Fleet Financing Resources, LLC. (FFR) reported year-to-date results through Q3/13 compared to same year earlier period, including, Revenues up 16% to $2.3million, Funding Volume up 4% to $38million, and Net Income up 32% to $1million. FFR manages a current portfolio book value of $105 million and expects total funded volume of $50 million in 2013.
The year-over-year results are attributable to margins increasing 24% and a 53% decrease in reserves for credit losses due to higher quality portfolio performance.
FFR’s President and CEO Dave Reynolds commented, “We have broadened our lending platform and are now strategically allying, through proprietary agreements, with seven financial institutions operating on a nationwide scale. We are extremely proud of our third quarter results and will continue to offer a broad funding menu of products and services tailor to our customer’s specific needs.”