Friday, June 1, 2012
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FinPac expands its "App Only" Program to $75k
For the first time in its 37 year history, Financial Pacific Leasing has extended its "App Only” maximum limit from $50k to $75k.
The higher maximum limit is available to FinPac’s top sources on a pre-approved basis. These higher dollar applications will continue to benefit from Financial Pacific’s industry leading fast and convenient application process. Buy rates are determined on the identified risk of the applicant and owner’s credit under FP’s risk based pricing model.
Rates for the $50k - $75k product are generally 200 bps lower than the standard program and can be as low as 9.95% for the best credits.
Financial Pacific Leasing is the industry’s leading funding source for B/C small-ticket, application only leases sourced through third-party originators nationally. FinPac’s commitment to the leasing broker community has been consistent and unwavering for the past 25 years. FinPac has funded over $370 Million in equipment acquisitions over the last three years.
Terey Jennings, CLP
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Accounting Up-Date--Two Proposals Dropped
The FASB (Financial Accounting Standards Board) and IASB (International Account Standard Board) this week moved closer to agreeing on an approach for how lessees expense their leases by dropping two of the four proposals currently on the table. The remaining two are:
1) The front-loaded expense pattern proposed in the 2010 exposure draft;
2) And one allowing straight-line expensing for certain operating leases (the whole contract approach).
The latter implies the continuation of a capital/operating lease distinction, although both types of lease would be on balance sheet.
Exactly where the line will be drawn between the two types of lease within a split model remains to be seen, although it appears most likely to apply primarily to real estate and be something close to the present FAS 13/IAS 17 rules. A split model for lessees, of course, raises questions as to whether or not lessor accounting should follow a split model, so there are still decisions to be made before a revised exposure draft can be issued.
In related news, the FASB and IASB decided last week that the financial instrument impairment model also will apply to leases, due to the similarity between leasing agreements and many loans. This means that lessors will have to track and classify lease receivables based on the likelihood that customers won't make their payments.
Under the impairment model (part of the forthcoming financial instruments standard), businesses must group assets based on expected credit quality (the three-bucket approach). Under this approach lessors will assign their best-performing receivables to Bucket 1, receivables that are declining in quality to Bucket 2, and the worst receivables to Bucket 3.
Although intended to improve reporting, it sounds more to me like being one step closer to reporting like a bank.
Shawn Halladay, Managing Director
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Stuart Armstrong has been appointed President of GA Capital, Woodland Hills, California. "Previously, Armstrong was one of the founders and served as Executive Vice President of Tygris Commercial Finance and as President of Tygris Corporate Finance. Prior to that, Armstrong was President of Black Diamond Commercial Finance and was Senior Managing Director and Vertical Industries Leader for GE Commercial Finance's Corporate Lending Group. Armstrong started his career at The Bank of New York." ---"A division of Great American Group, GA Capital provides senior and junior secured corporate loans that range from $15 million to $150 million -- assisting companies in restructuring existing debt, fueling new growth strategies and enhancing their liquidity profiles."
Remington Atwood hired as credit manager for Onset Financial, South Jordan, Utah. "As a licensed Certified Public Accountant, Mr. Atwood is intimately aware of corporate accounting practices and policies. Mr. Atwood has earned both Bachelors and Masters Degrees in Accounting from Brigham Young University's School of Accountancy, one of the nation's top five accounting programs...'Remington is a great fit for Onset,' said Justin Nielsen, Onset’s Chief Executive Officer. 'His history of developing and implementing procedures to support financial analysis will strengthen Onset’s credit policies & systems....'About Onset Financial, Inc. – Founded in 2008, Onset Financial, Inc. is a mid-market Equipment Leasing & Financing company specializing in providing increased funding options to its clients."
Murray Derraugh hired as SVP Risk and COO for both Blue Chip Leasing and Enable Capital, Winnipeg, Canada. Previously he was Senior Vice President Risk & Chief Operating Officer Enable Capital Corporation May 2012 – Present (1 month), Derraugh Consulting (2006-May, 2012), Consultant, The Alta Group (October, 2009-May, 2012), senior vice-president, Swandel and Associates (2006--Present), director Portfolio Management, CUETS MasterCard Affiliate (2004-2006), Director of credit , general manager Vision Credit, Western Canada Sales Manager, National Leasing (1996-2004). Board member, Children's Museum (June, 2011-President), education and programming committee member, Canadian Finance and Leasing Association (October, 2010-present.University of Manitoba BRS (1981 – 1986).
Craig Froude named CEO of CarePayment, Portland, Oregon. "Froude will be responsible for expanding and developing CarePayment® partnerships with leading hospitals nationwide that need new solutions to help address the rapidly growing burden of patient receivables. Due to higher deductibles and co-pays, the patient-responsible portion of healthcare expenses has nearly tripled since 2000. CarePayment® was formed in 2004 and is operational at more than 50 hospitals across the U.S., bringing financial relief to more than 750,000 patients who faced significant out-of-pocket medical expenses."
