connected with a business intelligence framework built for the equipment finance workflow empowers both strength and growth of the broker’s business. 
 
Understand your niche

Equipment finance is an industry of niches: yellow iron, trucking, construction, mining, lumber, medical equipment, office equipment, IT equipment, mid-ticket, small ticket, large ticket, to name a few. A key for any business in an industry of niches is finding one that works and exploiting it. Data analysis and associated business intelligence provide insights into niches as a broker engages more customers, more vendors, and more lenders. And one of the best things about origination data in a digital broker system is that data and outcomes – approvals, amounts funded, rates, terms, etc. – are generated rapidly.  

 Figure 4: Past application and approval data enable the implementation of AI predictors to further accelerate the business through better or fully automated customer-lender matching.

Rapid data generation is valuable because when that data is captured in a appropriate data structure is then available to machine learning and AI. Figure 4 shows one way a broker can accelerate and improve productivity using data and AI. Historical approval data from previous applications with lenders enables the broker to predict both approval and the best lender for a given deal. Brokers encountering manual portals with multiple lenders can significantly improve operations by identifying successful applications and submitting them to lenders who are more likely to match. Better deals faster with data and AI.
 
Secure funding and build the portfolio
 
At this point in the journey the business is operating faster and more effectively for both customers and lenders. If the broker is servicing vender partners those partners will also experience more and faster success getting their equipment out the door with the broker’s help. A broker operating at this level of sophistication will be looking at taking the next step – self funding or leveraging a funding-line partnership. 
 
This is where the digital infrastructure described above and the data it has documenting the business’ success will disrupt the normal transitionary period in this stage. The business will have to add three functions – underwriting, servicing, and funding to the digital system as shown in Figure 5.  Underwriting will be an automation step using a Lease Origination System (LOS) or modification of the CRM workflow because by this point the broker will know the credit characteristics of successful deals for their customer base. The business can buy or outsource Servicing of the portfolio which will add a data stream from the Contract Management System (CMS) that includes additional data on delinquencies, residuals, and a range of contract performance data. When this data is added to the existing streams of front end data the company will now see the financial performance of the portfolio as well as programs that the firm established with venders. 
 

 
Figure 5: An established “front end” digital framework becomes the foundation for the lending and servicing functions while providing validation of brand success and risk management for outside funding partners. 
 
The last step in the transition from broker to lessor is often the most difficult because it involves capital which means trust – the broker leadership must gain the trust of a funding partner that they can not only find good business but service it profitably. This is where the data gathered during the growth stage will be critical.  The broker team will be able to show the characteristics of deals it will be funding – equipment class, terms, FICO & PayNet scores, as well as typical contract rates indicating credit risk. This history of how the business has succeeded along with a commitment to continuing with those business policies in the associated niche will enable the funding partner to match the prospective portfolio to their credit policy – with data. 
 
Conclusion
 
A successful transition from broker to lessor provides increased profit margins, better cash flow and the ability to survive downturns in the economy. But the move from broker to lessor is major business change that has always allowed little to no room for missteps. But today finance brokers have the opportunity to capture and leverage their customer and vendor data to make the transition to funding and servicing their own deals faster and easier. Business intelligence applications not only help run the broker business model better and faster, but the historical record also provides vendors and lenders the proof of work that they need to help with the transition. The credit and portfolio data captured and curated with AI along the way will allow brokers to approach banks and funding sources to raise capital with data not available to brokers who do not engage the digital workflows. 
 
The steps from broker to lessor are well known and the path well worn. But the devil is always in the details and the details are much easier to see when the broker leverages their data. So put down the spreadsheets and find those partners who can help you use your data to make the change. 
 
ABOUT THE AUTHORS
David Gnade is a 30-year veteran of equipment finance as an executive sales leader with a specialization in vendor-financing. David is a senior partner of Fairway Capital, LLC which provides customized equipment financing to the golf industry. David is also a member of the Tamarack Technology Advisory Board.
 
Scott Nelson is the President & Chief Digital Officer of Tamarack Technology. He is an expert in technology strategy and development including AI and automation as well as an industry expert in equipment finance, Scott leads the company’s efforts to expand its impact on the industry through innovation using new technologies and digital transformation strategies. In his dual role at Tamarack, Nelson is responsible for the company’s vision and strategic planning as well as business operations across professional services and Tamarack’s suite of AI products. 
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Looking Back and Pushing Forward

By Lisa Trail


 
It’s hard to believe that it has been 22 years since I started in the equipment leasing industry. When I look back, it amazes me how much has changed. I am grateful that when I started, I was able to learn from top industry leaders at GE Capital Tilden. Our industry was male dominated but my superiors saw how much I wanted to learn and how hard I worked. They took me under their wing, and I learned so much in a short time.
 
Being a younger woman, I knew the road wouldn’t be easy. A lot of the respected old school brokers/lessors gave me the time of day because the GE Capital Tilden name. Tilden gave me credibility and helped me navigate roadblocks. I recall that many people thought I was a secretary. Soon, they realized I knew the answers to their questions, not my boss! I know many of my female peers can relate to that. Although it took a while to win over my male counterparts in the industry, it was a challenge I gladly accepted.  
 
Women were not prevalent when I started in financial positions but today it’s a new world and the playing field has leveled out. Women, by nature, are professional, compassionate, and multi-taskers who evaluate situations to benefit all involved. I use these attributes every day.
 
When people ask why I chose equipment finance over accounting, where I have my degree, I tell them it’s about helping businesses thrive and compete in the end. It’s not just the numbers. It’s still a people industry, and it takes a village to approve one loan--I love it. Through the years my passion and hard work have opened doors for me. I love fixing things and helping people succeed, and that gives me personal satisfaction.  
 
Now, I love seeing my female peers climbing the ladder and making needed contributions to our ever-changing industry. I’m grateful that at my current employer judges employees by their skills not gender. We have a staff of quality professionals of all ages, and many top positions are held by women. 
 
