Monday, August 14, 2006
Headlines--- Classified Ads---Operations ######## surrounding the article denotes it is a “press release”
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Youngberg Hill Vineyards, McMinnville, Oregon
and Inn * Orange County, CA East Windsor, NJ New York, NY Wayne, NJ For a full listing of all “job wanted” ads, please go to: To place a free “job wanted” ad, please go to: * "We are perched 700 feet above Oregon's Willamette Valley, 10 minutes from McMinnville in Yamhill County and surrounded by twelve acres of our own award-winning Pinot Noir vineyards. Youngberg Hill is the highest rated Inn in the valley and provides the perfect location for those seeking a quiet, romantic getaway, events, as well as a great base for those wishing to tour the Oregon wine country." http://www.youngberghill.com/youngberg_008.htm ---------------------------------------------------------------- Archive-August 15, 2000—Steve Geller on Orix “Closing of Orix Portland Was Vendor Driven Operation Have no fear! The ORIX small ticket operation, operated out of our office in Oregon, was always a vendor driven operation, not open to lease brokers or finance companies for discount. It is not related to my operation in New Jersey, which continues ‘business as usual.'" "Geller, Steve" (Even Steve didn't know the changes underway at the time. Today Today he is at: Leasing Solutions, LLC
---------------------------------------------------------------- Super "Broker/Lessor" List ( for funders specializing in “Story Credits, “ please click here There is no advertising fee or charge for a listing. They are “free.” Leasing News makes no endorsement of any of the companies listed, except they have qualified to be on this specific list.
For those who want to be listed on this form, please fill out Super "Broker/Lessors" Form Leasing Associations: All non-profit leasing associations are abbreviated. To see the full name and learn more about the association, please click here. Business Reports: Companies listed may make any netiquette comment about their company or reports or other information in the footnote section of their listing. Leasing News recommends readers also view the footnote as well as the section itself or searching reports on the business. It also should be noted that if a BBB report listing is found by a reader, as there may not have been one when this was last up-dated, please send the link to maria@leasingnews.org so Leasing News may up-date this section. BBB - Better Business Report | CBB - Leasing News Complaint Bulletin Board A -Requires Broker be Licensed | B -Sub-Broker Program | C -Warehouse Line | D -Also a Funder N/R (not reported)
N/R (not reported) (A) BSB Leasing, Inc has been providing syndication services for brokers nationwide since 1982 and have been funding business directly since 2002 through BSB Direct Finance, LLC. We offer Brokers a complete internet solution for credit submission and tracking and document preparation. BSB will fund up to $75,000 App Only on our direct line under BSB Direct Finance, LLC and we now offer App Only up to $150,000 through BSB Syndication (our house syndication group Broker Qualify - Please Call or see application on-line at bsbleasing.com (B) Affiliated Investment Group, Inc. is the proud continuation of over 20 years of serving the broker community. We are a balance sheet, cash flow, credit lender. The primary question on every transaction is "what is the likelihood of being paid back". Our motto is "any equipment, for any Lessee, anywhere in the country". Also known as "The Flexible Funding Source" as we look at a deal with the philosophy of "what's right" about it "how can we make it work". We have significant sources of funds from A to C+ credits. (C) Quail Capital specializes in large structured and complex transactions. Mohammed Ahsan began his days at Westinghouse Credit (then Atlantic Federal, Mitsubishi Bank, Bank of CA, First Sierra) funding transactions. He has been in the leasing industry for 25 + years. His partner Jeff Rudin has over 27 years. In addition to equipment leasing, Quail Capital is also involved in Asset Based Lending, Franchise Funding, International Finance, Acquisition Finance and Real Estate Secured transactions. (D) LPI-HC specializes in Working Capital Loans for new and established medical professionals with our target market being dentists, medical doctors, veterinarians and physical therapists. We also offer Dental Practice Refinancing for established dentists that want to consolidate all their practice debts and improve their cash flow position. "We have the financial solutions to help start and grow a practice with repayment programs designed for medical professionals to manage their money." ------------------------------------------------------------------------ These companies basically function as a "broker," meaning most of their transactions are sent to other leasing companies or funders. The great majority of their transactions are on a “non-recourse” basis. They may have a “warehouse” line for “housing” a lease