DEERFIELD, Ill., Feb. 4, 2013 /PRNewswire/ -- TBF Financial reported gaining six major business opportunities recently from companies committed to selling charge-offs in the first half of 2013, a far greater number than ever before in the 15-year history of the company, said Brett Boehm, principal of TBF. In fact, the company reported that the last six months were their strongest ever with purchases of more than $70 million in charged-off leases and written-off loans, compared to $30 million recorded for the same time period in 2011.
This increase is attributed to greater awareness in the industry about the ease of selling charge-offs and to current economic conditions, according to Boehm. He said the companies that are selling are seeking ways to accelerate revenue early in the year while typically most of TBF's business would come at the end of a year to "clean" the books.
Boehm said the total amount of business at TBF represents charge-offs from a variety of financial institutions, not just lessors, but also banks and other types of financial services companies. Companies can easily get an idea of how their portfolios are valued by visiting the online entry form that TBF provides at http://www.tbfgroup.com/chargeoff.html.
The equipment leasing and finance service provider has become more active in the Equipment Leasing and Finance Association, and Boehm said his company has been streamlining the process to make selling charge-offs easier for its customers. For example, he said the company can accept charge-offs that date back four years, and this is easier for finance companies to compile because they are using better systems than when TBF first introduced this concept to the industry.
While many of TBF's clients are portfolio and risk managers of Monitor 100 type of companies, TBF is also gaining business from the leaders of mid-size companies and brokers. TBF recently joined both the National Equipment Finance Association and the National Association of Equipment Leasing Brokers to better understand the interests of the members of these smaller, yet similar, trade groups.
SOURCE TBF Financial, LLC