I’ve had the opportunity to train and mentor many amazing people who are doing great things in the equipment finance industry. I’m excited to see the younger generation growing and excelling in the financial world. My relationships started with a handshake—and now they may start with a TEAMS call. While relationships are the keys to the success of any business, that’s no longer all it takes. Now we rely on partnerships who share the same goals. We need to balance industry-experienced staff with fresh talent. We rely on technology, data analytics, speed, and efficient processes to keep us competitive and reliable and to be able to offer our clients what they need faster. With new tools of the trade at my disposal, I’m able to analyze the industry, our accounts, and new business like never before, assuring that we are doing what we can to nurture our relationships to benefit all parties. 
  
Throughout my career I’ve had to navigate challenging times such as in 2001, 2009, COVID, and now our uncertain economic landscape. Battling these great challenges, we continuously need to find new ways to navigate, survive, and thrive. Getting ahead of the lows and preparing your company and your clients is a great part of our job. This industry requires a lot of blood, sweat, and tears, but, working hard, embracing change, and continuously learning and accepting new ideas, while believing in the process, will help you stay the course.  
 
I thank my peers and associates for pushing me every day to embrace a challenge and represent our industry. 
 
Together, we will continue to take on this dynamic obstacle course. We got this!
 
ABOUT THE AUTHOR
Lisa Trail began her career in equipment financing in 2001 and after many years in the industry, she has gratefully been with Blue Bridge Financial, Inc. for the last three years. She is excited to be part of a professional and motivated team that is looking to grow!
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The Power of Impossible Thinking

By Sam Fallenbaum


 
Are you having trouble making a needed transformation? Are you stuck in your career? Is your organization stalled in its progress? Are you lagging behind competitors in innovation? Are you having trouble making your diet and exercise program work? Are you overwhelmed by information? It could be that you need to change your mental models.  
 
Transforming your mental models can help you think impossible thoughts and overcome the barriers to change in your life, work and society.
 
It’s almost midnight, you are walking down a dark city street toward your car parked several blocks away, when you hear footsteps behind you. You don’t turn around, but you quicken your pace. You remember a news story from a few weeks ago about a robbery at knifepoint in the neighborhood. Your pace quickens. But the footsteps behind you are also moving very quickly. The person is catching up to you. At the end of the block, under the streetlamp, the steps are immediately behind you. You turn suddenly. You recognize the familiar face of one of your colleagues, heading to the same parking lot. With a sigh of relief, you say hello, and you and he continue on your way together. 
 
What just happened? The reality of the situation didn’t change at all, but the instant you recognized the face of your colleague, the world in your mind was transformed. The image of the pursuing attacker was transformed into that of a friend. How could so little have changed in the situation, yet so much have changed in the way you viewed it? 
 
First of all, you had created a complete picture of what was happening based on a tiny bit of information—the sound of footsteps behind you at night. From this mere suggestion, you drew upon memories of news stories of crimes, together with your personal fears and experiences, to conjure up an image of a potential attacker. You changed your actions based on this assessment of the situation, walking faster to escape an assailant. This could be a great survival instinct, but in this case, you were fleeing an assailant who did not exist. 
 
Then, just as quickly, in the flash of the streetlamp, you gained a little more information—and the entire picture shifted. In a split second, you recognized the face of a colleague—again based on the vaguest hints. You didn’t take time to stare or think deeply about it. There might have been other possibilities in the situation. Could the person have been an assailant wearing a mask to look like your colleague? Could your colleague be an assailant? These possibilities were so remote that you didn’t consider them, and by the time you thought through them, you might be dead. You saw the face, and the footsteps quickly switched categories from “foe” to “friend.” 
 
Only a small part of this drama happened on the sidewalk. Most of it was created within your own mind. 
 
To change your world, you first have to change your own thinking. Neuroscience research shows that your mind discards the majority of the sensory stimuli you receive. What you see is what you think. The ability to see the world differently can create significant opportunities, as companies such as Southwest Airlines, FedEx, Charles Schwab and others have demonstrated. But even successful models can ultimately become a prison if they limit your ability to make sense of a changing world, in the way that major airlines failed to fully recognize the threat of upstarts such as Ryanair or that music companies, locked into a mindset of selling CDs, failed to see the opportunities and threats of music file sharing. 
 
From driving organizational growth to improving personal health and fitness to fighting international terrorism, your mental models shape your responses in every area of your life. How do you become better at recognizing and using mental models more effectively? This book provides specific insights and strategies to help you understand the role of mental models and know when to change them—so you can transform your organization and your world.
 
ABOUT THE AUTHOR
Sam Fallenbaum the founder and Chairman of Alliance Commercial Capital Corporation headquartered in Chicago. He founded several financial services companies offering accounts receivable factoring, insurance premium financing and used car financing. He is also Chairman of Essential Surroundings, Inc., a manufacturing concern of natural home and body-based products, President of Cambridge Management Associates, LLC., a consulting and management concern, and President of Oxford Bancorp, which holds various intellectual property rights.
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What is Data and Why Should It Matter in the Lending Industry?

By Lauren Cascio


 
It’s time to face facts: business valuation is stuck in the dark ages. While GAAP still reigns supreme in traditional lending and financing, its methodology is rooted in the time of its creation almost 90 years ago. These accounting principles are woefully outdated in today’s business environment and overlook the most valuable asset a business can hold: its data. The result? The lending industry is failing to recognize significant points of value when constructing loans, and borrowers are losing the chance to take advantage of an important asset. 
 
What is data and why is it valuable?
 
The staggering volume of data today may be unique to our modern technological era, but the concept of data is as old as humanity itself. Simply put, data are records of observations of events, behaviors, characteristics, and outcomes. Humankind has always used data to make decisions and to try to improve outcomes. Information such as ‘a mushroom with these characteristics is delicious, while another makes you sick’ is collected and passed from person to person, increasing our shared understanding of how we interact with the world around us. Compound that across billions of people, interconnected devices, and algorithms capturing data at an exponential rate, and the modern data landscape begins to take shape.
 
To business owners, their data has obvious worth even if it never lands on a balance sheet. They use it to better target consumers, improve offerings, create efficiencies in their operations and more. They may even realize that their data could hold value for others outside their business, even if they don’t wish to sell data outright. Even so, data is rarely viewed as a standalone valued asset.
 
