North Mill Equipment Finance Announces
$404 Million Term Securitization

North Mill Equipment Finance LLC President and Chief Operation Officer Mark Bonanno announced  the closing of its eighth asset backed securitization (ABS), "NMEF Funding 2024-A (“NMEF 2024-A”): "The $404 million transaction is NMEF’s first ABS transaction this year, bringing the total ABS proceeds raised by NMEF since inception to $2.3 billion.

"NMEF 2024-A features a strong, diversified collateral pool resulting from NMEF’s recent adjustments to its pricing and risk framework.

“The interest in the NMEF shelf continues to grow.  We received 45 orders from 32 unique investors, including 12 first time buyers, that drove demand to a ~3.5x oversubscribed level and allowed for continued tightening of spreads from launch to pricing.”

Mitch Tobak, NMEF’s VP of Corporate Development added, “NMEF was proud to present a strong collateral pool to investors, with a balanced mix that no longer contains long-haul trucking within the top five equipment types, along with the highest weighted average FICO of any NMEF issuance to date.

"Transportation collateral represents less than a third of the total pool, a testament to NMEF’s ability to originate profitable paper in a variety of industries. We are grateful for the continued support of our referral partner network and the ~14K active borrowers they have referred to NMEF.”

About NMEF
NMEF originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $2,500,000 in value.  A broker-centric private lender, the company accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, printing, franchise, renovation, janitorial and material handling equipment.  NMEF is majority owned by an affiliate of InterVest Capital Partners. 

The company’s headquarters are in Norwalk, CT, with regional offices in Irvine, CA, and Voorhees NJ.  For more information, visit www.nmef.com.  One of NMEF’s controlled affiliates, BriteCap Financial LLC, is a leading non-bank lender providing small businesses with fast, convenient financing alternatives such as working capital loans since 2003 from offices in North Hollywood, CA and Las Vegas, NV.  For more information, visit www.britecap.com.

 

[headlines]
--------------------------------------------------------------

Randy Haug, EVP/Co-Founder, Comments on what
He Experienced from Americorp & LTi Relationship

Thanks again for your generous posting of this recent press release of our Amercorp and LTi relationship. Over three decades of success together is quite a testament to our long term mutually rewarding relationship built on high levels of service, engagement, and sustaining growth of both of our businesses over this long term. We very much appreciate you posting this in the popular Leasing news publication.

I have been traveling quite a bit the last many months. Out seeing client partners as well as new potential clients. I can tell you that people in the Equipment Finance industry are getting themselves ready for what I think is going to be another nice run because of pent up demand, Lower interest rate environment and the resiliency in the US small and middle market business segment.

People are making strategic hiring and many equipment finance business and also gearing up their spending on technology for this next run. Certainly we have some  global economic headwinds and of course the war situations that are still a drag on the greater global economy.

But In my meetings. I get the sense of a resurgence in positive attitudes and to be honest the opportunity for a stringer Q4 and on into the a more positive 2025 year. Like any economic down turn we have all lived through.

Certain companies are getting washed out, but also just like has historically happened. Many others are taking advantage and really growing their presence and expanding in many new markets they are now servicing. Very reminiscent of 2007-2009  economic down turn and then ensuing resurgence.  Interesting times indeed!

I’m certainly a glass half full type of personality, but think there are some positive things ahead. Onward and Upwards!

Leasing News would like to thank both Kristen Dargy, Marketing Director, LTi, and Tara Assand, VP, Sales & Relationship Management, LTi

Americorp Elevates Equipment Finance Operations 
with LTi Technology Solutions’ ASPIRE Platform
https://leasingnews.org/archives/Aug2024/08_29.htm#ameri

[headlines]
--------------------------------------------------------------

Leasing and Finance Industry Help Wanted
Excellent Compensation/Marketing Support
Plus other openings for successful, growing funders

ELFA Announces Channel is Winner of
2024 Operations and Technology Excellence Award

The Equipment Leasing and Finance Association (ELFA) today announced that Channel is the recipient of the 2024 Operations and Technology Excellence Award. The award recognizes innovative uses of technology in the equipment finance industry. Channel’s award-winning project will be showcased during ELFA’s Operations & Technology Conference, Sept. 9-11 in Nashville.

