The List of Companies Not Taking
Application-Only Is Growing
By Kit Menkin

Have been receiving emails from brokers and others asking why "Company X" is cutting back on application-only.

After recommending companies, several called back saying company had ceased taking application only transactions.

Hard asset companies report an increase in business.

Randy Haug, LTi, has written a series of articles in the last month on the changes of underwriting, with many companies also getting more aggressive, but looking for full presentations, explained, with excellent write-ups and full financial statements and tax returns.

Companies with funds have been more protective in what they consider, accept and approve. Several have reported more successful in this approach and reporting growing success in funding more deals. These companies are growing in solid better business.

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New Hires/Promotions in the Leasing Business
and Related Industries

Michael Hawkins has been hired as Regional Manager, Summit Funding Group, Sacramento, California. He will be "covering the Northeast region and focusing on vendor business in the materials handling and construction spaces." He is located in Wolcott, Connecticut. Previously, he was at Wells Fargo, starting February, 2017, Equipment Finance Transaction Coordinator, promoted Sales Manager, August, 2018, promoted Territory Manager (February, 2020 - January, 2024). Full Bio:
https://www.linkedin.com/in/michael-hawkins-070709b8/details/experience/
https://www.linkedin.com/in/michael-hawkins-070709b8/

Mitch Leahy was promoted to Vice President and General Manager, Office Equipment Group, GreatAmerica Financial Services, Cedar Rapids, Iowa. He joined GreatAmerica June, 2008, Credit Analyst, promoted June, 2011, Senior Credit Analyst, promoted February, 2012, Vendor Operations Leader, promoted April, 2017, Vice President Sales, promoted Vice President and Managing Director, 2021.
https://www.linkedin.com/in/mitch-leahy-2776aa7/

Dillon Silk was promoted to Head of Syndications, MAZO Capital Solutions, Irvine, California. He is located in Phoenix, Arizona. He joined MAZO July, 2023, Product Development Manager. Previously, he was at Currency, starting October, 20108, Syndication Manager, promoted April, 2021, Director of Syndications, promoted Business Development Manager, June, 2022 - June, 2023).
https://www.linkedin.com/in/dillon-silk-633960114

 

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Leasing and Finance Industry Help Wanted

Top Ten Leasing News Read by Readers
April 8 - April 12

(1) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Apr2024/04_10.htm#hires

(2) Don’t Promote Sales Superstars
By Steve Chriest
https://leasingnews.org/archives/Apr2024/04_12.htm#dont

(3) Few Responses in Request re:
  California Commercial Disclosure Law
By Marshall Goldberg, Esq. Leasing News Legal Editor
https://leasingnews.org/archives/Apr2024/04_12.htm#few

(4) Restricting Application-Only
By Scott Wheeler, CLFP
https://leasingnews.org/archives/Apr2024/04_08.htm#restricting

(5) Barry Reitman Memorial
May 1, 4:00 pm EDT
https://leasingnews.org/archives/Apr2024/04_08.htm#barry

(6) Bankruptcy Filings Increase Across All Chapters
in Q1/24; Chapter 11 Filings Up 43%
https://leasingnews.org/archives/Apr2024/04_08.htm#bk

(7) The Real Estate Nightmare
Unfolding in Downtown St. Louis
https://www.wsj.com/real-estate/commercial/doom-loop-st-louis-44505465?st=mhsbo1i4kx8s8qd&reflink=desktopwebshare_permalink

(8) How Top Producers Deliver Fast Wins
By Scott Wheeler, CLFP
https://leasingnews.org/archives/Apr2024/04_10.htm#how

(9) Academy for Certified Lease & Finance Professionals
  8 Classes Scheduled  - May - October 2024
CLFP Reaches 1,500 Members
https://leasingnews.org/archives/Apr2024/04_12.htm#clfp

(10) Customers Flock to Costco to Buy Gold Bars
Selling $200 Million Each Month
https://www.nytimes.com/2024/04/11/business/costco-gold-bars.html

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The Top 10 States by Real GDP Growth
in 2023

Oil-rich states were among the strongest performers in the country as production boomed. Much of this was due to the war in Ukraine driving up the price of oil, spurring companies to boost output. Other sectors, such as retail trade, also played a key role in driving growth amid robust consumer demand.

As the world’s largest oil producer, the U.S. hit a historic 12.9 million barrels per day in crude oil production in 2023—more than any other country ever.