There are of course exceptions, most visibly among massive Silicon Valley players who have created a multi-billion dollar industry trading, selling, and monetizing data. Meta and Twitter alone claim $44B annually from the sale of their (and our) data to advertisers, and according to the World Economic Forum, the global data economy is valued at over $3T.
 
There is a clear and rising demand for quality data across sectors, such as:
 
  • Financial transactions
  • Consumer profiles
  • Geospatial imagery
  • Health records
  • User behavior and social content
  • Science & environmental research
 
Small and medium businesses collect and maintain mountains of this data, but knowing how to monetize or properly value their data is a major sticking point. Reasonable privacy concerns can also cause friction in deciding what to do with data. The average SMB doesn’t have the structures in place to transact with data cells and preserve user anonymity, and risking trust may steer a business away from even considering selling customer data. What they do understand, however, is lending. Businesses are used to leveraging business assets to borrow capital, but may not know exactly how to properly value and leverage their data assets.
 
How can data-as-an-asset benefit lenders?
 
This data knowledge gap presents lenders with a unique opportunity, as they take the lead in most lending arrangements and, in particular, collateralized obligations. Indeed, senior secured loans hold full rights to all physical and digital assets of a business, which already includes data. What’s often missing is an awareness of what value that data holds, such as its ability to shed light on the health of a business under lien. If data assets drift, change, or disappear, that’s a lead indicator that the company could be in trouble, signaling distress far sooner than any other warning signs. 
 
Data can also be leveraged to repay a loan, expand collateral coverage, or derisk loans. In the instance of recovery, this asset also has unique benefits. While traditional collateral like real estate or inventory may take months or years to gain control over, data can be seized instantly, flattening recovery time to days or weeks. Data can also be sold more than once and is highly liquid due to high demand in the vibrant ecosystem of private buyers, marketplaces, and data brokers.
 
How should lenders evaluate data assets?
 
Financial institutions have been lending against data for a long time, even if they haven’t realized it. The question now is how to take control of its value to better service loans, support borrowers, and generate portfolio alpha. 
 
The existing data liquidity markets can provide insight as to the supply and demand of data day by day. Though there is no such thing as an average dataset, it is possible to develop benchmarks and valuations from this market data to determine potential value on a given dataset. Criteria like depth, quality, freshness and uniqueness can greatly affect a dataset’s value in the open market. It also must be relevant and discoverable to an interested third party, whether through a data marketplace, a data broker, or private sale. 
 
Financial institutions who want to navigate the data economy and begin unlocking the value in collateralized data may be best served by partnering with specialized co-lenders or advisors with deep domain expertise. Such companies can provide turnkey data monetization solutions to parties on both sides of a lending arrangement. They can provide counsel, data intelligence, and valuations on intangible assets, while also facilitating the maintenance, security, and monetization of data.  
 
With the right tools and expertise, lenders can devise mutually beneficial scenarios that capture the borrower’s full financial picture, giving intangible assets like data their due weight. 
 
ABOUT THE AUTHOR
Lauren Cascio is the founder of Gulp Data, a company providing non-dilutive funding using data assets as collateral. Prior to her recent move into lending, she co-founded abartysHealth, a growth stage health-tech company, where she ran product, data, and development for six years. She is a proven angel investor and an active tech ecosystem builder, successfully advising and mentoring dozens of companies through go-to-market, data monetization and fundraising. 
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Cash Flow is King

By Max Shave


 
As the world wades through the aftermath of the pandemic and the current cost-of-living crisis, a new normal is emerging for small and medium businesses. In order to keep growing and creating value, businesses now require a new form of financing.
 
Revenue-based financing brings innovation to the world of funding

Revenue-based financing is a modern financing solution that allows borrowers to repay only as they earn. It’s a simple solution for small and medium-sized businesses that is changing the world of financing by using an automated system to subtract repayments as a percentage of earnings and redirecting it back to the business owner’s bank account. It’s an advantageous way for small businesses to repay according to the volume of their business and account for seasonal fluctuations in cash flow.
 
Fast, flexible, and affordable funding solutions

Historically, small businesses in the United States have struggled to access finance for reasons such as limited cash flow, poor credit ratings, and high repayment terms. Now, due to the ongoing cost-of-living crisis and effects of the pandemic, some major banks have closed off their lending pipelines to limit exposure to risk and are consequently missing out on the opportunity to finance many promising young businesses.
 
To overcome this, businesses are turning to financing solutions such as revenue-based financing that use innovative, forward-looking data points to generate deeper insights into businesses. The use of data points such as revenue changes, social media presence, and the volatility of customers’ perceptions of the business makes revenue-based financing a highly reliable credit risk assessment method and allows finance providers to offer funding options to young or asset-light businesses – traditionally an excluded section of the American economy.
 
With that, revenue-based financing providers can allow their broker partners to fund more businesses than ever before in the US.
 
Quick Decisions
 
Against the current market backdrop, speed must play a big part in access to finance. The ongoing supply chain crisis and rising inflationary pressures means that small businesses need support in a matter of days, not weeks or months.
 
Some lenders can provide offers within 24 hours and remove the hurdle of long application processes, giving small and medium-sized enterprises a chance to focus on what really matters – their business. The quick access to funding and automated repayment mechanism allows SMBs to manage extra bills, unexpected orders, marketing expenses, or expansion opportunities quickly, often on the very same day.
 
Changing the Financing Landscape of America

This flexible financing solution means that finance providers can support small businesses even when traditional lenders cannot. 
 
Going forward, surging energy prices and supply chain delays will also be causing significant issues for businesses. Combined with the sharp rise in interest rates, the current climate feels like the ideal petri dish to grow a cash flow disease in America.
 
Ultimately, SMBs are going to be looking for access to flexible, alternative lending solutions to see them through the uncertain future - and that’s where revenue-based financing will help. 
 
ABOUT THE AUTHOR
As Head of Brokers at YouLend, Max Shave has been responsible for building and scaling relationships with introducers across the UK, EU, and the US. YouLend is the leading finance provider offering fast, flexible, and affordable funding solutions for SMBs across multiple regions.  
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Member News



AACFB lost one of its biggest cheerleaders and former board member, Rosanne Wilson, on Thursday, December 8. She passed away after a prolonged illness and is survived by her devoted husband, Richard, her children, and grandchildren. 
 
