Russ Hindin Passes Away
Russ Hindin Passes Away
Russell Hindin, managing partner, in charge of the Los Angeles office of Hindin/Owen/Engelke LLC, Woodland Hills, California passed away at age 64 due to prostrate cancer. According to the company biography, Russ became a commercial banker upon graduation from the University of Southern California in 1969 with a BS in International Finance, Economics. He had management positions with Union Bank and then with the leasing affiliates of Crocker National Bank, Bank of California, and the Chemical Bank. He entered the investment banking field in 1976 and in 1979 co-founded Hindin/Owen/Engelke.
He was well known in the industry, specializing in assisting middle market companies ($2 million to $200 million in annual sales) obtaining financing after the bank has already said "no".
His partner Jack Engel managed the Chicago Office out of Naperville, Illinois.
According to the Los Angeles Times Obituary:
Russell Hindin of Woodland Hills CA passed away September 4, 2010. Russell was the loving father of Trevor and Devin and brother to Harris. Russell was a successful businessman, avid tennis player, devoted father and proud pet owner of Gary and Prince Hindin. No services are to be held in honor of his wishes.
Free Posting for those seeking employment in Leasing:
All “free” categories “job wanted” ads:
Leasing Companies Report "Uncertainty" to ELFF
The Equipment Leasing & Finance Foundation (ELFF) September 2010 Monthly Confidence Index indicated less confidence and more “uncertainty.” Certainly this is true with independent brokers looking for sources, captive lessors trying to "sell" more product, and funders looking for "top quality" papers. It seems only the subprime leasing market is active.
The pessimism came from all segments, according to the ELFF report:
Bank, Middle Market
“The future is clouded by the economic, political and regulatory uncertainties in the U.S. In addition, the potential impact of proposed lease accounting changes may lead to diminished demand for lease financing, particularly within the large corporate market.”
Independent, Middle Market
“Things remain unchanged with the primary issue: liquidity. Regardless of the rhetoric from Washington, banks remain on the sidelines and will continue to do so until the regulators loosen up.”
Independent, Small Ticket
“I think the industry will become smaller, with fewer and larger participants. Current developments, such as Basel II and new FASB accounting will negatively impact the industry.”
ELFF quoted survey respondent Rob Stowers, of Altec Capital: “I think the industry is facing the largest, significant events of uncertainty within the last 30 years. Considering the lack of demand created by economic conditions, the uncertainty of funding sources, federal banking regulations and the pending FASB/ISB changes, as an industry we face a decade of unprecedented uncertainty.”
ELFF noted Mr. Stower’s concerns, and those of the industry "are further demonstrated in the September Monthly Confidence Index for the Equipment Finance Industry, at its lowest level since the October 2009 MCI of 54.3."
Leasing Industry Help Wanted
Please see our Job Wanted section for possible new employees.
Top 10 Best Small Cities for Business and Career
1. Sioux Falls, SD
(This ad is a “trade” for the writing of this column. Opinions
The editor tries to place banner ads where they will be read by those the advertisers want to reach, rather than placed at random. News stories that will have an “ill” effect are avoided as best as possible. Often it is the position of the banner ad that attracts more response. This is at the sole discretion of the editor.
Banner ads may appear under the headlines at the choice of the editor, but are not guaranteed. An attempt is made to share them on a rotation basis with other banner advertisers.
Ad design: no charge.
Click to another page or web site: no charge.
(Cannot be a “help wanted” ad for employment, must advertise company, service or product)
August Housing Numbers Positive
Al Schuler, Economist
The August housing numbers were positive for a change with total starts up 10.5% to 598,000 (SAAR), driven by the 32% increase in multi family activity. Single family activity was up a more modest 4.3% to 438,000 (SAAR). Permits also reflected the divergence with multi family permits up 32% while single-family was down 1.2%.
Regionally, the Northeast was the only region showing weakness ( -24%), while the MidWest South and West were up 21.7%, 7%, and 34% respectively.