Mark Blais, CIO at Channel, commented, “Our strong culture and rapid growth improved team efficiency, but we recognized the need to enhance our enterprise processes for continued success.

“We took a collaborative approach to revamp our business processes and technology, and focused on a win-together approach that prioritized our partners’ needs. Leveraging external consultants, internal teams and our partners, we designed exceptional solutions across the company. This massive initiative laid a solid foundation that delivered outstanding results.”

Chelsey Barron, VP of Sales Operations at LEAF Commercial Capital Inc., said, “Channel’s impressive transformation project exemplifies how to effectively streamline operations while supporting sustainable growth.

“We look forward to sharing their journey at the upcoming Operations and Technology Conference and inspiring other ELFA members to innovate and optimize their operations.”

ELFA stated Channel is recognized for its comprehensive overhaul of processes and systems, creating a streamlined, efficient and scalable infrastructure that supports sustainable growth. By collaborating with an external solutions provider, Channel reassessed its business processes and technology systems, involving the entire company in building capability maps and process flows, surveying partners and benchmarking against industry-leading practices. The result was significant annual savings and enhanced customer experiences with faster solutions and better technology.

About ELFA
The Equipment Leasing and Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s 575 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org

[headlines]
--------------------------------------------------------------

Top Ten Most Read by Readers
August 26 to August 29

(1) The Unfortunate Tale of Dallin Hawkins
By Ken Greene, Leasing News Emeritus
https://leasingnews.org/archives/Aug2024/08_26.htm#hawkins

(2) Trustee Seeks Denial of Kris Roglieri Discharge
  in Chapter 7 Based on Massive Fraud Scheme
By Ken Greene, Esq., Leasing News Emeritus
https://leasingnews.org/archives/Aug2024/08_29.htm#trustee

(3) Story Credit Financing - Updated
Business Loans, SBA Loans, Working Capital
https://leasingnews.org/archives/Aug2024/08_29.htm#sc

(4) Americorp Elevates Equipment Finance Operations
with LTi Technology Solutions’ ASPIRE Platform
https://leasingnews.org/archives/Aug2024/08_29.htm#ameri

(5) Facts About the so-called $7,500 EV Credit
Electrek.com
https://leasingnews.org/archives/Aug2024/08_29.htm#facts

(6) Best Deal Alert, AACFB
Commercial Financing Expo
https://leasingnews.org/archives/Aug2024/08_29.htm#best

(7) Sudhir Amembal Announces Training Scholarships
to Industry Newcomers
https://leasingnews.org/archives/Aug2024/08_29.htm#sa

(8) Car Insurance Rates Could Jump as High as
  50% in several States This Year
By Matthew W. Daus, Esq.
https://leasingnews.org/archives/Aug2024/08_26.htm#car

(9) ELFA Reports Leasing New Business Up
to $11.1 Billion July from  $10 Billion in June
https://leasingnews.org/archives/Aug2024/08_26.htm#elfa

(10) Top Ten Most Read by Readers
August 19 - August 23
https://leasingnews.org/archives/Aug2024/08_26.htm#819

[headlines]
--------------------------------------------------------------

American Transit's Surplus Wiped Out
 By $705 Million Net Loss in Q2
By Matthew W. Daus, Esq.

(Image: Jeenah Moon

Based on a recent, publicly available financial statement, TLC insurance giant American Transit Insurance Company (ATIC) has recognized a historic $700+ million loss in Q2 2024. The loss means ATIC is technically insolvent. In other words, if American Transit had to pay out claims it estimates it might be liable for, it would not have enough money (to the tune of over $650 million).

American Transit’s loss is the largest downward quarterly revision for an individual U.S. property & casualty (P&C) insurance company in the last 15 years. The underwriting loss was so large that it meaningfully impacted stats that measure the health of the entire U.S. commercial auto liability market.

American Transit has about 60% of the NYC TLC commercial auto liability insurance market.

Matthew W. Daus, Esq.
Partner and Chairman, Windels Marx Transportation Practice Group
Contact: mdaus@windelsmarx.com

Source: AutoMarketplace
https://automarketplace.substack.com/p/american-transit-officially-insolvent

Conference & Forums
Commercial Finance/Leasing Finance
Make New Friends!