transaction or making payments in advance, or building a portfolio to sell, and they also may “keep” leases for their own “in house” portfolio. They are classified as a “Super Broker” because the great majority do not directly “service” accounts, but “sell” the transaction to another. Their intention it not to act as a “funder,” although they may present themselves as one, but to “sell” to another. An additional description: the majority of their business comes from others, who are acting as a “broker.” These “deals” may come from an independent, a “company,” or even a “lessor” or “funder.” Most are very experienced in the leasing industry and well-known. In relation to the rest of the industry categories, this is the smallest. You will only find the “elite” listed here. To date, Leasing News has turned down eight who have requested to be listed due to not having a “satisfactory” Better Business Bureau report (this does not include those listed on the Leasing News Bulletin Board Complaint who have not applied to date.) It is Leasing News experience that most “advance rentals” or “deposits” have been kept primarily by those acting as “super brokers,” particularly with “tougher” credits or equipment situations. Their source of business is varied, meaning both new and experienced brokers will come to them because they may not have the "volume" for the source the "super broker" may have; they may be have sufficent years in the leasing business to qualify for many sources: they may be looking for a better rate than their regular sources, or the transaction was originated by another broker and they need to acknowledge that the transaction comes from another broker, called "sub broker," in the trade (most funders will not accept business from that has been “re-brokered.” .” As important, the sender may not have a regular source for the specific transaction they want to place, such as a young privately held company wanted the lease as “corporate only.” Both parties also realize the sender may “go direct” or grow to that point or utilize the “Super Broker” as a consultant for new sources. Most important, the transactions may come from a lessor that wants to satisfy their client, and they have a "minimum" that the transaction does not meet; or perhaps their client is to the maximum amount of exposure for them. For whatever reason, they come to a "super broker" to place the deal on their behalf. In the question of sub-broker business, we take for granted that the “super broker” not only has a written agreement with the sub-broker but informs the lessor when submitting an application it has come from a sub-broker. A violation of this will have the company removed from the list. In addition to the above qualifications, the "Super Broker" must have a "clean" Better Business Bureau rating, no Leasing News Bulletin Board complaints or a poor record, and must belong to a national leasing association, as we view this that they are professional and abide by their association standards and code of ethics. We also will be verifying warehouse lines or "lessor" lines with their bankers (as done with those on the Story Credit List.) Leasing News reserves the right not to list any company it believes does not meet the qualifications as stated above. ---------------------------------------------------------------- Classified Ads---Help Wanted Marketing Specialist
Sales
-------------------------------------------------------------- Top Stories--August 7-11
Here are the top ten stories most "opened" by readers last week. (1) IFC gets Walloped in Jury Trial (This was the most read story since Leasing News has been keeping records of "Top Stories," evidently also sent to many who are not regular readers.) (2) Balboa Capital pushes "Evergreen" to Brokers (Look for more stories as readers do not appear to be in favor of the "Evergreen" clause in lease contracts.) (3) Sales Makes it Happen---by Linda Kester (Consistently always in the "Top Ten;" readers evidently like what she writes about and her opinion.) (4) Leasing 102 by Mr. Terry Winders, CLP (A new column by Terry Winders and the subject was obviously of interest to many readers.) (5) NY AG Spitzer gets Nine more NorVergence settlements (This was an exclusive, not from a press release. Periodically check court and AG web sites for information, and found these. Six were current, and three not as current. Why these companies did not settle when GE, CIT and the majors did is not answered here. The terms and conditions were the same or better.) (6) "Being a Broker" Module: Big Hit (Again, a follow-up to another exclusive story, wanting to find out how this program was received. The NAELB has been very responsive when you ask them for information and Leasing News greatly appreciate this.) (7) June brings top Second quarter for 25 Leasing companies (The results with graphs, including one of our own.) (8) Pacific Capital joins “Funder List” (includes the announcement of more "funders" being added with an List "A" and List "B") (9) NetBank posts loss, halts dividend (Leasing News is working on a story