Single Family Starts got a bit of a bump from the tax credit, but now, they are heading back to an anemic 400,000 annual rate, with many foreclosed homes still on the marketplace and multi-family residences becoming more popular as they are less expensive to purchase or rent.
After stripping away inflation (CPI all city index), median price of new single family homes is same today as 1990. And, after the "bump" in price during 2000 — 2005, we're back to "pre bump" days. Bottom lines — using this logic, prices are back to normal. Confirms the old adage that I normally, prices generally track inflation. Between 1963 — 2010, real prices are up 100%, but this is only about 2% real increase per year (simple average).
The bad news - the economy is showing only weak responses to the various government stimulus programs - - despite an official end to the recession, we have 25,000,000 people either officially unemployed, discouraged and no longer looking, or are working part time, but would prefer full time employment. (one can only imagine the emotional heartache that goes with these numbers)
Problems remain for the economy as more analysts revise down their GDP estimates for the remainder of the year. People are saving more as they pay down debts. This decreases demand for goods and services. Employment is further impacted by financial problems at the state level — they are cutting back on programs and employment. And, the federal government will eventually have to put its house in order — i.e., spend less and tax more to balance the budget. And, there is a demographic drag on consumption as baby boomers retire.
The corundum here is that the one sector with money to spend/invest and the wherewithal to create jobs - — private companies — are not spending. Most are flush with cash - - but, they're not spending because they are unsure of the future direction of the economy (including future responses/initiatives by the federal government). The consensus opinion is that the country lacks confidence — I agree and that means we need a clearer direction from our elected officials. A direction that inspires confidence to date, that is sadly lacking from both parties. Without a significant improvement in the job market, we're going to continue to see a lethargic housing market. Mortgage delinquencies and repossessions will probably continue to worsen for awhile longer.
Long term considerations - -
1. We invest too much in things that don't do much for our competitive position - consumption - and invest too little in things that would enhance our competitive position research, education, infrastructure, health care,
2. Harvard's latest long term housing outlook is promising, but it is based primarily on demographics (including immigration). It's a promising look to the future of housing demand, but it won't happen (my opinion) unless we address item #1 above.
### Press Release ############################
CapitalSource Launches Professional Practice Lending Team
Chevy Chase, MD. – CapitalSource Inc. (NYSE:CSE) announces that it has hired a highly accomplished team of professionals to form a lending group specializing in financing dental, optometric, ophthalmic and veterinary practices nationwide. The ten-person team includes regional managers with an average of 15 years of experience in the professional practice finance industry and will focus on conventional practice acquisition financing, partnership buy-ins, and refinance programs.
CapitalSource’s historic strength in a broad range of specialty lending businesses such as healthcare, security, technology, and lender finance has been meaningfully bolstered in the past year with the addition of several new lending platforms, including equipment finance, SBA lending and multi-family. The addition of a professional lending practice further positions the Company for continued loan growth momentum. CapitalSource closed $441 million in new funded loans during the second quarter and boosted its projected range for quarterly loan originations to $300 million-$400 million for the balance of 2010.
“We are extremely pleased to add this group of highly skilled and experienced professionals to our well-established and credit-minded national franchise at CapitalSource,” said CapitalSource Co-CEO James J. Pieczynski. “The formation of a professional practice lending team complements our focus on specialized niche areas of lending with teams that know their industries well and have deep contacts, which are critical to their sustained success.”
Daniel Croft, who will lead the Professional Practice Lending team, was formerly at GE Capital Healthcare Financial Services where he was responsible for originating practice finance transactions for healthcare related businesses throughout the U.S. “My colleagues and I are excited about the opportunity to join the CapitalSource national lending franchise,” said Croft. "We are a national sales and credit team with deep expertise and we look forward to contributing to the diversification and growth of the Company.”
For more information about CapitalSource’s Professional Practice Lending group, visit www.capitalsource.com/ppl.
James J. Pieczynsk biography:
Daniel Croft biography:
CapitalSource Inc. (NYSE: CSE) is a commercial lender that provides financial products to middle market businesses and offers depository products and services in southern and central California through its wholly owned subsidiary CapitalSource Bank. As of June 30, 2010, CapitalSource had total assets of $10.7 billion and $4.6 billion in deposits. The Company is headquartered in Chevy Chase, MD. Visit www.capitalsource.com for more information.
