Leasing News

Balboa Capital Corporation ,VP Finance Shawn Giffin, CLP (left) congratulates President Patrick E. Byrne, CLP. The Western Association of Equipment Leasing member firm was recently ranked #67 overall on the Inc. 500 list.

Firms: Balboa Capital Corp.

Specialization: High-tech

Lease Range: $10K-$2 million

Number of Employees: 35

Irvine-based Balboa Capital Corporation is the 67^th fastest-growing private company in the U.S. according to Inc. Magazine. In its annual “Inc.550 Survey, “ published in the October, 1993 edition, Balboa ranked 67 overall and second in southern California, based on their five year grown patter.

The secret to their success? According to President Patrick E. Byrne, CLP, “ We pride ourselves on creative thinking and promoting from within. Being a member of WAEL has helped us grow with its many opportunities to interact and network. Through WAEL, we’ve developed important partnerships and relationships with funders and suppliers.”

Byrne founded the fledging company six years ago---and joined WAEL a year later. The company, which started in a small office with only three employees, has increased now to three offices with thirty employees. Byrne said he predicts a 50 percent growth next year.

Vice President of Finance Shawn Giffin, CLP, adds, “Our sales force doesn’t have the frame of reference of the ‘easy years’ of the 80s. They simply don’t acknowledge the existence of a recession. They think that this is the way it’s supposed to be and just go out and write lots of business.”

Byrne and Griffin can be reached at (310) 575-9900., 11150 Santa Monica Blvd, Suite 670, Los Angeles, CA. 90025.

Fall, 1993, WAEL Newsline

(Please send us pictures or old industry magazines. We will return them, if requested. editor)

Meetings

12/14 Eastern Association of Equipment Lessors

Holiday Party aboard the World Yacht.

Dine, Dance and Sail around Manhattan. For additional info, contact the EAEL office at

914 381 5830.

Plan Your 2003—see Conferences and Meetings

http://www.leasingnews.org/meetings.htm

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Classified Jobs---Finance to Sales plus HELP WANTED

Finance: Orange County, CA

CFO/Controller/IT Director - 15 years experience in leasing and ABL. Experienced in: Accounting, Finance, Systems, Tax, Operations, Securitizations, etc.MBA, ELA member. Many accomplishments. Email:gosween@cox.net

Legal: Chatsworth, CA

Managing attorney for general corporate and financial services law including: leasing, acquisitions, service agreements, commercial loans, securitizations, workouts and litigation. Email:SandiDQ@msn.com

Operations: Wayne, NJ

20+ heavily experienced collection/recovery VP looking to improve someone's bottom line. Proven, verifiable track record. Knowledge of all types of portfolio. Will relocate Email:cmate@nac.net

Operations: Experienced Credit, Collections, lease and Finance operations. Manager w/ expertise in improving bottom line performance, excellent trainer, manager, motivator. Get result/ keep the customer coming back. Email:rgmorrill@comcast.net

Receptionist: San Diego, CA.

An outgoing, people loving person. Can handle several tasks at once. 35 wpm, some receptionist exp. in high school office, &some comp. knowledge. email:dvynangel69@msn.com

Sales: Detroit, MI

Experienced, hardworking, goal oriented sales professional with strong structuring/restructuring skills. Captive/vendor middle market IT concentration. Seeking position with leasing company in Michigan. Email:leaseman222@yahoo.com

view entire list

http://65.209.205.32/LeasingNews/JobPostings.htm

HELP WANTED

Sales: National: 7 offices Medical & IT/ plus. Seeking professionals w/solid book of business & high ethics. Exceptional support & commissions. Expenses paid. 616-459-6800 Email: gsaulter@chaseindustries.com "UAEL"

Sales:Warminster, Bucks County, PA.

18 yr old, prof. lessor seeks net PVP motivated sls pros. Top funding & backroom capabilities.

email:sbrown@capitalinnovations.com"NAELB"

Send to a friend. If you have a colleague out of work, or want to look for a better job,

please visit the leasingnews.org classified. We get results because we are read.

http://64.125.68.90/LeasingNews/JobPosting.htm

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Rates edge up in latest week

By Associated Press

WASHINGTON (AP) Mortgage rates around the country edged up this week as investors tried to decipher mixed economic reports and other information about where the economy is heading.

The average interest rate on 30-year fixed-rate mortgages moved up to 6.03 percent for the week ending Nov. 22, after dropping to a new low the week before, Freddie Mac reported Thursday in its nationwide survey.

Last week's rate of 5.94 percent was the lowest since the mortgage giant began tracking 30-year mortgage rates in 1971. It also had marked the seventh time this year that rates on this benchmark mortgage hit a new low.

Rates for 15-year fixed-rate mortgages, a popular option or refinancing, also rose this week, climbing to 5.44 percent. Last week's rate on 15-year mortgages fell to 5.32 percent, the lowest level since Freddie Mac began tracking these rates in 1991.