that NetBank leasing is for sale; Dwight Galloway, Charles Randall and their staff may move again to stay together.) (10) Lisa Lersner, Lease & Finance Consulting (When she placed an ad in our Classified ads-Outsourcing, thought there may be an interesting story here. It seems the readers agree.) “Consultant: Ridgefield CT. Lisa Lersner w/20 years exp. specializing in leasing technology now providing lessor selection and management services, including the securing of debt and equity and acquisition guidance services. Email: LLersner@leasefinanceconsulting.com Go to www.leasefinanceconsulting.com” Readers did not agree on the: Contact Management Survey (While the response was good, those wishing to see the results was relatively low.) The full RW Professional Story (Readers write to us about when is Drayer going to be sentenced. This was a follow-up and it yield a great novelette, from the US Attorney. It came from a public site and was discovered in following up the sentencing procedure. I thought this was the best story of the week, although to understand it you had to read the 153 pages and learn that from one account, Medpro, Barker received $4.3 in commissions, The millions of dollars in wire transfers, the work of the IRS, the state board of equalization, how the banks were fooled, and inside testimony of what really was going on as conducted by Barry Drayer. This is for operations people to read, community bankers, and how this conviction was obtained; how they did it. Fascinating, especially if you a detective novel fan as I am.) Blody now VP at Butler Capital (Since I have changed this regular format to tell you about what I thought was an article that should have been read by more readers, one of my favorites was interviewing Don Body at Butler. This first came as a press release, and I had seen it in the competition editions, so when the Butler marketing person called, I said I need a new angle or something different, as the has been printed elsewhere. After perhaps two e-mails, I decided to call up Body and see if I could get a “new” story. He answered the telephone and I asked if I could do an interview, and my first question was, “Now that you are a vice-president, what do you do?” He answered, “I don't know.” And the conversation was hilarious from then on. Finally, I got him to talk about where he had been. In the course, he also told me he had an opportunity to go elsewhere, and how he had decided on joining Butler. We talked about GE Tilden days, and as my bent, I sent him a draft of the article, which included his picture the marketing person sent along. He made some corrections and deletions, and made a comment that he preferred if used the photograph, to make him look like Brad Pitt. So Leasing News accommodated him:
Donald A. Blody The marketing person followed up before the article was printed, and I told her it was a hilarious interview, and that Mr. Blody had quite a good sense of humor. She said, “You don't know the half of it.” ---- One extra this week, readers on our mailing list received immediate news at their desk: Fed Leaves Rate "As is" (Our competitors did not have this until the next day.) Kit Menkin, editor
-------------------------------------------------------------- Leasing 102 by Mr. Terry Winders, CLP
“What good is Lease Education for the back office?” The back office is clearly a large expense, and to minimize it have each person good at there job and do what they are told to, to hold down costs. How many times have I heard that comment!!! Efficiently comes from people that are not only trained in their job but trained in what leasing is all about so they can detect errors and omissions. Robots can perform many tasks but you do not expect them to think. I believe that too many lessor's think the same about their staff. On many occasions I have had to thank my lucky stars that a member of my staff questioned what was occurring and therefore saved my bacon. This would not have occurred if I had not understood how valuable education on all aspects of leasing was to my staff. They need not be lawyers but they need to understand documentation and the purpose of doing it correctly. They do not need to be accountants but they can find a problem with structuring and pricing faster than you can. A completely trained staff is the best back up in the world. If you train and respect them they become part of the team and not part of the furniture. Regardless on how many years someone has been in leasing, changes occur every day. New ways to offer and handle the business need constant attention and management is not always on top of every change. Sending staff to training to refine their tasks and review current changes can support your need to control costs and be on top of your market. Just staying abreast of changes in documentation can save you time and money and protect the viability of your company. One of the cheapest ways to offer training is to have one of the many lease educators come in and do a review of your procedures by having all of the staff explain their function and