Given these tailwinds, the top five fastest-growing states by real GDP in 2023 were all powered by the mining, quarrying, and oil and gas extraction sector. Below, we show the strongest state economies by real GDP growth last year:

North Dakota witnessed the highest growth with real GDP rising by 5.9%.

As the third largest oil-producing state, it also has one of the strongest job markets in the country. In February 2024, the state’s unemployment rate was 2.0%, significantly lower than the national average of 3.9%.

Coming in second is Texas, whose economy surged to $2 trillion in inflation-adjusted terms. In 2023, the oil and gas industry generated about $72 million per day in local and state taxes in addition to state royalties. Roughly half of U.S. crude oil exports are shipped from Corpus Christi Bay, a port along the Texas coastline.

As the seventh-fastest growing state, Florida’s economy was largely supported by retail trade, its biggest driver. Moreover, Florida boasted the highest growth rates nationwide in both personal and property income, rising at 7.0% and 8.8%, respectively, over the year.

By contrast, some of the slowest growing states were Delaware, Mississippi, and New York, each with a real GDP growth rate falling below 1%.

Source: https://www.visualcapitalist.com/top-10-states-by-real-gdp-growth-in-2023
By Niccolo Conte

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Delivery Workers in New York City
Now Receive $19.65 per hour
By Mathew W. Daus, Esq.

New York City Mayor Eric Adams said," This is fair pay for a fair day’s work. This means that more than 60,000 of the hardest-working New Yorkers out there will have their wages boosted."

"...That is why we are pioneering first-of-its-kind hubs where our food delivery workers can take shelter from inclement weather, rest, and recharge their cell phone or e-bike batteries. And it is why we announced five public e-battery charging locations to test safe, public charging of lithium-ion batteries for 100 delivery workers."

"...That is also why we plan to create the Department of Sustainable Delivery. This will be a first-in-the-nation entity that regulates new forms of delivery transit and helps keep our workers and our streets safe."

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### Press Release ############################

SFNet Reports Asset-based Lenders
Performed Well Overall in Q4

Survey shows bank asset-based loan commitments down slightly, but rose for non-banks.

NEW YORK, NY,  ─ The resilience of the asset-based lending market continued in the fourth quarter, according to data released by the Secured Finance Network (SFNet). Lenders held positive against the backdrop of an uneven economy but are closely watching portfolios in 2024.

SFNet CEO Richard D. Gumbrecht, noted, "The asset-based lending industry performed well in the fourth quarter of 2023 as the economy finished the year strongly, albeit a bit unevenly,

“Overall, lender confidence rose, reflecting a moderately positive view of the industry going forward and a sense that any portfolio softening will be mitigated. ABL has always been an all-weather industry that will continue to perform well even in a bumpy economy."

In the most recent Confidence Index, lenders acknowledged challenges but had improved expectations for portfolio performance, demand for new business and hiring. The outlook for business conditions also improved among both lender groups but while bank expectations rose for client utilization, there was a slight decline among non-banks.

Survey highlights

“Weaker new originations largely caused the muted QoQ commitment growth,” the report said, “with the fall in new commitments with new clients outpacing a slight decline in runoff to turn net commitments negative.”

For banks, asset-based loan commitments (total committed credit lines) were down slightly (0.7%) in the fourth quarter compared to the previous quarter. Outstandings (total asset-based loans outstanding) fell 5.4%. Commitment runoff fell by 2.3% quarter over quarter.  

Non-bank lenders, however, saw total commitments rise by 4.5% last quarter. Total outstandings were up, as well, by 1.5%. The growth in total commitments stemmed from a double-digit increase in new commitments with new clients and a significant decline in commitment runoff, the report said.

“With increased new commitments and decreased runoff, net commitments increased” for the non-bank segment the report said. “Similarly, new outstandings rose significantly (+63.2%) and outstandings runoff plummeted (-41.3%), leading to an increase in net outstandings.”

In terms of credit-line utilization for bank lenders, the rate fell to 36.0% last quarter. That’s below the five-year historical average of 39.4%, the report said. For non-banks, commitments growth exceeded outstandings growth at year-end, leading to a drop in the utilization rate to 48.0%.

“As in prior quarters, the vast majority, 85.3%, of the non-bank borrowing base in Q4 2023 was composed of advances against receivables and inventory,” the report said. “The remaining categories compose only 14.7% of the overall borrowing base.” 

The report said: “Portfolios are generally stable despite the increase in criticized/classified loans and non-accruals, and write-offs remain low by historical standards. That said, performance is toward the weaker end of the normal historical range and lenders are keeping an eye on portfolios for signs of stress.”

