New Hires/Promotions in the Leasing Business
and Related Industries

Jacque M Garscin was hired as Vice President, Relationship Manager, Dext Capital, Denver, Colorado. Previously she was at Key Equipment Finance for 36 years, 11 months, as Account Executive, Commercial Vendor Group (March, 1988 - January, 2024). 8 Million Dollar Club Award Winner: 2003, 2006, 2010, 2011, 2012, 2016, 2018, 2021. 2 x Presidents Circle / Pinnacle Club Award Winner: 2012, 2016. 14x Sales Achievement Award Winner: 2002, 2003, 2005, 2006, 2007, 2010, 2011, 2012, 2015, 2016, 2017, 2018, 2019, 2021.
https://www.linkedin.com/in/jacque-m-garscin-9b813235/

Heather Scott was appointed VP Relationship Manager, Dext Capital, Denver, Colorado Branch. She is located in Erie, Colorado. Previously, she was at Key Equipment Finance for 30 years, 11 months, starting March, 1993, Senior Remarketing Analyst, promoted May, 1998, Vendor Support Manager, promoted September, 2005, Senior Account Executive.
https://www.linkedin.com/in/heather-scott-a8308635/

Robert Stack was promoted to Senior Sales Director, Trio Capital, Mount Laurel, New Jersey.  He joined Trio October, 2022, Senior Business Development Manager.  Previously he was Business Development Manager, MAZO Capital Solutions (April, 2022 - October, 2022); Senior Business Development Manager, NewLane Finance (September, 2018 - April, 2022). Full Bio:
https://www.linkedin.com/in/robert-stack-81145918/details/experience/
https://www.linkedin.com/in/robert-stack-81145918/

Ralph Tomei was hired as Senior Vice President, Commercial Vendor,  Dext Capital, Denver, Colorado.  Previously he was at KeyBank Commercial, starting February, 2006, Program Manager, Promoted Vice President, Sales, March, 2009, promoted May, 2023, SVP, Commercial Vendor Group (May, 2023); Financial Area Manager, Hewlett-Packard Financial Services (1999 -2004); Regional Manger, Textron Financial Corporation (1997 -1998).
https://www.linkedin.com/in/ralph-tomei/

Matthew Vargo was hired as Director of Marketing, Commercial Equipment Finance. Previously, he was Director of Marketing, Lease Corporation of America (2021 - 2023); Marketing Director, Digital 10 Media (2008 - 2012). full Bio:
https://www.linkedin.com/in/matthew-vargo-970b73a/details/experience/
https://www.linkedin.com/in/matthew-vargo-970b73a

[headlines]
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Dext Capital Expands into Technology Vendor Division
with Three Top Former KeyBank Top Former Employees

Dext Capital, known for its expertise in healthcare equipment financing, is expanding into a select group of diverse industries. This strategic move reflects “Dexter’s” commitment to extending its support beyond the healthcare sector leveraging its proprietary breakthrough technology, DART (“Dext Access Real-Time”). The new program will deliver decisions in minutes and enable their partners to control the customer documentation process through Quickdocs.

Dext Capital recently announced that it has achieved $1 billion in new originations over its first five years of business operations.

Technology Vendor Division is reportedly dedicated to meeting the dynamic requirements of IT manufacturers and other technology solutions providers.

In the company press release, “This new division is led by Ralph Tomei, a 25-year veteran with a noteworthy tenure as head of the technology business at Key Equipment Finance. Accompanying him are seasoned industry professionals, Jacque Garscin and Heather Scott, each boasting an impressive track record of over two decades overseeing multiple technology vendor programs. This powerful team boasts a track record overseeing $5 billion in originations, as well as forging successful partnerships with leading technology companies.
(See today's New Hires for their biographies. Editor).

Kyin Lok, Dext Capital CEO, said, ”“It’s great to start the New Year by welcoming our newest Dexters. Backed by Dext’s innovative solutions and access to efficient capital, Ralph, Heather, and Jacque are the perfect additions to lead this new division and fill some of the market gaps left by the recent banking industry retrenchment.”

the new five divisions  are:

Automotive: In the dynamic automotive sector, Dext Capital is well-prepared to support automotive shops and dealerships in acquiring the latest equipment and technology. Whether for auto repair shops or car dealerships, Dext Capital's financing solutions aim to help businesses stay competitive and efficient.

Convenience Stores: With the thriving c-store and gas station industry in mind, Dext Capital is ready to assist convenience store owners with financing solutions tailored to their unique needs, whether for equipment upgrades, inventory expansion, or new locations.

