Fleet Financing Resources, LLC. (FFR), announced today that they have renewed their vendor program financing agreement with Wells Fargo Equipment Finance Inc. (WFEFI). Initiated in 2003, funded volume of the program exceeds $210 million; the renewal also includes a $11 million increase in the total discretionary guidance amount.
“Of the various lending partners with whom we have forged funding platforms, we highly value the solid relationship with Wells Fargo Equipment Finance and are grateful for the increase in the facility to $85 million. $45 million of the total is provided via a combination of Ultimate Net Loss and Recourse Pools” reported Dave Reynolds, President and CEO of Fleet Financing Resources. “WFEFI continues to be a premier partner as a result of their outstanding servicing and overall partnership excellence.”
FFR, a national lender, manages a current portfolio receivable of $135 million in titled transportation equipment including motor coaches, buses of all sizes, school transportation, vocational trucks, and all livery related vehicles.