Rosanne founded 1st Independent Leasing in 1990. Prior to that she spent twelve years with Transamerica Financial Services and was the branch manager of the Portland, Oregon office. Rosanne was a Certified Lease & Finance Professional (CLFP) and Best Practices Broker (BPB). She volunteered with the CLFP Foundation as a mentor and was a past president of the CLFP Foundation Board. Rosanne was also a member of the Leasing News Advisory Board for many years and was named one of the “Most Influential Women in Leasing” in 2009 by Leasing News. 
 
In 2005 Rosanne joined the then (NAELB) board of directors as treasurer. Even after her tenure on the board she remained active on committees, especially the Membership Committee, which she chaired. Rosanne would sing the praises of the NAELB/AACFB to anyone who would listen.
 
Rosanne was granted Lifetime Membership in the NAELB/AACFB, which is an honor only bestowed on one other individual outside of past presidents. In 2010 she was voted Mrs. NAELB at the Annual Conference and she wore the crown with pride.
 
In 2015 Rosanne became the first recipient of the AACFB President's Award, which is presented each year to an individual who has gone above and beyond to support the AACFB.
 
Rosanne was a beloved member of this organization. She was a fighter and a force and will be missed. 
 
We ask that you please keep Rosanne's family in your thoughts as they go through this difficult time.
 
A private memorial service will be held for Rosanne at a future date. No other information was provided. 
 
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Industry Buzz in the Biz

NewLane Finance Hires Talent Acquisition Manager 

 
OCTOBER 3, 2022 – PHILADELPHIA, PA - NewLane Finance Company, a nationwide provider of equipment financing solutions to businesses, is delighted to announce the hiring of Victoria Wallace as Talent Acquisition Manager. In her new role, Wallace will be dedicated to expanding NewLane’s growing national sales presence.
 
Wallace has extensive experience in talent acquisition and most recently held the position of Talent Acquisition Manager at PEAC Solutions, where she specialized in recruiting sales, IT, customer service, and finance professionals. “I’m excited to join NewLane’s team and spearhead their talent acquisition growth initiatives,” said Wallace. “NewLane has an excellent reputation in the industry and is one of the reasons I joined them. With my equipment finance experience along with their dedication to being an employer of choice, I look forward to growing our team and supporting NewLane’s expansion plans.”
 
“NewLane Finance continues to break records with our year-over-year double-digit growth,” said George Pelose, President, NewLane Finance Company. “Small businesses rely on us to finance their equipment and we’ve never been better positioned to support their needs. We are excited about our expansion plans and with Victoria’s lead in acquiring new talent, we will continue to build our talent network as a premier workplace in the greater Philadelphia area.” 
 

Crestmark’s Parent Company Changes to Pathward

 
OCTOBER 3, 2022 – SIOUX FALLS, SD - Earlier this year, Crestmark's parent company announced that it would be uniting our company under one brand and changing our name to Pathward, representing the path forward in our purpose to power financial inclusion for all™. On July 13, 2022, we legally changed our name to Pathward, National Association. Today, we arrive at the final milestone in our brand transition that we’ve been looking forward to for months. We are thrilled to share that we have launched our new brand identity and website, Pathward.com.  
 
Our email addresses will change at the end of the week to reflect our new company name and branding. Your email system may see our new domain as spam, so please check your Junk folder over the coming weeks and add @pathward to your list of safe senders to be sure you don’t miss important communications from our team.  
 
As of today, we are Pathward everywhere! 
 
Though we are operating under a new name with new branding, we are the same dedicated team that remains steadfast in working with you as we move forward.  
 

Full Circle Finance, Inc. Is Now Employee Owned

 
OCTOBER 12, 2022 – WENATCHEE, WA - Full Circle Finance, Inc. a Washington state equipment finance brokerage firm doing business in all fifty states was recently acquired by its employees through a shareholder stock purchase. Full Circle Finance. was formed in 2009 by Tim Cetto. Cetto, a forty-year veteran of the equipment finance community will stay on as a board member.
 
Cetto commented “This industry has been so much fun and one that has been very good to me and my family, I could think of no better way than allowing my employees to become owners.” Kevin Van Wagner a longtime Cetto employee was elected President of the company June 2022. “Kevin has 16 years’ experience in the industry and has been doing an outstanding job taking over in this leadership role.” Said Cetto. 
 
Van Wagner stated, “The vision of the new ownership group will be to grow our business model by offering possible partner/ownership to new account managers that can bring their own book of business, similar to a law firm or other professional service business.” 
 
Board members include Tim Cetto, Kevin Van Wagner, Pam Evenson and Cyndy Petterson. 
 

Maxim Commercial Capital Expanded Truck Financing Program in Q3 2022

Hard-asset based lender launched new risk-based scoring model  
 
OCTOBER 13, 2022 - LOS ANGELES, CA – Maxim Commercial Capital (“Maxim”) expanded its target market with positive results during the third quarter of 2022. The direct lender launched an enhanced risk-based scoring system for its Truck Financing Program, resulting in lower down payments for owner operators with better credit. Buyers with sufficient real estate equity or other excess collateral may qualify for 100% purchase financing under Maxim’s Structured Finance Program. 
 
“Vendors and loan brokers across the nation have responded positively to our new credit tiering system for truck purchases,” said Ryan Selway, Director of Vendor Relations. “Today’s economy is causing banks to be more cautious, turning down certain buyers with strong credit. Our new risk-based scoring model makes us even more competitive to fund these deals.”
 
Recently funded transactions under the revised program include a 2018 Freightliner Cascadia purchased for $81,600 with 20% down by an experienced California owner-operator; a 2018 Freightliner Cascadia Day Cab purchased for $79,250 with 28% down by a start-up owner-operator in Maryland with a dedicated Amazon route; and a 2017 Freightliner Cascadia purchased for $79,170 with 31% down by a start-up with marginal credit. 
 