Fitness Industry: Recognizing the increasing demand for fitness services, Dext Capital is eager to offer flexible financing options to fitness centers, gyms, and personal trainers seeking to invest in top-notch equipment and expand their operations.

Technology: Dext Capital provides innovative financing solutions to several leading technology vendors and their essential small and medium businesses.

For More Information:
https://dextcapital.com

 

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Changes in Banks, Particularly Regional, Moving
Away from Leasing, Third Party, and Vendor Finance
By Randy Haug, LTi Technology Solutions

Many banks and financial institutions are not as interested in revenue growth right now as they have been in the past. Instead, they are now focusing on higher profitability products generating more free cash flow using less of their precious liquidity. Banks’ cost of deposits is much more expensive today as it was just a year or more ago. (In many situations up to 500 basis points higher). This has resulted in those same banks having to get smaller institutionally to achieve that result. Many are retrenching back to more core bank products and not offering all the same level of financial products in the market (such as equipment finance) at the same levels as in years past.

Could that change in the future? Yes, but that may take further consolidation in the banking sector. Improved liquidity / deposit build up over a few years may be necessary before that comes back in vogue, plus an improved lower interest rate in the market, all of which takes time.  The other thing that is starting to happen is banks are getting back into the securitization and syndication model.  That is, building up portfolios to a certain size and then selling off tranches pools to investors and other financial institutions in the marketplace for fee income. Again, the banks want cash from fee income and utilizing their scarce liquidity in a different way going forward.

It never ceases to amaze me how resilient the Equipment Finance business is in times like these, as we are able to watch these new financial models come to market right before our eyes. The entire market is not changing but certain sectors are. It remains a dynamic innovative financial eco system. There is no denying that!

Randy Haug | EVP/ Co-Founder
LTi Technology Solutions 
w: 402.493.3445 ext. 1014
Mobile: 402-981-3155
rhaug@ltisolutions.com
www.ltisolutions.com

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California Senate Bill Will Expand
Who Must Obtain a State Lender's License
By Marshall Goldeberg, Leasing News Legal Editor

The California Senate introduced Amended Bill SB 869 on September 13, 2023, to expand the types of commercial financing that would require licensure and fall within the regulatory authority of the California Department of Financial Protection and Innovation (“DFPI”). 

The bill defines commercial financing to include accounts receivable purchase transactions, including factoring, asset-based lending transaction, or lease financing, intended by the recipient for use primarily for a purpose other than a personal, family, or household consumption. If passed, the legislation would go into effect on January 1, 2026. 

Key aspects of the bill include:

1. Licensing Requirements: The bill would prohibit a person from engaging in the business of a commercial financing provider, as defined, or commercial financing broker, as defined, without obtaining a license from the commissioner. It makes clear that all brokers involved in commercial financing must be licensed.

2. Operational Standards: Licensed commercial financing providers would be required to allow payments in advance on transactions. Brokers would need to provide clear information, including their name, address, and license number, to clients at the time of finalizing deals.

3. Legal Compliance: The Bill incorporates various amendments and additions to the California Financing Law (CFL) to ensure that these changes are legally binding and enforceable.

This bill reflects an effort to enhance regulatory oversight of the commercial financing sector, ensuring greater transparency and accountability in business transactions.

CA SB869
https://legiscan.com/CA/text/SB869/id/2794143

Marshall Goldberg
Glass & Goldberg, A Law Corporation
22917 Burbank Blvd.
Woodland Hills, CA 91367-4203
(818) 474-1532 Direct
(818) 888-2220 Main
(818) 888-2229 Facsimile
mgoldberg@glassgoldberg.com
www.glassgoldberg.com

[headlines]
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Leasing and Finance Industry Help Wanted

 

When It's Time to Move On
By Ken Lubin, ZRG Partners, Managing Director

Know when to cut the cord.  It happens in business, sports, parenting, and anything else that involves leadership. Once you start going down the road of hope versus certainty, you must be willing to get out.

I see it with deals that I work on and I see it with peoples’ relationships. They start hoping that that person will come back to them or that deal may close if we do this. At that point, it's too late. You have to be proactive versus reacting to it after the fact; it should have been done six months ago.

The most important decisions a leader can make involve timing and understanding when to get out; you don't want to be the person who always "buys high, sells low," you want to be the person who "buys low and sells high…You don't want to be on the downward trajectory. Yyu want to be on the upward upswing.