## Press Release #############################

 

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Female Leasing/Finance Association Presidents

 

June Sciotto (1994-1996)
President, Regal Finance, Inc. “First female president of a Leasing Association since 1988. She was President of Regal Finance, one of the original persons that started the National Association of Equipment Leasing Brokers, worked countless hours to get the organization off the ground, then went on to serve on the board becoming as its first Female President. This was back in the day when the term for President was for 2 years and all the work was done by the officers and board with no help from any management group or hired individuals. Several of the policies and procedures that were implemented by June Sciotto helped bring the National Association of Equipment Leasing to become a viable association for the Leasing Broker and also broke the barriers of the other organizations by getting them to recognize the NAELB and to include its members in their meetings.”


Donna Cole (2004-2005)
Owner, Business Capital Leasing, Inc.

Heather von Bargen (2005-2006)
Owner, Caladesi Capital, Inc.

Sonia V. M. Stoddard (2010-2011)
Owner, Stoddard 8 Associates

Joan Modes, BPB (2013-2015)
President, Gem Commercial Credit

Sheri Bancroft (2018-2019)
Vice-President, Bancroft Leasing

Cindy Downs (2020-2021)
Business Marketing Manager, Heartland Capital Group, LLC

Carrie Radloff, CLFP (2021-2022)
Business Development Manager
American Financial Parters, Inc.
Red Thread Financial Group, LLC
Gary, South Dakota

Carrie Radloff is a Business Development Manager for American Financial Partners (AFP). She has been in the business for over 24 years, spending her first 10 years in credit and sales for U.S. Bank Manifest and the last 14+ years with AFP. She graduated from Southwest Minnesota State University in 1998 with a B.S. in Accounting and in 2006 with a Master of Business Administration degree. Carrie attained her Certified Lease and Finance Professional (CLFP) designation in 2016. She became involved with AACFB in 2013 when she joined the Marketing Committee serving as co-chair from 2014-2017. Carrie joined the board of directors in 2017 is currently serving as past president of the AACFB board as well as serving as the board liaison for the Meetings Committee and Sponsorship Committee. Carrie is a member of various local non-profit boards and resides in Minnesota with her husband, Scott, and two daughters, Madison and Samantha.

Laura Estrada (2022-2023)
Business Development Manager
Prefered Capital Funding
Chicago, Il.

Laura Estrada is a vital part of the family-owned business, Preferred Capital Funding. She handles marketing, processing and closing different types of commercial loans. Her expertise is in equipment and transportation.  Laura graduated from the University of Georgia and has worked for several large companies in marketing and sales. She enjoys working with and offering options for clients seeking commercial loans. Preferred Capital Funding, Inc., became a member of the AACFB (NAELB) in 2014.

Teresa Cranney (2023-2024)
Senior Credit Analyst and Loan Syndicator
for Brahma Lending & Leasing
Burley, ID

Teresa came to Brahma five years ago. She started out in sales, making cold calls to acquire her client base. She used her wealth of knowledge of the trucking world, her people skills that were compared to none, and a work ethic that was hard to beat, to quickly move up the ladder to where she is today. She builds strong relationships with our lenders, and she knows them well. With that knowledge, she can easily place a customer with the right lender upon viewing their credit and experience.

Nancy Pistorio, CLFP (2005–2007)
2022 - First Woman to Chair Board of Trustees, Equipment Leasing & Finance Association
President, Madison Capital, Baltimore, Maryland, April 25, elected to two year term as president of the Eastern Association of Equipment Lessors (EAEL.) The first woman elected president in the 25-year history of the EAEL (Merged with United Association of Equipment Lessors, now the National Equipment Finance Association). She is Vice Chair of the Equipment Leasing and Finance Foundation.

Valerie Jester (Chair) (2007)
President of Brandywine Capital Associates. She served as Senior Vice President of First Sierra Financial. She was President and owner of Corporate Capital Leasing Group, which she sold to First Sierra Financial. Prior to founding Corporate Capital's predecessor company in 1988, Ms. Jester was a Regional Manager for General Electric Credit Corporation - in the company's Commercial Asset Finance Department. It is her volunteerism that nominates her as being one of the most influential women in leasing. For 17 years she has been active in the Equipment Leasing and Finance Association, very active on many committees, and also it was for her work that she was elected as the first woman chairman of the association. Ms. Jester has not limited herself and activities to one association. She also served on the Board of Directors of the Eastern Association of Equipment Lessors and as a member of the Ethics committee of the United Association of Equipment Leasing (now National Equipment Finance Association.) She also has been a speaker and chair of many industry conventions and workshops. Ms. Jester has also served on the Board of Directors of the YMCA of Chester County, Red Cross of Chester County, the American Lung Association of Chester and Delaware Counties, the Salvation Army, and the Chester County Art Association, and has served as Chair for many local fundraising events .Leasing News Person of the Year 2014.

