Riverside, California, July 9, 2013 – Fleet Financing Resources announced total funded volume of $26.5 million for the first six months ending June 30, 2013, up 26% over prior year results. Year to year interest income increased 5% and net income 50%.
FFR’s President and CEO Dave Reynolds commented, “I am extremely proud of our results. As FFR moves through its 2nd decade in business, volume success is attributable to loyal long-term fleet customers replacing and/or acquiring new equipment. Further, we have broadened our lending platform through the addition of proprietary credit facilities to accommodate concentration challenges.”
Funding highlights for the first half of 2013 includes:
· $2 million debt financing was provided to a Los Angeles tour company for new motor coaches
· $1.3 million TRAC lease was provided to a New York based school bus contractors for used school buses.
· $545,000 in debt refinancing was provided to a tour and airport service company in Florida for a mix of shuttle buses and executive cars.
· $295,000 debt financing for new shuttle buses was provided to a Washington D.C. provider of government contract services.