Ken Lubin, Managing Director
ZRG Partners, LLC
Americas I EMEA I Asia Pacific
C: 508-733-4789
https://www.linkedin.com/in/klubin

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Top Ten Leasing News Read by Readers
December 29 - January 4, 2024

(1) New Hires/Promotions in the Leasing Business and Related Industries
https://leasingnews.org/archives/Jan2024/01_04.htm#hires

(2) New Hires/Promotions in the Leasing Business and Related Industries
https://leasingnews.org/archives/Dec2023/12_29.htm#hires

(3) Would You Hire You?
By Ken Lubin, ZRG Partners, Managing Director
https://leasingnews.org/archives/Jan2024/01_04.htm#would

(4) Will Pennsylvania Be the Next State to Adopt a Commercial Disclosure Law?
By Kenneth Greene, Leasing News
https://leasingnews.org/archives/Jan2024/01_04.htm#will

(5) The Two Reasons You Get Hired
by Ken Lubin, ZRG Partners, Managing Director
https://leasingnews.org/archives/Dec2023/12_29.htm#two

(6) November Downturn for Commercial Finance
ELFA Reports Volume Down 19 Percent
https://leasingnews.org/archives/Dec2023/12_29.htm#elfa

(7) Which City Has the Most Millionaires?
Let's Start with the Top 30
https://leasingnews.org/archives/Dec2023/12_29.htm#which

(8) Results are in: Wheeler Business Consulting
    2023 Compensation and Production Survey
https://leasingnews.org/archives/Jan2024/01_04.htm#results

(9) License and Registration
A State-by-State Analysis of License Requirements for Lenders and Brokers
https://leasingnews.org/archives/Jan2024/01_04.htm#license

(10) Best Films of 2023 by Fernando Croce
https://leasingnews.org/archives/Jan2024/01_04.htm#license

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

Asset-Based Lending Holds Steady in US
SFNet Report

New origination activity was muted but portfolios showed no signs of
major deterioration in Q3 SFNet Survey

NEW YORK, NY ─ The asset-based lending market held steady in the third quarter amid positive developments in the US economy such as easing inflation, strong consumer spending and a solid job market, according to data released by the Secured Finance Network (SFNet). But while hope continues for a soft landing, overall confidence took a hit because of lingering concern about interest rates, consumer financial stress and an upward trend in commercial bankruptcies. 

SFNet surveyed bank and non-bank asset-based lenders (ABLs) on key indicators for its quarterly Asset-Based Lending Index and SFNet Confidence Index.

SFNet CEO Richard D. Gumbrecht observed, “This ‘all-weather” industry’ was healthy in the third quarter and remained prepared for any ups and downs in Q4,.

“New origination activity was muted, as many companies refinanced when interest rates were lower,” he said, “but portfolios showed no signs of major deterioration, despite increased scrutiny and economic headwinds.”

Indeed, the report found that non-banks were optimistic about a potential uptick in demand while banks were busy keeping a watchful eye on portfolios and deposits. Expectations for client utilization, meanwhile, were largely unchanged quarter-over-quarter for both lender groups.

Survey highlights

For banks, asset-based loan commitments (total committed credit lines) were flat in Q3. Outstandings (total asset-based loans outstanding) fell slightly by 2.3%.

“Commitment origination and runoff trends largely caused the muted commitment growth from Q2 to Q3,” the report said, “with a drop in new commitments with new clients (-25.9%) combining with a rise in runoff (+36.8%) to reduce net commitments.”

There was a similar trend in outstandings. The quarter-over-quarter change in ABL outstandings remained just below that of commercial and industrial loans for the past two quarters, the report said.

Non-banks, meanwhile, reported stronger growth in Q3 for both total commitments and total outstandings. And while there was a significant decrease in commitments with new clients, the drop in commitment runoff was not as pronounced, according to the report.

“Commitments with new clients may have declined, but extensions or expansions with existing clients were larger on average than they have been in past quarters,” the report said.

New outstandings and runoff declined from the previous quarter. Still, the weighted average quarter-over-quarter percent change among non-bank respondents for both commitments and outstandings remained positive across a majority of reported quarters, SFNet said.

In terms of credit-line utilization rates, both lender groups reported minor changes from the second to third quarters: from 39.9% to 38.9% for banks and from 48.7% to 50.1% for non-banks.

“With bank commitments flat and dipping outstandings, the utilization rate decreased for banks. But with growth in non-bank outstandings outpacing commitment growth, utilization increased for non-banks,” the report said.

ABL portfolio performance held within the normal historical range in the most recent Lending Index. Banks reported higher levels of criticized and classified loans; non-accruals dropped; and write-offs generally were unchanged. Non-bank portfolio performance was mixed. A higher share of survey respondents saw increased non-accruals while write-offs as a share of outstandings were flat.