Martha Ahlers (Chair) (2020)
Ahlers has more than two decades of commercial leasing and finance experience. She joined United Leasing & Finance in 1996. In her current role as President, her areas of direct involvement include sales, risk management, marketing, credit, operations and human resources. Prior to her promotion to President, she served as Vice President & Chief Operating Officer.  An active participant in ELFA, Ahlers has served on the ELFA Board of Directors since 2014. In addition to her current position on the ELFA Board, Ahlers is a member of ELFA’s Executive, Nominating and Personnel Committees. She previously served on the Fair Business Practices Committee. From 2015 to 2016, Ahlers was Chair of LeasePAC, ELFA’s nonpartisan federal political action committee. Ahlers also has been active with the Equipment Leasing & Finance Foundation. In 2018, she served as the ELFA Board Liaison to the Foundation. She has contributed to multiple Foundation studies, including “State of the Equipment Finance Industry” and “U.S. Equipment Finance Market Study.” She also has participated in the Industry Future Council and supports the Foundation as a donor. Outside of ELFA, Ahlers has been involved in numerous civic and community organizations, including the Ronald McDonald House Charities of the Ohio Valley Board of Directors, Evansville Executive Forum and the Tri-State MS Association Board of Directors. She holds a bachelor’s degree in economics from the University of Illinois.  

Kristine A. Snow (Chair) (2021)
President of Cisco Systems Capital Corporation
Snow has more than two decades of commercial leasing and finance experience. She joined Cisco Systems Capital Corporation, a wholly owned subsidiary of Cisco Systems, Inc., in 2009. As President, she leads the company’s global captive finance and certified remanufactured equipment businesses. Previously she served as President of Global Vendor Finance at CIT Group. An active participant in ELFA, Snow served on the Board of Directors from 2008-2011 and returned to the Board in 2017. In addition to her current position on the Board, she is a member of ELFA’s Executive, Nominating and Personnel Committees. Previously, she served as Chair of the Captive and Vendor Finance Business Council Steering Committee. She has also served as a participant in the Equipment Leasing & Finance Foundation’s Industry Future Council and a contributor to previous “State of the Equipment Finance Industry” reports. Outside of ELFA, Snow has been involved in numerous civic and community organizations. She serves on the Gonzaga University Board of Trustees and is Board Member Emeritus for St. Mary’s College School of Economics and Business Administration. She was honored by the Computer Reseller News 2019 Women of the Channel list and received the Silicon Valley Business Journal’s Women of Influence award and the YWCA Tribute to Women Award for the Silicon Valley.

Bette Kerhoulas, CLFP (2003)
Owner, Pacific capital
UAEL Elects First Female President--Oct. 7, 2002, Leasing News
Oren Hall, emeritus member, former president of the United Association of Equipment Leasing (UAEL), made the motion from the floor, and President Bob Fisher, CLP, made the announcement, In the first 26 years of our association, we now have a female president, Bette Kerhoulas, CLP.

Tara Aasand
2014 - 2015
Vice-President, Sales and Relationship
Management at LTi Technology

Stephanie Hall, CLFP (2016-1017)
EVP, Small-Ticket BankFinancial Equipment Finance

Laura Carini, CLFP (2020-2021)
SVP Operations, Financial Pacific Leasing

Deborah Monosson (2008) 
President and CEO Boston Financial & Equity Corporation, Boston, Massachusetts. A role model for women in leasing, active on the board at the Equipment Leasing and Finance Association, Equipment Leasing and Finance Foundation, first female president of the Commercial Finance Association, serving on many committees, very active and outspoken. Operates a very successful company. Active is several leasing and finance associations.

Andrea Petro (2017)
Managing Director, Waterfall Asset Management. Ms. Petro has 26 years of experience lending to specialty finance companies, beginning her specialty finance career at Transamerica Business Credit and culminating in 17 years with Wells Fargo Capital Finance’s Lender Finance Division. As a managing director, Ms. Petro is leading the effort to expand Waterfall’s participation in lending to the specialty underlying commercial finance company market. Previously, she was Executive Vice President/Division Manager at Wells Fargo Capital Finance. Currently she is on the 2022 Secured Finance Foundation Board of Directors as Individual Campaign Chair.