#### Press Release #############################
Classified ads—Finance/Human Resources
All "Outsourcing" Classified ads (advertisers are both requested and responsible to keep their free ads up to date:
How to Post a free "Outsourcing" classified ad:
Woodland Hills, California ---Adopt a Dog
"He is so little and just begging for love. He was rescued from a yard where his guardians lived in filthy conditions. He was purchased from a pet store and left to breed in a yard so the pups could be sold for a profit by greedy backyard breeders. Pepper needs an adult ONLY home where he can be the center of attention. At first meeting appears to be very shy and a little scared, but warms up to people quickly and will soon be sitting in your lap and giving kisses. Pepper loves to play ball and although not well socialized with other animals, appears to want to play with his friends in foster care. He likes cats too!!!! Adoption Fee: $300"
RESCUE ME INCORPORATED
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
Back Office Companies
(a) Barrett offers proactive lease management/administration of commercial/consumer vehicles and lease/finance portfolios, covering insurance, titles, registrations, sales/property taxes, tickets, collections, repossessions, vehicle transportation and dispositions. Since 1975.
(b) Group 88 is a business partner of McCue Systems Inc, maker of LeasePak. With over 20 years supporting major firms in the leasing industry, Group 88 provides data conversions, system implementations, custom software development and outsourced system support.
(c) JDR Solutions, LLC., based in Indianapolis, Indiana provides back office lease/loan administration services and hosting of related accounting and portfolio management software.
Under a preferred partnership arrangement with International Decision Systems (IDS), JDR Solutions offers its "Managed Service" solutions utilizing the robust capabilities od Infolease and related software applications. JDR will soon offer IDS's next generation software, Profinia, in a hosted environment.
For more information about JDR Solutions, visit www.jdrsol.com or call.
(d) We also offer specialized programs for banks which want to start their own leasing operations and for vendors who want to find financing or act as lessor for their customers. We also act as a broker for end users looking for commercial equipment financing.
(e) ECS Financial Services, Inc. is one of only a few CPA firms in the United States that specializes in providing portfolio management, accounting, tax and management advisory services to the equipment leasing industry. ECS Financial provides lease management services including accounts receivable billing and collections, preparation of monthly lease income and residual schedules, book and tax depreciation tracking, as well as guidance and a variety of useful management reports to assist management in making sound financial decisions. ECS Financial offers accounting and financial statement compilation, review and audit services, as well as multiple state sales tax preparation, federal and state income tax return preparation, and personal property tax preparation and tracking. Our lease management team of accountants and tax specialists are experienced in providing quality professional service in the management of lease portfolios, and their efforts are enhanced by the state of the art, industry-specific software we utilize.
ECS Financial serves clients throughout the United States .
The name has changed, but the quality service remains the same!
(f) PFSC is the largest independent commercial lease and loan-servicing company is the U.S. and is headquartered in Portland , Oregon . PFSC provides primary/master servicing, backup/successor servicing, and consulting for lease and loan portfolios. It currently manages over $14.0 billion in assets. More information can be found at www.pfsc.com.
Advanced Property Tax Compliance provides "best in class" personal property tax compliance services at cost effective fees. Our staff has over 70 years of experience working with leased assets. We do complete compliance process and can tailor our service to each Lessor's unique needs. The billing files we create interface with all lease management and accounting software. We offer our clients full disclosure, more accessibility to information, and greater on-line functionality than any other service firm in the industry. Each client has a secure FTP site where they have access to everything we do for them in the compliance of personal property taxes. Our Web Portal allows our client’s customer service departments to get up-to-the-minute tax data for buyouts, terminations, or tax bill copies and detail tax reports to support collections.
