4th Quarter 2021 is here!

4th Quarter 2021 is here!

Steel prices have sky rocketed along with supply shortages across the board.  The demand for equipment has remained strong creating long delivery times and it does not appear that much relief is in site.

The good news is that financing has remained at historic lows and the credit markets are strong.  This creates an opportunity for you to hedge against these increased prices and market volatility with low payments.

Before the year comes to a close, take advantage of the low financing while it lasts and get your equipment orders in now.  Take delivery before the end of the year and qualify for the 170 tax credit while it is still available.

When you place your next order, please contact me for an immediate quote.  Special financing options are available if you act quickly.

American Financial Network to Provide Equipment Leasing to Community Bankers

Midwest equipment leasing veterans Spencer Richman and Richard Homan have launched a new division of American Financial Network, Inc. (AFN). Bankers' Equipment Leasing will provide Midwest community bankers an opportunity to offer equipment leasing to their commercial customer base, a service that historically has been impractical due to lack of expertise and economies of scale. Richard Homan will lead the division building on his successes at BB Community Leasing Services Inc.

"Community banks are exposed to significant competition in the equipment finance arena", states Homan. According to the Independent Community Bankers of America, community banks control approximately 21% of all US banking assets and 58% of all loans to small business. "Despite this market acceptance for traditional bank loans/products, community banks control a negligible portion of all lease receivables. At the same time banks are also experiencing lack of loan demand, net interest margin squeeze and high levels of liquidity. Community banks have the demand and ability to fund these transactions. They simply need the expertise and platform from which to operate. We provide that platform without the fixed investment and overhead of establishing their own business unit" concludes Homan.

Bankers Equipment Leasing is taking a distinctive approach to delivering a unique and sometimes misunderstood product to the community bank market. Unlike other equipment finance companies, Bankers Equipment Leasing will provide a wide variety of options to community bankers to help them increase their loan portfolio and bottom line. They will be able to pick and choose their level of involvement on any given transaction depending on their level of risk tolerance, liquidity, capital level and yield requirements. Banks will be able to generate fees, loans or lease receivables on any given transaction and will have the flexibility to change their approach at any time.

Competing offerings to community bankers appear to fall into one of two categories. The most commonplace product involves a leasing company that offers a fee for a referral. The alternative approach typically involves a leasing company that presents a transaction to a bank for funding. According to Mr. Richman, "...these programs have their merit but have failed to achieve any significant market share for the community bank marketplace. The "fee only" products do not offer enough incentive to actively market the product while the funding opportunity model presents customers who are typically not local or known to the community banker and present a transactional funding opportunity only. Community bankers are just that - they want to build long term relationships in their community".

Mr. Homan has spent 28 years in the financial services industry, including the most recent nine years building a bank-owned leasing company with a similar model. He has worked extensively with 100+ Midwest community banks and understands their challenges. Spencer Richman has owned AFN since 1988. He has developed a large syndication network and specialized underwriting approach that will allow Bankers Equipment Leasing to fund a wide range of transactions. "Size of transaction and client exposures should not matter when we evaluate the ability to fund a given lease", says Richman.

Bankers Equipment Leasing will offer a full complement of equipment finance products to community banks that will in turn be offered to their clients, including vendor finance, municipal leasing, agriculture equipment/real estate fixture finance and all forms of commercial equipment finance. Lease structures will include true leases and loans and will be driven by the end user's desired tax and financial objectives. "We work directly with the commercial lenders to understand their client's need and provide them with the correct product" Homan concludes.

AFN was founded by Spencer Richman in 1988. AFN has developed an impeccable reputation within the equipment finance industry in the areas of business development, credit analysis and "sell-side" syndications. Further, AFN has developed expertise in middle-market, small ticket and municipal leasing. Its volume is primarily driven by vendors, regional bank referrals and direct originations. The company also has investment banking and servicing capabilities. Finally, AFN's professional credentials include, among others, Certified Lease Professional© earned in 1998, NAELB Best Practices Broker designation in 2008 and NAELB Master Member designation in 2007.


Source: Equipment Finance Advisor

Spencer Richman, CLP is elected President of National Association of Equipment Leasing Brokers.

Spencer Richman, of Shaker Heights, Ohio, became president of the largest equipment leasing association in the United States at the Annual Meeting of the National Association of Equipment Leasing Brokers (NAELBä) on May 2, 2009 in Las Vegas.

May 11, 2009 - PRLog -- Mr. Richman is the owner of American Financial Network, Inc., a commercial equipment leasing and financing company in Beachwood, Ohio. American Financial Network has been providing equipment leasing and financing to businesses and municipalities nationwide for over twenty years. The company offers leasing and financing for nearly all types of business equipment including computers, manufacturing equipment, software, vehicles, construction, medical, office equipment and more. Leases range in size from as little as $5,000 to as much as a few million dollars. While bank financing is very difficult to obtain these days, American Financial Network continues to provide funds for companies who need to acquire equipment.

The National Association of Equipment Leasing Brokers was formed more than twenty years ago to serve the interest of equipment leasing companies who broker or sell their leases in the secondary market. The association has experienced phenomenal growth, increasing from a few hundred member companies just a few years ago to over one thousand leasing companies at the end of 2008. NAELB member companies are in all fifty states and Canada and range from small one to two person operations to large national bank owned leasing companies.

The Certified Lease Professional (CLPä) designation that Spencer Richman holds makes him one of only two hundred twenty CLPs in the country. The CLP designation sets the standard for professionalism in the leasing industry. It identifies and recognizes individuals who have demonstrated their competency through continued education, testing and conduct. He also holds the Best Practices Brokerä designation which is a certification from the NAELB which shows the ability to apply the association’s Code of Ethics to business practices. It represents the highest level of commitment to ethical business practices in the industry.

Spencer Richman is a graduate of Northwestern University and founded American Financial Network, Inc. in 1988. He is married and has three children, is an assistant scoutmaster and served on the board of his temple. His interests include reading, skiing, camping and sailing.

Source: PR Log