Jennifer Palmer
Founder
JPalmer Collective
New York

Jennifer Palmer, founder and CEO of JPalmer Collective, LLC is an entrepreneur and industry leader who spent 17 years building the brand of Gerber Finance Inc which became one of the most respected asset-based lenders in the northeast which helped lead to its successful sale in 2017.
Jennifer has served as a Board Member of the SFNET (formerly CFA and renamed to the Secured Finance Network) the industry’s leading trade organization since 2009.  She has served on the Executive Committee since 2017 during which time she spearheaded SFNET’s rename and rebrand and was appointed onto the Executive Committee as of 2020. Jennifer served as President from 2022 to 2023 and during this time has created successful alliances with other trade organizations and the Small Business Association. Jennifer now serves on the Management Committee.

News Briefs

73% of CFOs to Earn Salary Between
    $201k - $400k in 2024
https://www.cfo.com/news/compensation-salary-severance-bonus-rho/712767/

The Home-Solar Boom Gets a ‘Gut Punch’
    "residential solar market is tanking"
https://www.wsj.com/business/energy-oil/the-home-solar-boom-gets-a-gut-punch-2d6a2947?mod=business_lead_pos2

In-N-Out's reclusive owner Lynsi Snyder
    does rare TV interview
https://www.sfgate.com/food/article/innout-owner-lynsi-snyder-tv-interview-19402234.phpew

Netflix’s New Film Strategy: More About the  
    Audience, Less About Auteurs
https://www.nytimes.com/2024/04/14/business/media/netflix-movies-dan-lin.html

Ohtani’s Dizzying 3 Weeks End in
    Exoneration by Authorities
https://www.nytimes.com/2024/04/13/business/shohei-ohtani-interpreter-details.html

New whistleblower raises concerns about
    Boeing’s 787 Dreamliner
https://www.washingtonpost.com/transportation/2024/04/09/boeing-whistleblower-787-dreamliner-fuselages/

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Are you ready to buy a house?
Take our quiz and find out.
https://www.washingtonpost.com/business/interactive/2024/quiz-should-i-buy-house-afford-mortgage/?itid=sf_biz_top_table_p001_f003

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Sports Briefs---

Caitlin Clark roasts Michael Che in hilarious
    ‘Weekend Update’ appearance
https://www.yahoo.com/entertainment/caitlin-clark-roasts-michael-che-214214506.html

Jared Goff calls trade to Lions the
“greatest thing that ever happened to me”
https://www.nbcsports.com/nfl/profootballtalk/rumor-mill/news/jared-goff-calls-trade-to-lions-greatest-thing-that-ever-happened-to-me

The A’s wore out their welcome in Oakland. But in Sacramento, fans see incoming team in
an entirely different way
https://www.eastbaytimes.com/2024/04/14/oakland-as-sacramento-reactions/

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California News Briefs---

Is California still the world’s 5th largest economy?
    Statewide economy expanded by 2.1% in 2023
https://www.mercurynews.com/2024/04/11/is-california-still-the-worlds-5th-largest-economy/

During proud owner’s photo shoot, classic
    rolls down ramp into California
https://www.eastbaytimes.com/2024/04/10/classic-car-rolls-into-california-lake/ia lake

With new food hall, Ikea launches its full
    vision for downtown San Francisco
https://www.sfgate.com/local/article/saluhall-sf-ikea-ingka-centres-food-hall-19395887.php

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Gimme that Wine

 

http://www.youtube.com/watch?v=EJnQoi8DSE8    

Montage Healdsburg Releases the Resort’s
    First Estate-Grown Wines
https://www.sonomamag.com/montage-healdsburg-releases-the-resorts-first-estate-grown-wines/

California Agricultural Workers Earn Less and
Work Fewer Hours Under Overtime Law
Approved in 2016
https://www.winebusiness.com/news/article/286008

Russia Seizes Country's Largest
Amid Re-Nationalization Wave
https://www.themoscowtimes.com/2024/04/11/russia-seizes-countrys-largest-winemaker-amid-re-nationalization-wave-rbc-a84814

Eleanor Coppola, matriarch of a filmmaking family,
    and winery, dies at 87
https://www.sfchronicle.com/entertainment/article/eleanor-coppola-dies-18415998.php