Maxim continued to close structured real estate secured transactions during Q3 2022, helping entrepreneurs grow their businesses and consolidate expensive short-term debt. One example is a $150,000 funding for an experienced landlord and property manager secured by first liens on two rental single-family homes, a second lien on a multi-family rental property, and business FF&E. The borrower used the funds for a down payment on a multi-building apartment complex and to pay down business credit card debt. 
 
“Leading indicators for our business remain strong, equipment prices are normalizing, and we constantly adapt to the market to ensure we are the best possible resource for our referral partners and customers,” noted Michael Kianmahd, Executive Vice President. “While we see a mixed macroeconomic future, we continue to plan for the unexpected and are well-prepared for an unpredictable future.”
 

North Mill Announces $353MM Term Securitization

 
OCTOBER 14, 2022 - NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”) announced today the closing of its sixth commercial equipment backed securitization (ABS), NMEF Funding 2022-B (“NMEF 2022-B”). The $353MM transaction is North Mill’s 2nd ABS transaction this year, bringing the total privately placed bond proceeds raised this year to $724MM for the year.  NMEF’s Capital Markets team has now raised $1.4B in bonds since inception.  NMEF 2022-B featured fixed-rate asset backed securities across three classes of notes with the A note split into two tranches; an A-1 money market class, and a AAA/Aaa rated tranche by KBRA/Moody’s.  This was NMEF’s first ABS issuance to be rated by Moody’s.  It was also NMEF’s first transaction to include all investment grade tranches.  
 
“The transaction was well-received by institutional investors with 31 unique investors, including 12 new investors in the NMEF shelf, making it NMEF’s largest ABS investor base of all time.  We attribute this to the addition of a big-three rating agency with a 4% base case cumulative net loss assumption as well as a reduction of the base case loss assumption from KBRA from 6.1% - 6.6% on our last transaction down to 4.79% on NMEF 2022-B,” said North Mill’s President and Chief Operating Officer, Mark Bonanno. 
 
Pier Snider, NMEF’s Chief Financial Officer added, “The transaction includes a $101MM 3-month post-close prefunding period that gives NMEF a fixed cost of funds for 4th quarter originations in a rising rate environment.”
 

Fountainhead Hires Commercial Loan Specialist

America’s leading nonbank lender adds experienced new hire to growing team 
 
OCTOBER 18, 2022 - ORLANDO, FL – Fountainhead – one of only 14 Small Business Administration (SBA) approved nonbank commercial lending firms specializing in providing growth financing to small businesses across the nation – welcomes its newest Commercial Loan Specialist, Elle Merkley. Based in Salt Lake City, Utah, Merkley will help America’s businesses secure the financing they need to grow and succeed with Fountainhead’s specialized SBA 7(a), SBA 504, and low LTV conventional loan programs.
 
Throughout Merkley’s 19 years of professional, commercial lending experience, she has worked with national banks, regional banks, community banks, nonbank lenders, certified development companies and fintechs to achieve multi-millions in funding for commercial borrowers nationwide. Passionate about helping others, Merkley effectively communicates, provides guidance and builds strong relationships with small business borrowers so that they feel taken care of and valued.
 
“Elle’s attention to detail, problem-solving skills and driven personality are a huge asset to our diverse and experienced team,” said Fountainhead CEO, Chris Hurn. “Her expertise will help Fountainhead stay true to our core tenants of speed, service, specialization and sincerity as we guide America’s small businesses on their path to success.”
 
“One of my grand joys is helping businesses secure the business loans they need,” said Merkley. “Together with the Fountainhead team, I’ll strive to make securing financing as efficient and simple as possible for our borrowers and referral sources. Business owners can focus on running their businesses and confidently trust us to be there for them to deliver the funding they need.”
 

Gulp Data Launches a New Asset Class: Data

With Gulp, you can borrow money using data as collateral.
 
OCTOBER 18, 2022 - SAN JUAN, PUERTO RICO — Gulp Data, a new fintech enterprise, is changing the capital acquisition game for startups with the launch of its data-as-an-asset financing model. Unlike conventional and venture debt that too often results in dilution, lost control and exorbitant interest payments, Gulp provides data-backed funding in under two weeks - preserving valuable equity, board seats, and working capital. 
 
Despite being operationally essential, data is not included on balance sheets under GAAP because of valuation difficulties. Gulp’s technology is able to quantify this unknown through a complex set of algorithms, allowing companies to unlock the value of their data to finance operations. Gulp’s loans are equity-free, carry a lower interest rate than standard venture lending, and are solely backed by data. With minimal touch-points and a rapid underwriting process, companies are able to secure friendly capital exactly when it is needed. 
 
Gulp prioritizes keeping founders in control so they can scale on their own terms. “We stand in stark contrast to antiquated and predatory startup lending practices. Information can have immense value. Recognizing this from a fundraising perspective will help founders who, up until now, essentially had two options to grow: sell off equity or risk losing everything with venture debt. We provide a third possibility - fund growth with data,” said Gulp Co-Founder, Lauren Cascio.  “With Gulp, founders can expect a simple evaluation and fast onboarding process, conventional borrowing terms at fair rates, end-to-end data security and compliance with encrypted data vaults, and ultimately, a flexible lending partner that genuinely wants to see you win.”
 
Data-rich businesses with a minimum of 35,000 unique users are invited to apply through a quick and easy three-step process. The first step is a brief organizational survey found on Gulp’s website. The second, a review of a sample data set, and the third, a final conversation with a Gulp financial expert. Depending on analysis and valuation, businesses can see approvals and funding within two weeks. Interested parties may apply at www.gulpdata.com/apply. Interested in investing alongside Gulp Data? Visit www.gulpdata/invest for additional information. 
 

Meet PEAC’s Powerhouse Broker Team

 
OCTOBER 20, 2022 – LAUREL, NJ - The team at PEAC Solutions has been working through a rebrand, which is set to be completed by early 2023. In planning for future growth, PEAC has increased operations to deliver more efficient and responsive solutions to valued brokers and customers.
 
