Lease Corporation of America Expands Third Party Origination Platform Via its LCA Financial Subsidia
FOR IMMEDIATE RELEASE January 28, 2014
Contact: Mike Coon mcoon@leasecorp.com
TROY, Mich. – Lease Corporation of America (LCA) announced today that the company intends to make significant efforts to expand its third party origination platform through its subsidiary, LCA Financial, LLC (LCAF). Headed by its president John Martella, LCAF manages the indirect and wholesale origination platform for the company.
LCA recently announced a $16MM capital raise and has recruited Mike Coon, a 25-year veteran of indirect equipment lending, to support the growth initiative. John Martella made the following comments: "We are positioned for strong growth in 2014 and have plans to expand our reach. We feel we have the resources, personnel and pricing to compete actively and increase LCA’s presence in the third party space. Of great competitive advantage is LCA Bank Corporation (LCAB), another LCA wholly owned subsidiary, that provides creative and very competitively priced funding. Martella concluded by stating: "As we continue to develop our relationships with quality origination sources, Mike Coon and I will be able to identify specialty finance companies, banks and intermediaries that will make good partners for the long haul. Our practical approach and extensive experience makes us solid team members and a preferred source of funding for a wide variety of originators nationwide.”
About LCAF
LCAF specializes in the Buy/Sell activities of the LCA related entities. LCAF provides flexible discounting facilities of portfolios, asset pools and one-off transaction with either servicing retained or released. LCAF’s portfolio and pool purchases range from $1MM to $25MM and single transactions up to $1.4MM. In addition, LCAF discounts one-off transactions and sells pools from its related entities direct origination platforms to manage exposure limits.
About LCA and LCAB
LCA is a full-service financing company specializing in technology and industrial equipment financing. LCA offers a multitude of leasing programs that allow companies to obtain the equipment they need now and pay for it over a fixed amount of time, freeing up working capital and credit lines. Based in Troy, Michigan, LCA has serviced the needs of its vendors, customers and brokers since its formation in 1988. LCA has kept pace with the ever-changing economy to develop innovative financing programs, professional marketing support and easy-to-use leasing tools for our clients. LCA is one of the largest independently owned leasing companies in the United States.