Previously he was partner, Aequitas Capital Management (2012-Present), managing partner, CJF Investments (January, 2010-Presdent), president, WebMD Health Service, ), October-2002-May, 2011), Chairman & CEO, WellMed (1997-2002), Director of sales and business development, Creative Multimedia (1994-1997), director of sales, Western Region, Central Point Software (1990-1994), commercial loan officer/work-college training program, US Bank (1984-1990).Oregon State University BS, Finance (1984 – 1989) Tigard High School
Mark Guida named senior vice president, lease banking at MB Financial Bank, Chicago, Illinois. He "... brings over 20 years of leasing experience, joins MB from De Lage Landen Financial Services (DLL) where he served as vice president, sales and business development. While at DLL, Guida signed numerous strategic partnerships. In his role at MB, Guida will work to develop funding relationships with captive equipment vendors, banks and leasing companies. Guida earned a bachelor’s degree in marketing from Pennsylvania State University." Owen J. Roberts High School, Academic (1973 – 1976)
Chris Herman hired as vice-president National Accounts at TIP Capital, greater Detroit area. Previously he was account executive, business development (Benteon Finance (September, 2011-May, 2012), sales consultant, UniFirst Corporation (June, 2010-September, 2011), Business Development Officer, Lease Corporation of America (November, 2007-June, 2010), account executive, Lease Corporation of America (February, 2004-october, 2007), branch manger, Enterprise Rent-A-Car (November, 1997-December, 2003). Oakland University BS, Finance (1992 – 1997)
David Lynde was hired as Vice President and Controller for Crelogix Credit Group Inc., Burnaby, BC. Previously he was the owner of Hamcam Ltd t/a Lynde & Company (May, 2012--Present), finance director, imJack pic (November, 2007-May, 2010), Group Finance Director, Dixon Motor Group (February, 2006-June, 2006), Group Financial Controller, Car Division, Royal Bank of Scotland (April, 2004-January, 2006), Group Finance Director, Bryan Brothers Holdings (August, 2000-May, 2003), European Finance Director, CIT Group (September, 1997-May, 2000), Financial Controller, Lloyds Bowmaker (February, 1987-August, 1997), Accountant, Grant Thornton (August, 1983-August, 1986). University of Edinburgh BCom, Business Studies and Accountancy (1980 – 1983), Dunfermline High School (1974 – 1980), Institute of Chartered Accountants of Scotland, CA.
Mike McKay was appointed Vice President Treasury and Corporate Secretary for Crelogix, Burnaby, BC. He started "with the company in 1988 and was promoted to Vice President and Controller of Crelogix in 2005 overseeing all aspects of the accounting and financial reporting function for the company. He also oversaw information technology integration, facilities management, payroll, and treasury, legal and tax compliance.
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“The ad worked great again and I am happy to announce we filled the position (and then some) with a fantastic new hire Tamara McCourt. Would you please take the posting out of rotation for us?
“Tamara’s response was a direct result of our Leasing News post. She is a great talent and a great cultural fit for us as well.”
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Tamara McCourt, CCE, CLP
Former director of operations at Five Point Capital, Western Region Credit Manager, Pentech Finance, credit manager, Pinnacle Business Finance; past director on the NACM Business Credit Services Board, past president of the Credit and Financial Development Division of NACM, Tacoma.
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SNL ranks Europe's 50 largest banks
Deutsche Bank AG sits atop the European banking world in terms of total assets. The German giant is the only banking conglomerate that crosses the €2 trillion mark in total assets, although BNP Paribas SA and HSBC Holdings Plc are not far behind.
Deutsche is the only German bank in the top 10 ranking, which is dominated by French and British institutions.
SNL Financial's data is pro forma, taking into account pending deals and transactions that have closed on or before May 1, 2011, and that involve a European bank as either the buyer or seller.
One overriding theme in the ranking is the banks' quest to shed assets. That has been the case at HSBC, particularly in the U.S. It sold 195 branches to First Niagara Financial Group Inc. — a deal it announced in late July 2011 — before selling its U.S. card and retail services business to Capital One Financial Corp. These transactions, which reduced HSBC's assets by €30 billion, were a big reason why the U.K. lender found itself in third place in our ranking.
Royal Bank of Scotland Group Plc similarly has been divesting, offloading 318 branches to Banco Santander SA.
Other acquisitions have been on Banco Santander's radar. Case in point: The bank expanded its presence in Poland with its acquisition of Kredyt Bank SA earlier this year from KBC Bank NV.
Meanwhile, deal-making in Spain is often looking like banking's version of musical chairs. A wave of consolidation in Spain has led to Banco Sabadell SA acquiring Caja Mediterráneo, Banco Popular Español SA buying Banco Pastor SA, La Caixa purchasing Banca Cívica SA and Unnim Banc being sold to Banco Bilbao Vizcaya Argentaria SA.
Overshadowing all these moves is the looming deadline of Basel III's requirement for banks to meet the minimum capital requirements by either raising capital or shedding assets. Only time will tell if size truly matters.