In early 2022, Marlin Leasing Corporation, was acquired by funds managed by HPS Investment Partners LLC. This kickstarted the global rebrand to PEAC Solutions. The PEAC family of finance companies includes PEAC UK and PEAC Europe, and collectively operates in 12 countries with balance sheet lease assets of over $5.1 billion and annual originations of more than $2.72 billion.
 
To help enhance the broker program, PEAC Solutions promoted Ray Shilling as Director of Sales to join Jeff Schubert as co-leaders of the broker team. Shilling will primarily support PEAC’s equipment financing product, while Schubert will focus on the working capital product. 
 
With over 60 years of combined industry experience, this powerhouse duo of Shilling and Schubert will continue to expand existing broker relationships and bring on new brokers to drive more equipment financing and working capital business for PEAC.
“I’m excited to be part of the expansion of PEAC Solution’s Broker team,” says Ray Shilling. “We’re already an established leader in providing financing solutions to our partners, and I look forward to increasing PEAC’s presence in the marketplace.”
 
Jeff Schubert added, “I’m delighted to be working closely with Ray to provide our brokers with the best support in the industry, and to serve as product specialists for our brokers.”
Stay tuned for more exciting news, including the relaunch of the company’s Working Capital Program in the next few weeks. 
 

CLFP Foundation Adds 25; Reaches 1,200-Member Milestone

 
OCTOBER 24, 2022 – SEATTLE, WA - The Certified Lease & Finance Professional (CLFP) Foundation is pleased to announce that 25 individuals who recently sat through the 8-hour online proctored CLFP exam, have passed.  The newest members have They are:
 
  1. Katherine Baker, CLFP – President, MC2 Finance
  2. Karla Beran, CLFP – Legal Supervisor, Amur Equipment Finance
  3. Christopher Bough, CLFP – Senior Account Manager, Amur Equipment Finance
  4. Kyle Boysen, CLFP – Controller, Amur Equipment Finance 
  5. Zachary Burghardt, CLFP – Senior Account Manager, Amur Equipment Finance
  6. Logan Dickey, CLFP – Financial Accountant, Amur Equipment Finance
  7. Joel Freebersyer, CLFP – VP of Finance, MC2 Finance
  8. David Gernhard, CLFP – Vice President, Credit & Collections, Transport Enterprise Leasing LLC
  9. Richard Griffin, CLFP – AVP, Equipment Finance Sales Executive, The Huntington National Bank
  10. Jared Goldberg, CLFP – Director of Business Development, Kalamata Capital Group
  11. Christopher Little, CLFP – Vice President and Senior Relationship Manager, The Huntington National Bank
  12. Carol Maurer, CLFP – Business Development Manager, The Huntington National Bank
  13. Benjamin Mussehl, CLFP – Leasing Sales Team Lead, Compeer Financial
  14. Claire Nelson, CLFP – Senior Credit Analyst, Amur Equipment Finance
  15. Trevor Petersen, CLFP – Credit Analyst, North Mill Equipment Finance
  16. Megan Reigstad, CLFP – Business Relationship Manager I, Financial Pacific Leasing, Inc.
  17. Christopher Rooney, CLFP – Vice President/Relationship Manager, The Huntington National Bank
  18. Melanie Rudiger, CLFP – Vice President Operations, The Huntington National Bank 
  19. Shelby Schut, CLFP – Usage Portfolio Administrator, Stryker
  20. Rema Shamon, CLFP – Vice President, The Huntington National Bank
  21. Zachary Shiffman, CLFP – Vice President, The Huntington National Bank
  22. Ricardo Small, CLFP – Executive Vice President, Director, Cadence Bank
  23. Michelle Speranza, CLFP – SVP, Chief Marketing Officer, LEAF Commercial Capital Inc.
  24. Stacie VanBibber, CLFP – Collection Manager, Amur Equipment Finance
  25. Whitnee Yager, CLFP – Manager, Funding, Amur Equipment Finance
 
Baker attended the ALFP in Cincinnati, OH hosted by Great American Insurance Group and stated, “I have been involved with the AACFB for several years now and noticed that many of my well-respected peers in the industry had the letters CLFP behind their names. I was always curious about the meaning of those letters. When I learned that CLFP stood for Certified Lease & Finance Professional, I became very eager to earn the respectful designation as well. I wanted to be recognized in the finance and equipment leasing industry as someone that was both knowledgeable and a person of character. After reading the book, taking the course, and passing the test, I have a whole new understanding and respect for those letters and their true meaning. I now understand that they represent experience, wisdom, education, perseverance, and character. I haven't taken a test in many years, and I was very nervous about passing at my age. I am so thankful that I trusted in God to provide me with the strength and tenacity to get me through this and he did. I am so excited to join my husband Joel, also a new CLFP, and get to know the rest of the CLFP family which we will treasure for years to come.” 
 

CLFP Foundation Adds 20 New Members 

 
NOVEMBER 28, 2022 – SEATTLE, WA - The Certified Lease & Finance Professional (CLFP) Foundation is pleased to announce that 20 individuals who recently sat through the 8-hour online proctored CLFP exam, have passed.  They are:
 
  1. Michael Arida, CLFP – Credit and Syndications Manager, Beacon Funding Corporation
  2. John Burrell, CLFP – Equipment Finance Sales Support, Arvest Equipment Finance
  3. Daniel Constants, CLFP Associate – Senior Accountant, North Mill Equipment Finance 
  4. Sheila Coyle, CLFP – Manager, ECS Financial Services, Inc.
  5. Tonya DiGregorio, CLFP – Vice President, Winfield Corp. dba Harry Fry & Assoc.
  6. Wade Fox, CLFP – Credit Manager, DLL
  7. Christopher Frans, CLFP – President, Epic Finance
  8. Zachary Heyd, CLFP – Credit and Commercial Fraud Analyst, Beacon Funding Corporation 
  9. Jodi Hoskins, CLFP – Principal, ECS Financial Services, Inc.
  10. Maganlall Jugurnauth, CLFP – Chief Executive Officer, Infinite Capital Group
  11. Lori Kline, CLFP – Advisor, Business Process, Canon Financial Services, Inc.
  12. Raysa Leguizamon, CLFP Associate – Customer Service Representative, North Mill Equipment Finance
  13. David Lowe, CLFP – Senior Financing Consultant, Beacon Funding Corporation
  14. Mariana Melo Mejia, CLFP – Office Manager, Commercial Equipment Finance, Inc.
  15. Thomas Rahlfs, CLFP – Business Development Consultant, Beacon Funding Corporation
  16. Catherine Robinson, CLFP – Senior Credit Analyst, Navitas Credit Corp. 
  17. Darren Sholes, CLFP – Senior Client Relationship Manager, GreatAmerica Portfolio Services Group, LLC
  18. Samantha Trznadel, CLFP Associate – Property Tax Accountant, ECS Financial Services, Inc.
  19. Catharyn Tyrwhitt, CLFP – Lease Services Senior, ECS Financial Services, Inc.
  20. Sarah Walter, CLFP – Manager, ECS Financial Services, Inc.
 
