Wednesday, February 1, 2012
Cruise Bookings Fall After Concordia Shipwreck
######## surrounding the article denotes it is a “press release”
and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.
Archives February 1, 2001
Steve Geller Says "Goodbye" as Orix Closes Rediscount Center
Front row, from left to right, Cliff Fromm, Bob Salge, Allison Feinstein
Orix---Steve Geller Confirms the News with His Departure
“Kit: Apparently you hit the name right on the head. Orix has closed down the Rediscount Division, which had been in operation successfully as a separate unit/branch since 1981 and is no longer accepting paper from third party lessors or brokers. Joan and P.K. remain at the company as credit managers in the direct operation. Charlie, Marlee and Lauri (all familiar names to the broker community) are involved in collections. I am considering starting a consulting business to help out any broker, lessor or funder who may need assistance in structuring deals, working out problem accounts or any other lease related matter...”
Steve Geller, CLP
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Mount Pleasant Capital
Warrendale, PA,—Mount Pleasant Capital, LLC (MPC) announced that it has entered into a venture with a subsidiary of a global insurance company. The program will focus on non-real estate franchise lending for transactions between $100 thousand and $5 million, filling the current void in the franchise industry for a national, non-bank lending program focused on small to mid-market transactions. As the program evolves, real estate franchise loans and loans larger than $5 million may also be considered.
MPC has been appointed managing agent for the program to originate and underwrite creditworthy franchise transactions, working directly with both franchisees and franchisors whose expansion plans have been on hold due to the current lending drought. MPC will also manage the funding process and handle portfolio administration for the new venture. Bob Rodi, Managing Member of Mount Pleasant Capital, will oversee the executive responsibilities associated with the agency appointment.
"Our new venture is very well capitalized and has a team with a securitization underwriting background as well as extensive expertise in risk assessment and mitigation, “Bob Rodi stated.” We have designed this lending platform specifically to focus on the under-served small to mid-ticket markets. We believe that we have the perfect combination of experience, financial strength, and the desire to invest in a great American industry. The alignment of interests associated with this venture will foster the growth of a successful national franchise finance program that will thrive in the "new normal" credit environment."
This program will expand the team's reach and capability by providing them with the ability to consider virtually any transaction that makes economic sense and which meets underwriting criteria. Mr. Rodi stated, "My team is looking forward to fully implementing this new program since we will now be able to consider larger volume, multi-unit franchise loans, real estate loans and portfolio acquisitions."
MPC will also be engineering further enhancements to its Internet based processing system which uses a custom web based interface to connect to the Fair Isaac Liquid CreditTM platform. MPC has customized Liquid CreditTM with scored parameters that have proven to be highly predictive in screening franchise applicants. The software and website can provide rapid response screening to franchisors who cannot afford to waste time on unqualified prospects. The venture also offers qualified franchisors, who find that they are increasingly involved in the lending process, the opportunity to work with a true financial principal who can assist not only with financing, but also with the logistics of setting up and managing captive finance and other risk sharing programs. "Franchisors who make the decision to take an active role in the finance process will be the ones that see their systems flourish in the years to come," stated Mr. Rodi.
The new platform was launched on January 3, 2012, the first official business day of the New Year. Franchisors who are interested in discussing the new lending platform and various programs are invited to contact Bob Rodi directly at 1-800-321-5327, x 101.
About Mount Pleasant Capital, LLC -Headquartered in Warrendale, PA., Bob Rodi and his team have been providing financing to franchises and small businesses since 1988. Over the past decade, the team has originated and funded more than 2,000 loans and leases representing over $200 million in receivables.
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Bob Rodi was one of the original Leasing News Advisory Members in June, 2000:
Bob Baker, Wildwood Financial
" I feel that what you are proposing will be very useful to brokers and funders."
" I have been following your newsletters and really find them informative. As a matter of fact I look forward to them. If you feel someone on the east coast could help, you can count on me."
"I will help you in any way I can."
" I'm for anything to improve the industry. I would like to see all of us in the business, Brokers, Lessors, Funders and everyone else in the industry gets along better."
" I think your newsletter is an important to the industry."
" This may be an opportunity for people who are either members of different associations or who are not affiliated with any to come together to find a solution ( to fraud and unprofessional conduct ). An industry-wide Code of Ethics is critical. "
" I think that we may be able to do some things that the associations cannot. I will always be on board for anything that promotes our industry, raises standards and preserves our livelihood. I also feel that this effort will have a lot of credibility because there is no profit motivation."
" I hope that I am able to make a positive contribution."
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Story Credit Lessors---Up-Date
These companies specialize in "C" and "D" credits, often new businesses, or businesses where the principal(s) have Beacon score around 600 or previous difficulties; meaning to become comfortable with the credit and financial situation you need to learn the "story" to make a positive decision, often requiring further security, shorter term, or additional guarantors. Many of these companies may also have programs for “A” and “B” rated companies, but their specialty is not being a “cookie cutter” and often require full financial statements and tax returns as well as a “story about the company, its history, goals, circumstances” to fully understand the full financial picture.
To qualify for this list, the company must be a funder (as qualified by Leasing News and on the “Funder List” and not a "Broker/Lessor" or "Super Broker/Lessor", along with an acceptable Better Business Bureau Rating and no history of complaints at Leasing News, as well as notifying lessees in advance when the lease will end and what the residual will be, specifically not automating extra lease payments, or insisting their discounter follow the same policy. We reserve the right to not list a company who does not meet these qualifications.
Leasing News encourages companies who are listed to contact us for any change or addition they would like to make. Adding further information as an "attachment" or clarification of what they have to offer would be helpful to readers is very much encouraged.
Chris Enbom-Doug Houlahan
Doug Houlahan, CLP, was with Allegiant Partners in San Rafael, California, and is now at Maxim Commercial Capital, Los Angeles, San Francisco, California.
Chris Enbom, CLP, is the CEO at Allegiant, past-president,
"Due to the short window of time to prepare, and the fact that I received my CLP Book about 10 days before the test, I didn't have a lot of time to prepare and therefore no mentor or formal training. I do remember however, sitting outside our hotel with Chris the day before the test reading the history of leasing and making sure I had "Lease Classification" down solid. The balance of the material I either did on a day-to-day basis or was heavily exposed to at Allegiant Partners.
"I read the CLP book once (took a few hours) and reviewed sections of the CLP book before taking the test. I studied a few hours.
"Remember, though, I live an breathe pretty much every aspect of the test every day running an equipment finance company with its own balance sheet.
"We took the test in Lake Tahoe (in Nevada) at the fall UAEL conference. We had both been up until 4:00 am the two nights before. We were staying at a casino. It was a fun conference! That 8 hour exam was not easy to get through! "
"Chris had been in the industry a long time and used his experience to help him build Allegiant, I'm very grateful for my experience and the benefit of my CLP to help me build Maxim Commercial Capital. As was discussed in some Marketing pieces for the CLP a couple years ago, it may not necessarily be what you know from the CLP, you may actually receive as much benefit from knowing what you don't know that can benefit your career and your Company."
"One day I sure would like to know if I scored higher than he did."
“For people who are not heavily involved in all aspects of leasing, finding a mentor to help you out is helpful. NEFA also has classes at various times and if you have a group they are usually willing to put a class on in your location.”
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