“Despite the mixed results, performance is largely in line with historical trends and portfolios remain generally healthy,” the report said.

Details

For more publicly available information, visit SFNet’s Q3 2023 Asset-Based Lending Index report.  SFNet members have access to additional data and detailed reporting.

For a broader view of ABL trends and this industry, visit SFNet’s Annual Asset-Based Lending Industry Survey for 2022.

Information about the association’s Asset-Based Capital Conference 2024, slated February 6-7 in Las Vegas, is also available on the website.

About Secured Finance Network

Founded in 1944, the Secured Finance Network (formerly Commercial Finance Association) is an international trade association connecting the interests of companies and professionals who deliver and enable secured financing to businesses. With more than 1,000 member organizations throughout the US, Europe, Canada and around the world, SFNet brings together the people, data, knowledge, tools and insights that put capital to work. For more information, please visit
https://www.sfnet.com

Shepherd Mix
Lake Oswego, Oregon   Adopt-a-Dog

Naira

Female
33 lbs.
Brown/Chocolate, Yellow
Tan, Blonde, Fawns
Coat Length: Medium
House Trained
Spayed
Vaccinations up-to-date
Good in a Home with
Other Dogs, Children
Adoption Fee: $400

Meet Naira

Meet Naira! Her name means radiant in Urdu and her personality is exactly that. She radiates love.

Naira is the perfect size at 33lbs. She is spayed, up to date on vaccines, house trained, doggie door trained and good even if left alone. She is good with her fellow doggie friends and loves people.
Naira would be a great for first time dog owners or for dog owner pros.

Central Texas Ruffugees
Lake Oswego, OR
Location Address
Lake Oswego, OR
centraltexasruffugees@gmail.com
(512) 826-6822

News Briefs---

Here’s a 2024 resolution: Stop using
    paper checks. Fraud is soaring
https://www.latimes.com/business/story/2024-01-07/heres-a-2024-resolution-stop-using-paper-checks-fraud-is-soaring

Alaska Airlines Accident Could Have Been
    Much Worse, Investigator Says
https://www.wsj.com/business/airlines/pretty-terrifying-investigators-start-probe-into-blowout-on-alaska-airlines-flight-1282-e0e9b74e?mod=business_lead_story

American Unions Long Backed Israel
    Now, Some Are Protesting It.
https://www.nytimes.com/2024/01/07/business/american-unions-long-backed-israel-now-some-are-protesting-it.html?login=smartlock&auth=login-smartlock

Saving for Retirement on Part-Time Pay:
    The Challenges for Women
https://www.nytimes.com/2024/01/06/business/retirement-saving-part-time-women.html

[headlines]
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Migrants are overloading American cities’ capacities
    to serve them. They deserve our help anyway
https://www.bostonglobe.comhelp-migrants-in-america/

[headlines]
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Sports Briefs---

49ers’ 21-20 loss to Rams in
    regular-season finale
https://www.eastbaytimes.com/2024/01/07/instant-analysis-of-49ers-21-20-loss-to-rams-in-regular-season-finale/

Cowboys-Commanders takeaways: Dallas rolls
through Washington to claim NFC East crown
https://www.dallasnews.com/sports/cowboys/2024/01/07/cowboys-commanders-takeaways-dallas-rolls-through-washington-to-claim-nfc-eastCalifornia ranks first in nation for strongest gun laws, according to gun safety group

If it was his final game as Patriots coach, Bill Belichick,
a man of history and accomplishment, never, never, never gave in
https://www.bostonglobe.com/2024/01/07/sports/if-it-was-his-final-game-patriots-coach-bill-belichick-man-history-accomplishment-never-never-never-gave/

[headlines]
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California News Briefs---

 

[headlines]
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Gimme that Wine

 

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

The Year’s 50 Best Wines Under $50, From an
    Expert Who Tasted 3,243  Is the wine boom over?
https://www.bloomberg.com/news/articles/2023-12-28/50-best-wines-under-50-from-expert-elin-mccoy-who-sampled-3-243-in-2023

NAPA VALLEY FEATURES
   Is the Boom Over?
https://napavalleyfocus.substack.com/p/the-wine-boom-is-over

2020 Malbec
Bronze Medal Winner San Francisco Chronicle Wine Competition! This Texas High Plains Malbec, is Chris's favorite red wine. Blackberry and cassis notes, this smooth finishing wine is perfect with foods ranging from Manchego cheese to steak!
https://elisachristopherwines.com/