where they fit in the chain of events. When everyone sees the correct work flow and its purpose, it gives meaning to their jobs, and once in a while suggestions surface that will improve the duplication of effort and establish a more efficient method. Current changes in the companies business plan can also be presented that makes everyone aware of the company goals and makes sure they are all pulling the same way. Usually an outside trainer is best because the teacher is not handicapped by the restrictions of the company's outlook and current and new approaches can be presented. If everyone is trained to understand leasing and its benefits then they can be your ambassadors away from the office. A happy employee encourages customers to do business each day because the customers get answers instead of being past off to others. The more professional your staff looks the better it is for your company reputation. Another suggestion I have is to prepare a test for your staff on the rules and regulations plus questions on your company policy and simple questions on types of leases you offer and the markets you prefer and then prepare yourself for the results. If you are not surprised at some of the answers you will be in the minority. If you need help preparing these tests contact me because I have a lot of such tests. One thing is for certain “all the rules and all the competitors change everyday” and staying on top of the changes is a full time job. It is difficult when you have a strong understanding of commercial leasing and an impossible job if you do not. Plus your organization, when poorly trained can destroy you. Education and training is a must to a properly run leasing company. Mr. Terry Winders has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at leaseconsulting@msn.com or 502-327-8666
-------------------------------------------------------------- Linda Kester Waiting for your e-mail “Broker Commissions” “I'll take on the role of investigative reporter to provide you with more info on this subject. Please share your knowledge of typical points and deal sizes (I'll keep you anonymous if you like), I'll compile a summary and share the information in a follow-up article to make us all more knowledgeable on current industry trends.” Please contact Ms. Kester and help us with this survey: “on” or “off the record.” Original Story:
---------------------------------------------------------------- Leasing Association Events-Meetings Open to All
August 14, 2006 EAEL Golf outing Hosted by Jim Jenco and Robert Ingram. For registration information, please contact the EAEL office at 212.809.1602 or alison@eael.org ------------------------------------------------------------------
August 17th Rock Spring Country Club To register or learn more, please go here: ----------------------------------------------------------------------
LEARN, SHARE & EARN!
Commitment Fees: When are they are earned and when they are not is always a hot topic for discussion. Have you heard you're missing the boat because you don't collect commitment fees? Many folks collect commitment fees to get a deal off the street. Do you? Should you? When the deal doesn't get approved or doesn't fund, the fun really starts!! See what your fellow brokers have to say about this hot topic. Don't forget to vote for the 10 roundtables you want to learn about!
Register for the NAELB Western Regional Meeting now at www.naelb.org
Non-member companies who join NAELB at this meeting will receive $50 attendee fee credit toward their 2007 membership dues and are entilted to memberhsip privileges for the balance of 2006. There are over 30 "Round Table Discussion Topics" Registration form: http://www.naelb.org/associations/2004/files/2006%20NAELB%20Western%20Reg%20Form.pdf ----------------------------------------------------------------------------
Renaissance Concourse Hotel
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---------------------------------------------------------------- Bode goes Swimming by Kit Menkin Sue taught Bode how to swim. She gets annoyed when I say this, as she says, “You can't teach a dog how to swim. They know how to swim naturally.” She did teach him where the steps were, and got him comfortable there. Then she held him in the water, taking him around, for several days. Finally, she played with him on the steps and got him to jump in and chase after her. To me, that is teaching him how to swim. Our three black labs and golden retriever, when they were alive, never went into the swimming pool. The ocean, yes. A lake, yes. Even “Sam” liked to chase the ducks in the pond in Mendocino. But none of them would ever go into the swimming pool. Sue says the other dogs we had were female. Bode is a male. He swims right up to her.
Here is seven month old Bode Ace Menkin swimming in our backyard pool:
He swam to her.
He certainly likes to be in the water, and whenever we are in, he wants to be there, too:
I may have to ask my friend Greg McIntosh to come down from Sacramento and help me train Bode. He has his dog get the newspaper for him every day.