DiGregorio attended the online ALFP hosted by Huntington National Bank and stated, “I had known about the CLFP designation for many years and chose to get this designation for two reasons. First, my company is a family business, in which I am taking a larger roll. I looked at this designation as a way to enhance my career. Second, I looked at this as a way to set an example for my children. You can never stop learning and achieving. Being a working mother and company owner with two young children, I felt I never really had the time to prepare. My children are now 11 and 13, so a bit more self-sufficient (maybe!). I felt like I needed to just do it. So, I scheduled the class and planned to take the exam a week after the class. It was good for my children to see me preparing and trying to achieve more in my career. They were the first ones to ask if I passed. My son told me that if I didn’t pass, I needed to keep trying until I did.”
 
Jugurnauth also attended the ALFP hosted by Huntington and added, “My connection with CLFP has been made for many years, even since I was still in Mauritius. I have been mentored by Sudhir Amembal, CLFP, since 2006 and then thanks to Cindy Spurdle, got a copy of the then Certified Lease Professionals’ (CLP) Handbook to help prepare me for the exams. This idea was dropped following challenges for proctoring the CLP exams from Mauritius. This is now history and a dream come true for me. I have been involved in the leasing industry in Sub-Saharan Africa, for almost 25 years, leading independent regional and international leasing companies in Mauritius, as a leasing industry advocate through the leasing association, and a leasing consultant for the last ten years. I have always wanted to make sure that I am recognized as a true leasing professional and moving to Canada few years ago, brought me closer to the CLFP designation. The CLFP does give me that kind of recognition and I am really proud and honored to be a member of the CLFP family, now.”
 

Jennifer Franz Joins PEAC Solutions as Healthcare National Sales Manager

 
DECEMBER 1, 2022 - MOUNT LAUREL, NJ -  PEAC Solutions (PEAC) taps industry expert for a newly created role.
 
Jennifer (Jen) Fanz, an equipment leasing and finance industry veteran with over 25 years of experience, has been hired as National Sales Manager for PEAC’s Healthcare market. Fanz will be responsible for leading a team focused on developing new partnerships with key vendors, manufactures, and dealers in the Healthcare industry.
 
“We are very pleased that Jen has elected to join the PEAC team” said Bill Stephenson, CEO of PEAC Solutions. “We are confident that her contribution to our vision of growth in the healthcare green-tech marketplace will be impactful and meaningful. Additionally, Jen has a respected history of giving back to the industry through various associations, so we are fortunate to have her representing PEAC in the future.”
 
Jen is an active member of the Equipment Leasing and Finance Association (ELFA), with prior service on the ELFA Emerging Talent Advisory Council. She currently serves as Immediate Past Chair of the ELFA Women’s Council and has spent time encouraging organizational health and employee development within the financial services industry. Fanz also helped launch various corporate ERG’s supporting both female and ethnically diverse employee groups.
 
On the new position, Fanz said, “I am thrilled to join and represent a company that is devoted to the customer experience. It is a wonderful feeling to know that I am part of an organization that embraces change and encourages employees to be vocal – not fear failure. Ultimately, these are the core values that will help PEAC deliver the best possible experience for our customers. I know I am exactly where I am supposed to be.”
 

Marshall Returns to Quality Equipment Finance

-- Bradon Marshall, Re-Joins Quality as Sr. Sales Consultant --
 
DECEMBER 7, 2022 - CARMEL, IN – Quality Equipment Finance, the newly re-branded commercial equipment financing subsidiary of the Tom Wood Group, is thrilled to announce the return of Bradon R. Marshall to the Quality team. Marshall previously held the titles of Senior Sales Consultant, then Sales Manager, at Quality before accepting a National Sales Manager post outside of Quality.
 
Marshall explained, “I always enjoyed working with the entire Quality team. From sales to admin and credit, the people at Quality work as a cohesive unit toward a common goal and I couldn’t be happier to be back in the mix.”
 
Quality’s Vice President of Sales, Stephanie Hall, CLFP, noted, “When Bradon mentioned his interest in the position, I was ecstatic! He has already proven his mastery of Quality’s products and processes, the whole team enjoys working with him, and personally, we are long-time friends through our industry organization involvement.” 
 
Quality Equipment Finance’s Managing Director, G. Paul Fogle, CLFP, commented, “Bradon has been a successful member of our team in the past and now he will continue to be in the future. We welcome him back with open arms and look forward to what we know will be a meaningful contribution to the sales team and the organization.” Fogle’s sentiment is shared by both the Quality Sales and Admin teams who are all looking forward to working with Marshall again.  
 
Bradon R. Marshall started his career in the equipment leasing industry in 2015 after graduating from West Texas A&M University with a dual degree in Business and Education. Marshall originally came to Quality from C.H. Brown Company where he served as Chief Operating Officer and later President. He has been instrumental in Quality’s growth over the past few years with a focus on simplifying products, modernizing processes, and incorporating multiple new tech efficiencies. Bradon will be working from a remote office in Central Texas where he lives with his wife: Taylor, daughter: Tatum, and son: Banks.  He can be reached at bmarshall@qualityeqfi.com or (307) 851-6312.
 