For more information about Advanced Property Tax Compliance, visit www.avptc.com or call:
Gary A. DiLillo
(h) U.S. Bank Portfolio Services provides third party solutions and back-up/successor servicing. Third party clients are able to focus on core competencies and avoid the expenses of creating a back office environment by outsourcing their servicing platform. U.S. Bank Portfolio Services adds security and protection as a back-up service provider with the ability to convert any portfolio in seamless manner through advanced preparation.
(i) Haws Consulting Group - "We have been in business since 1982 and provide property tax consulting and outsourcing services to a variety of different types of companies. We have a strong leasing background and have provided property tax management services to leasing companies for over 20 years." For more information please see our Brochure and Case Study.
(j) Broker Resource Solutions (BRS) offers document processing support services to the equipment lease broker community. Our clients are able to focus on their core business - selling and building their client list - while we handle all of the tedious details associated with putting together a perfect funding package.
Broker's who work with us have on-demand access to a highly experienced, qualified staff on an "as-needed" basis. Since we are happy to work either on a single transaction or under contract, our clients are freed from the high overhead associated with finding, hiring and training processing employees.
We work on our client’s behalf to coordinate with the lessee, vendor, insurance agent(s), funding source and any other parties necessary in order to develop and submit funding packages that are complete and fund quickly. Our extensive experience on the funding side of the business allows us to identify and resolve potential issues that can delay funding and result in lost deals. We invite you to explore our website at www.brsworks.com and contact us if you have any questions or would like more information on how to get started.
(k) Madison Capital was created in 1997 as a result of the merger of two companies: Harbor Equipment Leasing which began in 1983, and Fox-Valley Vehicle Leasing which began in 1974. Madison Capital has over 60 years of combined experience in commercial vehicle and equipment financing. Madison is a direct funding source for most types of equipment and commercial vehicles. In addition, Madison offers loan portfolio servicing capabilities, concentrating on firms looking to outsource their billing and collection functions. For more information on Madison Capital please visit www.madisoncapital.com
Madison Capital’s portfolio services include any or all of the following:
Feds Leave Rates Untouched
Fed lays groundwork for possible further stimulus
Gold Resumes Uptrend Following FOMC Statement
Tech Spending to Jump Next Year
David Hasselhoff bumped from "Dancing with the Stars"
Oracle Growth Plans Worry Rivals and Customers
Eagles name Michael Vick starting QB, bench Kevin Kolb
Meg Whitman would 'probably' veto global-warming law if she were California governor today
Vintners/Growers Show Optimism
Best of times for wine consumers, survey finds
Bordeaux 2010 small but perfectly formed, vintners say
Wineries add attractions for one-stop sipping
Wine: 'Cheap is chic,' at least for now
Zagat results: Gary Danko most popular restaurant in SF Bay Area
US/International Wine Events
Leasing News Wine & Spirits Page
This Day in American History
1554 - Spanish explorer Francisco Vásquez, his health badly deteriorated from injuries and the toll of his strenuous travels, dies. He never found the fabled cities of gold that he had sought for decades. A quarter-century earlier Coronado had explored much of the southwestern United States, leading his force of 300 Spaniards and 800 Indians northward from Mexico in search of the Seven Cities of Cíbola that were rumored to have walls made of gold and treasure houses filled with priceless gems. Arriving in the region that today straddles the border between New Mexico and Arizona, Coronado did actually find Cíbola. But after winning a brief battle against the native defenders, Coronado discovered he had conquered only a modest Zuni village built with walls of adobe mud, not gold. While he never found the golden cities he sought, Coronado did succeed in giving the Spanish and the rest of the world their first fairly accurate understanding of the inhabitants and geography of the southern half of the present United States.
The ghost of a boy with a bullet in his belly
Ladies and Gentlemen,
Where is it, then,
“I'm going to the great big city of Chicago,
Oh! He's a baseball player
“I'm the best there ever was
The blue eyed woman sits in the corner,
---Anonymous—poem not signed.
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?
How to play:
Refresh for current date:
See USA map, click to specific area, no commercials
Real Time Traffic Information
You can save up to 20 different routes and check them out with one click,
Independent, unbiased and fair news about the Leasing Industry.