''Mortgage rates moved upward a little in response to the current volatility in the financial markets,'' said Frank Nothaft, Freddie Mac's chief economist. ''Economic reports are mixed and this will keep mortgage rates bouncing up and down somewhat, probably for the rest of this year,'' he added.

Low mortgage rates this year have been feeding a refinancing boom. The extra monthly cash consumers are saving by refinancing their mortgages at lower interest rates is helping to support consumer spending, which has been the main force keeping the economy going this year.

Stoked by low mortgage rates, home sales are expected to post records this year.

For one-year adjustable-rate mortgages, rates increased to 4.14 percent this week, compared with 4.09 percent last week.

This week's mortgage rates do not include add-on fees known as points. Each loan type carried an average fee of 0.6 point this week.

A year ago, 30-year mortgages averaged 6.75 percent, 15-year mortgages were 6.24 percent and one-year ARMS stood at 5.18 percent.

On the Net:

http://www.freddiemac.com

Salvation Army Kettle Drive/Unemployment Still High

by Kit Menkin

Santa Clara -- New claims for unemployment benefits plunged last week to the lowest level in four months, providing a dose of encouraging news for workers who have been feeling the strain of the uneven economic recovery. The stock market, desperate for any good news, went wild.

Note: those not reporting they are seeking employment, by filing out the form of places applied, or those no longer eligible for unemployment insurance, are not being counted.

Remember when we could say, “ You never saw the rough days we had

in leasing.”

Unemployment still appears not as serious in all areas, unless you are the one

who is not employed.

Certain areas of the country the figures remain at 7.9% to 10% unemployed.. Holiday jobs are reported to be scarce for students. Last year in Santa Clara Valley, bell ringers for the Salvation Army were hard to find, and according to Captain George Roscheleau, , homeless were put into service. This year there is a waiting list of 200 in San Jose alone at minimum wage for the Salvation Army's only annual fundraiser bell ringing kettle drive. You will see them on the street on Friday. Please contribute as this is their

only fund raiser and 98% goes toward helping people, not to administration.

While the housing market appears healthy, there is a very strong inventory of homes for

sale, and real estate agents call the market "soft." Commercial firms call the retail

and commercial rental market " non-existent," and complain they fell like the Maytag

repair man, waiting for the telephone to ring.

Many companies are planning two week vacation period, paid or non-paid in December.

Thanksgiving week will be slow as many companies instead of closing at noon on

Wednesday, will not be open at all.

The busiest day of holiday shopping, but the sixth lowest one day sale, will be

Friday, after Thanksgiving day. Many retail stores started their Christmas sales

in October with prices getting cut every day that merchandise does not move.

Those in the leasing industry report they have never seen business slower.

Brokers who say they had 17 applications a week, say they are lucky

to get two to three with many small vendors completely out of business.

Credit appears to have deteriorated, too.

The 30% depreciation allowance or capital allowance call for delivery this

year, which means if it is on the floor for immediate delivery means to push

the "capital lease," perhaps one of the last of the year business tax write-offs

( of course, you first have to have a net profit to take advantage of this "savings.")

Look for more major leasing companies to be closing their door before Christmas.

No bonuses this year.

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As Long as It isn’t You or Your Wife, It’s Okay

Todd Wallack, San Francisco Chronicle Staff Writer

Forget what T.S. Eliot said about April being the cruelest month. When it comes to layoffs, it might be November or December.

Discount stock broker Charles Schwab & Co. told the state it cut roughly 660 jobs in San Francisco this month.

Maxtor, which makes hard drives for computers, plans to eliminate 200 jobs next month in Milpitas.

Reuters Group has started firing 163 workers at its Palo Alto product development center.

With few signs of an economic recovery in sight, Bay Area businesses are continuing to shed operations and eliminate jobs, according to layoff notices filed with the state in the past few weeks.

If history is any guide, the holiday season could be particularly grim this year.

In each of the past three years, employers had more layoffs in the fourth quarter -- particularly in November and December -- than any other time of the year, according to the Bureau of Labor Statistics.

"The taboo against laying people off after Thanksgiving has gone away," said John Challenger, chief executive of Chicago outplacement firm Challenger, Gray & Christmas, which tracks layoff announcements.

Challenger cites several other reasons why so many companies are replacing holiday bonuses with pink slips:

-- Some industries, including agriculture and construction, need fewer workers this time of year.

-- Executives are scrambling to meet annual profit targets.

-- Many businesses prefer to slash jobs now so that they can start the new year with a clean slate.

Those who have lost their jobs have mixed feelings about the timing of the pink slips. "I have more time with my family," said Katherine Miller, a project manager laid off from Schwab a month ago. "But I have to be more cautious about spending money around the holiday season, which is a hard thing to do."

Linda Kong, another former Schwab worker who lives in San Francisco, said the layoff date didn't make much difference to her. "It's never a good thing," she said. "I don't think it's a matter of the holidays or not."

Several Schwab employees said the company helped ease the pain by keeping them on the payroll until Dec. 31 even though they cleaned out their desks weeks ago.

But workers say being let go at this time is especially tough because of the increasingly bleak job market. "There are not too many jobs out there," Miller said.