First Foundation Bank Equipment Finance Department is Growing Again

 
DECEMBER 7, 2022 - IRVINE, CA - With equipment funding at Q3 up 30% over the same time last year, the First Foundation Bank Equipment Finance Department has added new Team members in its Operations and Credit departments.  These additional Team members are needed not only to help service the increased volume experienced this year; but, also to maintain the service standards offered to our funding partners.
 
Roman Yankovskiy has joined our Team as a Credit Analyst I in our Credit Department.  In his new role, Roman will review, analyze, and adjudicate credit submission requests from our funding partners.
His previous work experience in our equipment finance industry included Senior Credit Analyst at Balboa Capital 12/2019 – 9/2022; Senior Credit Analyst at Quick Bridge Funding 2016 – 2019.  When he’s not working, Roman likes to play soccer and go to music concerts.
 
Roman works at our HQ in Irvine, CA and can be reached at 949-676-1060 or Ryankovskiy@ff-inc.com.
 
Corey McKeon has joined our Team as Operations Officer.  In his new role, Corey will be the Team lead for our Operations team in additional to assisting with Documentation, Funding and Portfolio Management.  
Corey has worked in the Equipment Finance industry since 2013, having held Senior Funding and Business Development Positions for various Third-Party Originators in Orange County.  When he’s not working, Corey enjoys spending time with his two daughters, Golfing and Hiking.
 
Corey works at our HQ in Irvine, CA and can be reached at 949-532-5382 or Cmckeon@ff-inc.com.
 
Allison Pantoja has joined our Team as a Loan Lease Servicing Specialist I.  In her new role, Allison will support the operations team with Documentation, DMV follow-up and Portfolio Support.
Her previous work experience in the finance industry included Sales Admin./Coordinator at Quail Financial Solutions from 1/2019-5/2020 and many years within the mortgage industry supporting various departments. Most recently as Account Manager from 3/2021-9/2022. When she’s not helping our funding partners and their customers, Allison enjoys long walks with her dog, going to concerts, dancing, going to the gym and snowboarding. 
 
Allison works at our HQ in Irvine, CA and can be reached at 949-535-5399 or Apantoja@ff-inc.com   
 

Partner Capital Group, Inc. Closes 50 Million Dollar Bank Credit Facility

 
DECEMBER 8, 2022 - SANTA ANA, CA -  Partner Capital Group, Inc. ("Partners"), a leading vendor equipment finance company, today announced the closing of a $50.0 million bank credit facility. This transaction follows a successful $7.0 million credit facility completed by the Company in May 2021. Proceeds from the new facility will be used to support continued growth of its customer base and vendor relationships. 
 

CLFP Foundation Adds 17 New CLFPs 

 
DECEMBER 12, 2022 - SEATTLE, WA - The Certified Lease & Finance Professional (CLFP) Foundation is pleased to announce that 17 individuals who recently sat through the 8-hour online proctored CLFP exam, have passed.  They are:
 
  1. Eric Angleró, CLFP – Operations Manager, Commercial Equipment Finance, Inc.
  2. Alec Bercher, CLFP – Credit Analyst, Navitas Credit Corp.
  3. Stacey Brewster, CLFP – Director of Operations, CIT a division of First Citizens Bank
  4. Justin Collum, CLFP – Lease and Finance Representative, Wallwork Financial Corp.
  5. Whitley Delaney, CLFP – Senior Funding Analyst, Navitas Credit Corp.
  6. Nicholas Demers, CLFP – Vice President Sales, First Citizens Bank
  7. Steven Easler, CLFP – AVP Quality Control, CIT a division of First Citizens Bank
  8. Heather Ellison, CLFP – Senior Vice President, Equipment Financing, First Citizens Bank
  9. Mitchell Hartmann, CLFP – Sr. Lending Solutions Manager, CIT a division of First Citizens Bank
  10. Emily Krause, CLFP – Vice President, Frontline Risk Manager, FCB Business Capital, First Citizens Bank
  11. Alexander Lindsey, CLFP – AVP, Strategy and Analytics, CIT a division of First Citizens Bank
  12. Jessica Meyer, CLFP – Supervisor, ECS Financial Services, Inc.
  13. Rebecca Persin, CLFP – Vice President, Vendor Onboarding, First Citizens Bank
  14. Wilmely Garcia Ramos, CLFP – Accounting Manager, Commercial Equipment Finance, Inc.
  15. Rachel Rouillard, CLFP – Solutions Architect, Vice President of Business Capital Technology, First Citizens Bank
  16. Benjamin Wendt, CLFP – Vice President, Sales Management, CIT a division of First Citizens Bank
  17. Nicole White, CLFP – Director, Sales Operations, First Citizens Bank
 
Wendt attended the private ALFP hosted by CIT in November and stated, “The CLFP designation is becoming the preeminent credential within the equipment finance space, designating professionals who exemplify expertise and integrity in this field. Being in the equipment finance industry for 15 years, I believe this was a necessary credential to set myself apart, and demonstrate actively pursuing the highest levels of proficiency, benefiting those I serve. These are the reasons why I pursued and obtained the CLFP designation.”
Garcia Ramos became the sixth CLFP located in Puerto Rico and reflected on her journey to gain the designation, “I learned about the CLFP designation thanks to the COO of our company (Commercial Equipment Finance, Inc.), and I decided to pursue it since I’ve been working for the finance industry for the last four years. I’ve always wanted to have more knowledge and a greater understanding of the industry. Now, given the fact that I’m currently on a new position, I’m feeling more confident thanks to all the additional insight that I got through the materials and the virtual lessons provided by the ALFP.   
 
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IN THIS ISSUE
AACFB President's Message
Save the Dates for 2023
AACFB Welcomes New Members
AACFB Benefit Spotlight
Front and Center
A Broken Moral Compass?
How to Massively Increase Your Business
4 Ways to Get Sales Teams to Embrace and Promote Financing to Buyers
Let's Party!
Three Ways Data Can Assure the Transition from Broker to Lessor
Looking Back and Pushing Forward
The Power of Impossible Thinking
What is Data and Why Should It Matter in the Lending Industry?
Cash Flow is King
Member News
Industry Buzz in the Biz
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