  
Previous AACFB Conference 

Sept. 4-5: AACFB Commercial Financing Expo, New Orleans, Louisiana   https://expo.aacfb.org/home
Vicki Shimkus, CLFP, Balboa Capital, Broker Relationship Manager, will be covering the conference for Leasing News readers

Sept. 10-12: CFLA Conference, St. John's, NL, Canada
CLFP to Present New Program
https://leasingnews.org/archives/Aug2024/08_23.htm#clfp
Full Information:
https://cfla-acfl.ca/cfla-annual-national-conference-2024.html
https://cfla-acfl.ca/programs-services/event-calendar.html/event-info/details/id/48
Hugh Swandel, President, Meridian OneCap Commercial Credit, will be covering the conference for Leasing News

Sept. 23 - 24: B2B Finance Expo, Wynn, Las Vegas, NV
https://www.b2bfinexpo.com/
It also features Poker Game for 50, Sunday, Sept. 22, 2024
https://www.b2bfinexpo.com/page/3932469/poker-party
Accepting Reservations:
https://book.passkey.com/gt/220111918?gtid=3de05f54910c4c17c858cd28e9e1b9cf

Oct. 16-18: NVLA Conference, Clearwater Beach, Florida
https://www.nvla.org/page/2024conference
Keynote Speaker Michelle "Mace" Curran, Combat Veteran, Former USAF Thunderbird Lead Solo, F-16 Fighter Pilot
https://leasingnews.org/archives/Jul2024/07_12.htm#nvla
Sloan Schickler, Esq., Schickler & Schickler, will be covering the conference for Leasing News. She is also presenting there.

Oct. 27-29: 63rd ELFA Annual Convention, Austin, TX
List of Registered
https://leasingnews.org/archives/Aug2024/08_23.htm#elfa
Convention detailshttps://www.elfaonline.org/education-networking/2024/annual-convention
Early Registration https://leasingnews.org/archives/Aug2024/08_16.htm#elfa
Bruce Kropschot, Senior Managing Director, The Alta Group, will be covering the ELFA Convention, as he has done for  Leasing News for many years.

Nov. 6, 2024, Brokers Expo, New York City
https://brokerexponewyorkcity.com/
Make New Friends.

Nov. 11-14: NEFA Fall Conference, Indianapolis, Indiana
https://www.nefassociation.org/events/upcoming
Don Cosenza, CLFP, Senior Vice President of North Mill Equipment Finance, will be covering the conference for Leasing News
To be listed or update: kitmenkin@leasingnews.org

[headlines]
--------------------------------------------------------------

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

ELFA to Offer Virtual Option
for Upcoming Accountants Conference

Washington, DC,—The Equipment Leasing and Finance Association (ELFA) is offering a virtual option for its upcoming Lease and Finance Accountants Conference, taking place September 9-11 in Nashville, Tennessee. Recognizing that not everyone can attend in person, ELFA is offering a flexible alternative that allows participants to join from anywhere.

Virtual attendees will have the opportunity to watch live streams of high-quality educational sessions and keynote speakers at their convenience, ensuring they don't miss out on the valuable insights and knowledge shared during the event. Additionally, participants can earn 12 Continuing Professional Education (CPE) credits, all for a discounted price of $495.

The virtual option is designed to help industry professionals stay informed and continue their professional development, no matter where they are. For more information and to register, visit www.elfaonline.org/events/2024/LAC.

About ELFA
The Equipment Leasing and Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s 575 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org

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

[headlines]
--------------------------------------------------------------

Clear the Shelters
Dogs and Cats from Overcrowded

https://www.cleartheshelters.com/September 10, 2024

[headlines]
--------------------------------------------------------------

In Celebration Wayne Mosley, Jr.
Founder GE Leasing
April 8, 1954 – August 23, 2024

Wayne Johnson Moseley Jr. aka “Wayne Jr.” and “WayneZilla”, Born on April 8, 1954, in Falmouth, Massachusetts, to the late Amna and Wayne Moseley Sr., was taken home to be with the Lord, leaving behind a legacy larger than life.

Wayne was the owner and operator of GE Leasing for 37 years, Tampa, Florida. He was a founding member of the National Association of Leasing Brokers (now AACFB), which is a non-profit organization that mentor’s brokers and lenders alike and helps shape the rules and regulations for the industry. In the 90’s, when phone network systems were becoming available, Wayne identified Telephone Answering Service as a product that businesses would need help purchasing via leasing.

