Somerset Announces Record Quarter-Ending Lease Originations
Published October 16, 2012
Categories: Recent Earnings
Somerset Capital Group said, in nearly 30 years of business, it closed on a record quarter ending for new lease originations and established a new funding facility and non-recourse relationship with an international lender.
The company said while the discounting relationship will allow Somerset to leverage its larger transactions, the new $15 million short-term financing facility will provide it with a flexible and cost-effective platform to support its continued expansion. As an additional facet of this new relationship, Somerset said its business partner engaged Somerset’s asset expertise in underwriting two significant transactions with a long-standing customer.
“While all this was going on, we continued to expand and develop our core business groups, closed a major technology sale in Malaysia (generated by our IT trading business), continued to expand our presence within our forklift trading business, and launched our new corporate website. All of this just goes to show what a real team effort can produce,” stated Evan Bokor, president and CEO. “Typically, summertime in the leasing industry is very slow with little new business activity. Coming off a record month of August and closing out a record quarter provides ideal momentum for what is shaping up to be an equally busy and successful fourth quarter.”