Kit:
I'm writing in response to the responses from Paul Menzel & Jerry Bishop.
I
think both missed my point.
I strongly believe that any grantor of credit has the prerogative to establish
their own criteria, after all they are the party at risk. I wouldn't attempt to
suggest any lender approve a transaction if it didn't fit those criteria and if
they weren't completely comfortable with the credit. If this particular lender
had requested additional information before they approved the deal I'd have no
problem and would have gladly attempted to get it for them. Furthermore if they
requested additional information after they approved the deal I certainly would
have given my best effort to get it for them. What they did was to approve the
deal one way then several hours later after we committed ourselves to purchase
the equipment they demand changes in that approval. This doesn't have anything
to do with the state of the economy or a dysfunctional portfolio or Alan Greenspan
or the mistaken approval of a less than worthy credit. This was simply a lender
saying they might not honor their word because someone within the company disagreed
with an approval that had been conveyed to a broker. That is just unreasonable
and unacceptable. And that's all I have to say on the subject.
Thanks
for the opportunity to clarify.
Rick
Wilbur
Managing Partner
www.mediacap.com
(800) 836-7753 ext. 104
Kit, do you know who the lender is that Rick is referring to? If not, do you have
Rick's email address? I'll drop him a note requesting the name of the lender.
Obviously it is one I want to stay clear of. That's my reason for asking. Nothing
more.
Thanks,
Steve
( StevHead@aol.com )
P.S.
Your doing a good job with you Industry News. It's appreciated.
(
Rick gave his telephone number and address above. He has sent in e-mails before
with his e-mail address, so I don't think he would mind me including it again:
Rick@mediacap.com I should add I have done
business with Rick since 1972 when he was at Budget Finance, then had his own
company as lessor, and I sent him business there as a broker. I think he semi-retired,
but is not really "semi-", and from time to time I see him at leasing conferences.
He has been a broker, a superbroker, a lessor, a funder, and also tells some great
Jewish jokes, too.---editor )
Kit -
Having
shared Bob's ( Bob Rodi**) experience with Eaton / AT&T, I find it somehow comforting
to know that the same guy who ran Eaton (and his associates) incurred the same
results the second time around at Bankvest.
Hal
Hayden
HalH@CapitalStream.com
***
( short part on Rodi's comments: "...the delinquency from the vendor direct portfolio
hit 22% at one point. Much higher than the broker portfolio but the brokers still
took most of the blame. It did not matter that they made all of the credit decisions,
determined the underwriting criteria, gave us the documentation guidelines, etc."
Tri-Ad a "Fraud" Leasing Company????
ALERT
ALERT ALERT ALERT
was the fax heading from Jean Wong...no return address
or other information. I cannot substantiate this, but pass it along as it appears
sincere.
Here
is the message:
" This company is fraudulent! Please beware! Tri-Ad used to be a construction
company or until one month ago it became an equipment leasing company. This so
called "Equipment Leasing" company used back dated bank account references as
well as back dated brad and Dun references to mislead lenders into thinking they
have been established as an equipment leasing company for many years. The owner
of Triad Equipmentleasing company is Bob Frabrezio, who is also a broker for Wilshire
Mortgage. The location is 2601 Del Rosa Avenue #104, San Bernardino, California
92404 shows Wilshire Mortgage and Triad Painted on the Window. Please do not be
fooled. Beware of the fraudulent activity. Please tell all brokers about this
company."
