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BSB Halts Program on Broker Retaining Advance Rentals
“It has always been BSB Leasing's goal to make it easy to do business with us and our Direct Finance and Syndication products. To that end, this communication is to help clarify who is allowed to collect advance rentals and/or security deposits when conducting business through or with BSB Leasing. “Who Can Collect Advance Rentals and/or Security Deposit In the interest of "making it easier" to do business with BSB Leasing over the past couple years, we have increasingly allowed our brokers to retain the Advance Rentals and/or Security Deposits under their name, even if they were not Lessor on the documents. This practice, albeit nice for our brokers, has actually distracted us from our service more than helped it. “As of November 22nd, BSB Leasing will no longer allow for Advance Rentals and/or Security Deposits to be collected under the broker's name if the deal is approved under our Syndication product. If the deal is approved by BSB Direct Finance and the broker is approved to be Lessor, then these monies CAN BE collected under the broker's name. “The November 22nd date is for deals that are documented after this date. We will continue to work with you on any deals documented prior to November 22nd. “To discuss this program in more detail or preview a transaction, please contact Rick Wehner at 800.945.3372 ext. 273 or rwehner@bsbleasing.com “Sincerely,
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