The only problem was the banks said the collateral was worthless. Wayne responded, “If they don’t pay, then you can turn their phone services off. If you turn their phone services off, how are they going to continue doing business? “The banks accepted this revelation and thus the “Business Essential Use Case Scenario” was born and placed into effect, even to this day. He was the proudest man in the world when both his sons joined him in business.

In the mid to late 80s Wayne was introduced to the Equipment Leasing Industry. With the ability to sell money and connect opportunities across the nation, he just needed to build the business. After 2 years of struggling to get the business going, His first Wife, Ashley, implored him to get a job, so he took a job selling Jaguars in St Petersburg. A few weeks later, Ashley called to tell him her water broke, and that his first son was on the way. Wayne left work and traveled in the ambulance with her to the hospital. It was at that time that she told him his beeper had been ringing off the hook, and that he needed to come home and finish building his business.

He married his wife, Sandra Moseley, on November 11, 2011, at Bayshore Baptist Church, marking the beginning of a beautiful chapter in their lives. Wayne loved 911 Porsche’s, Cuban Cigars, Billy Idol, Snorkeling, Football, Djokovic, Cream cheese eggs, and Seabass prepared anyway. He loved Going to car shows with Lloyd, Fishing with Steve, Strategizing business with Sandy Mahr, and Sunday school with Sam. He loved traveling to the Caribbean islands with Sandi and Bill, Renovating homes with Melanie, and Working with his two sons.

He is survived by his loving wife, Sandra, and his children: Loren Taylor-Grant Moseley (Biancha Camille Moseley), Hamilton Grant Moseley, and Melanie Beth Rose (Philip Christian Rose). Wayne also leaves behind his dear sisters, Camille Moseley and Denise Moseley, and his grandchildren: Scarlett Ashley Moseley, Layla Elizabeth Moseley, Angelia Olivia Rose, Lauren Elizabeth Rose, and Philip Christian Rose II. He is also survived by his nieces and nephews: Charity Tuttle, Spring Gates, and Lucas Shore.

Funeral Services were held at  Bayshoe Baptist Church. Tampa, Florida. He was buried the same day at Myrtal Memorial Park, Tampa, Florida, with reception afterwards at Blount * Curry Life Event Center.

(Thank you to Monica Harper, AACFB, for providing the information).

https://www.linkedin.com/in/wayne-moseley-942ba313/

News Briefs

‘A very serious situation’: Volkswagen could close
   plants in Germany for the first time in history
https://www.cnn.com/2024/09/02/investing/volkswagen-factory-closure-germany/index.html

Boeing’s next big problem could be a strike
by 32,000 workers
https://www.cnn.com/2024/09/01/business/boeing-strike-threat/index.html

America’s massive hotel strike
just got even bigger
https://www.cnn.com/2024/09/02/business/hotel-strike/index.html

[headlines]
--------------------------------------------------------------

Meet one of America’s newest union leaders:
   Brooke Shields
https://www.washingtonpost.com/business/2024/09/02/brooke-shields-union-actors-equity/

[headlines]
--------------------------------------------------------------

Sports Briefs---

49ers’ Ricky Pearsall left hospital the day
   after being shot through the chest.
      How is that possible?
https://www.cbssports.com/nfl/news/49ers-rookie-ricky-pearsall-released-from-hospital-after-being-shot-in-robbery-attempt/

49ers place Ricky Pearsall on non-football
   injury list after shooting
https://www.eastbaytimes.com/2024/09/02/49ers-place-ricky-pearsall-on-non-football-injury-list-after-shooting/

[headlines]
--------------------------------------------------------------

California News Briefs---

California ranks 2nd-best state for workers
Texas 46, Florida 29
https://www.mercurynews.com/2024/09/02/california-ranks-2nd-best-for-workers/

[headlines]
--------------------------------------------------------------

Gimme that Wine

 

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

LeBron spends $100k on French wine
   after Paris Olympics
https://www.thedrinksbusiness.com/2024/08/lebron-spends-100k-on-french-wine-after-paris-olympics/

Shafer Vineyards Unveils New Packaging for Fall
2024 Releases, Showcasing Hillside Select Cabernet Sauvignon
https://www.winebusiness.com/news/article/291882

 

Napa Valley Noir Launches to Redefine Luxury
in Wine Country
https://www.winebusiness.com/news/article/291847