Summer in the United States officially begins June 20, 2012 when the weather is hotter, kids are definitely out of school, tourism and vacations and everyone is looking for July 4th--- which this year falls on Wednesday, meaning the entire week may make this the slowest business month of the year. It’s gonna be hot time in the city this summer---Not!!!
The national Association of Credit Management (NACM), composed of 15,000 business credit and financial professionals, sees three scenarios as to why consumers are in retreat:
“One explanation holds that the European crisis has become this year’s ‘black swan’ as it has affected everything from banks to exports. A second opinion contends there is nothing really wrong with the economic recovery, but that industry is just taking a breather. A third holds that the consumer is hibernating again as they react to everything from high jobless numbers to inflation."
"If there are silver linings in this month’s report it is that favorable factors did not change much—the favorable index retreated from 60.5 to 60.2," said NACM Economist Chris Kuehl, PhD. " Sales data actually improved from 60 to 61.2, but remains off the pace set earlier in the year when sales hit 64.4. Even better news came from new credit applications, which rose from 58.2 to 59.9. The retreat, and the bad news, was due largely to the decline in the amount of credit extended—down from 64.6 to 61.3. Part of that decline can be attributed to less credit being requested, and more of those asking for credit being denied."
"“The sense of the index for this month is that nothing has developed to perk the economy up, but neither is there evidence of an imminent crash,” said Kuehl. “The gains made in the first few months have proven to be more ephemeral than expected and many have concluded that 2012 will not break the ‘spring swoon’ pattern. The next challenge is to determine if this will be a long and difficult summer as in both 2011 and 2010. Nobody seems quite ready to make that declaration just yet.”
The May 31 NACM report notes: 'In 2010 this was provoked by a premature recovery that made the first quarter look stronger than it really was, and the 2011 culprits seemed to be the supply chain disruption from the earthquake in Japan, as well as the Arab Spring’s impact on oil prices. What seems to be the problem in 2012?"
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United Capital Refinances 33 Denny’s|
HUNT VALLEY, MD –- United Capital Business Lending, a national business lender specializing in franchise finance, announced today that it provided $7,700,000 in financing to Denny’s® owner, MDC Restaurants, LLC. United Capital refinanced 33 existing locations in three states for this California based franchisee and will also provide funds to build out and equip a new Denny’s® restaurant.
United Capital has increased to $80 million its 2012 funding commitment to qualified Denny’s® franchisees. United Capital previously allocated $40 million to Denny’s® operators, but increased the amount in response to Denny’s® franchisee loan demand and the health of United Capital’s existing Denny’s® loan portfolio.
Qualified Denny’s® operators can borrow from United Capital to refinance debt, acquire existing Denny’s® restaurants, develop new locations, remodel stores or convert closed restaurants in other concepts to Denny’s®.
Lex Lane, VP, United Capital
“The United Capital team has financed Denny’s® restaurant owners over the years and, even in today’s economy, Denny’s® franchisees have demonstrated consistent operating performance trends,” says Lex Lane, vice president and business development officer at United Capital.
United Capital Business Lending is a subsidiary of BankUnited (NYSE: BKU), the largest bank headquartered in Florida with over $12 billion in assets.
In addition to Denny’s®, the United Capital team has financed franchisees for Buffalo Wild Wings® Subway®, Popeyes®, Dunkin’ Donuts® and Sonic® among others.
For information about financing for franchise acquisition, new unit development, reimaging or debt refinancing, call United Capital at 866-218-4793 or visit the company’s website at www.unitedcapitalbusinesslending.com.
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GreatAmerica to Bundle AccessLine SIP Trunking Service
(Cedar Rapids, IA) --- GreatAmerica Leasing Company and Telanetix Inc. (OTC BB: TNIX), a leading cloud based provider of next generation hosted voice services to the business market through its AccessLine branded service, today announced a partnership which will allow for GreatAmerica to bill and collect AccessLine SIP trunking charges bundled with business phone equipment. This partnership promises to simplify the purchasing of business phone services while taking advantage of the cost savings that SIP trunking service affords businesses.
“We are excited to capitalize on our invoicing expertise by billing AccessLine SIP trnking charges along with PBX equipment and software on our invoices,” said Greg VanDeWalker, Senior Vice President and General Manager at GreatAmerica. “We look forward to helping the telecom dealers and agents that sell AccessLine Voice Services to be able to offer their customers a complete communications solution that is easy to understand and conveniently billed in a single invoice”.
"We believe GreatAmerica is an ideal partner,” commented Peter Fyhrie, Senior Vice President of AccessLine. “This is due to their shared focus on service and support as well as their commitment to make buying voice services and equipment simple for customers. The ability for dealers and agents to offer their customers the savings of AccessLine SIP trunking along with the convenience of a single invoice for their communications solution is a great differentiator.”
GreatAmerica and AccessLine have created the industry’s first consolidated phone system lease payment and SIP trunking bill to make it easy for dealers and agents to bill phone service, equipment and software on the GreatAmerica invoice.
About Telanetix, Inc.
About GreatAmerica Leasing
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