LeaseNOW, Inc. Releases RAPIDTrack

LeaseNOW, inc., a well known technology innovator in Equipment Leasing and Franchise Finance announces the release of its new web enabled processing platform, RAPIDTrack® which incorporates SmartScore® technology, a proprietary combination of algorithms, developed after years of testing.

RAPIDTrack is built on the Microsoft “dot net” platform using an XML interface to Fair,Isaac and Company's Liquid Credit®, web enabled scoring platform. SmartScore® uses SBSS Credit Desk® scoring models but weights the characteristics of each principal to render a blended score that has proven highly predictive in validation tests conducted by LeaseNOW, Inc. Included in the LeaseNOW SmartScore® is a new Algorithm from Genesis Analytics, Toronto, Ontario that was designed to predict the likelihood of a business surviving in its first four years of existence. The model uses demographic and census data and was designed to rank order risk for start-up and newer businesses. When combined with FICO and other proprietary data developed by LeaseNOW over the past decade, SmartScore® has proven to be a powerful technology platform for pre-screening and underwriting franchise industry applicants. Future SmartScore® development will include GIS (geographic information system) technology that will allow users to rank order business location risk which is particularly valuable for franchise underwriting.

Once logged into the system, users will have the ability to enter, credit score, track and document transactions. Users will simply click on a “generate documents” button that will merge all data from the transaction file into the required documents. The documents are produced instantaneously as .pdf files and can be e-mailed whenever the customer is ready to review and sign. Sales people and affiliates will also be able to scan additional documents directly to a file or simply attach a scanned file, text or spread sheet directly to a file through the RAPIDTrack® Interface.

LeaseNOW is also developing a lender module. The new module, called DEALvue® will allow a lender to log in and review transactions that have been funded into LeaseNOW's warehouse lines. If a lender is interested in a particular transaction the lender can view a transaction synopsis, credit scoring summary, and financial summary if appropriate. The lender may then indicate their interest in the transaction and even make an offer to purchase one or more transactions from the DEALvue® center.

Bob Rodi, CLP and president of LeaseNOW commented stating, “This new system is the culmination of years of work converting our old client/server platform to a web enabled system. With the ability to scan and attach a complete credit file, we save an entire day on credit turnaround, not to mention that overnight mail expense is virtually eliminated. Incorporating census, demographic and geographic data with proven behavioral scoring technology allows us to vertically integrate and offer fee based ASP (application service provider) services as well as our current lending and leasing services to the franchise industry. As the franchise industry continues to grow and trend toward multi-unit development, the ability to rank and evaluate the ability of franchise applicants to succeed, and, more importantly secure the necessary capital to insure success, will be an invaluable service to not only franchise systems but finance companies, banks and institutional investors who are becoming increasingly interested in franchising.”

About LeaseNOW, Inc.

LeaseNOW, Inc., headquartered in Warrendale, PA., is an independent finance and leasing company that is primarily engaged in franchise finance. Positioned as an alternative to SBA financing, LeaseNOW offers highly competitive, fixed rate financing to 46 brand name franchise systems. Unlike the SBA, no additional collateral is required. LeaseNOW is also an innovative developer of “front end”, application tracking systems that are designed to automate origination, credit scoring and documentation.