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-------------------------------------------------------------- Remembering a Legend---Bill Graneri http://www.learnerstrack.com/Default.aspx?tabid=218 ---------------------------------------------------------------### Press Release ########################### Mongolia: IFC Advises on New Financial Leasing Law Mongolia has officially adopted a new law on financial leasing. The law, developed with the support of IFC's Leasing Development Project, facilitates an important new financing mechanism for small and medium enterprises, helping raise income levels and stimulate job creation. The new law complements the country's civil code by providing a definition that distinguishes between financial leasing and similar contractual relationships, enabling the introduction of leasing-related tax amendments. Revised VAT and corporate income tax laws, including several favorable articles for financial leasing, have also been adopted and will go into effect on January 1, 2007. The leasing law clarifies what type of assets may be leased; the rights and duties of the parties, in particular those of the vendor; and addresses the issue of repossession. The law will benefit Mongolian small and medium enterprises, which often lack collateral and thus cannot obtain long-term loans to purchase equipment. “The leasing law is a powerful tool that can help transform Mongolia from a supplier of raw materials into a manufacturer of end products. Leasing provides a new method of financing that will can help small and medium enterprises improve production by modernizing their equipment, thereby helping create new jobs and raise income levels,” said Mr. Gankhuyag Davaajav, Chairman of the Parliamentary Working Group on Financial Leasing. The new law was developed with the support of an IFC technical assistance project to promote leasing in Mongolia, which was officially launched in March 2005 and is supported by the Japanese government. The project draws on IFC's extensive experience in leasing development programs in several countries of the former Soviet Union. It provides training and consulting services to small and medium enterprises, who will be the beneficiaries of a well-developed financial leasing sector, as well as to financial intermediaries and the Mongolian government. Leasing in Mongolia is in its initial stage of development, but growing fast as financial intermediaries position themselves to take advantage of the new legislation. In 2005 the total value of leasing was $10.7 million, an increase of 40.2 percent over 2004. Banks recorded an increase of 813 percent on their outstanding lease portfolio in 2005, while nonbank financial institutions reported an increase of 200 percent. About IFC The International Finance Corporation is the private sector arm of the World Bank Group and is headquartered in Washington, D.C. IFC coordinates its activities with the other institutions of the World Bank Group but is legally and financially independent. Its 178 member countries provide its share capital and collectively determine its policies. The mission of IFC is to promote sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY05, IFC has committed more than $49 billion of its own funds and arranged $24 billion in syndications for 3,319 companies in 140 developing countries. IFC's worldwide committed portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion held for participants in loan syndications. For more information, visit www.ifc.org. ### Press Release ###########################
News Briefs--- Oil field shutdown demonstrates Alaska's dependence on oil industry ---------------------------------------------------------------
You May have Missed--- Backing up the Border Patrol ----------------------------------------------------------------
California Nuts Briefs--- Zinfandel as state grape is now up to the Governor Schwarzenegger's supporters drum up ag votes ----------------------------------------------------------------
“Gimme that Wine” Want to cash in on rising global temperatures? Consider buying a vineyard in northern Europe or planting grapes in Maine. Wine Prices by vintage US/International Wine Events Winery Atlas Leasing News Wine & Spirits Page ----------------------------------------------------------------
Calendar Events This Day Canada: Yukon Discovery Day Pakistan: Independence Day. Victory Day: Rhode Island. ----------------------------------------------------------------
Today's Top Event in History 1848-Congress created the Oregon Territory (Idaho, western Montana, Oregon and Washington). http://memory.loc.gov/ammem/today/aug14.html ----------------------------------------------------------------
This Day in American History 1746-Fort Oswego in north central New York was captured by the French under General Joseph de Moncalm de Saint-Veran. General Montcalm surrendered the fort useless for military purposes and returned to Montreal. --------------------------------------------------------------
Baseball Poem Catch the Ball that's Francis Levy, I had my little moment of glory -------------------------------------------------------------- SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? |
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