Leader in equipment financing leverages contract modification tool to help lessees during a period of economic uncertainty
(April 23, 2020) — Today, Tamarack Consulting announced that LEAF Commercial Capital, Inc. (LEAF), a leader in equipment financing, has adopted the company’s Extension-of-Terms Automation Utility (ETAU). As one of the first to implement the contract modification tool, LEAF is positioned to quickly respond to customer requests arising from the economic impact of COVID-19.
The troubled-debt restructuring utility is designed to assist equipment finance companies during the current economic downturn and anticipated recovery. Tamarack’s ETAU is aligned with the Federal Reserve Bank’s (FRB) guidelines for financial institutions released on March 22.
“When we saw FRB guidelines on providing grace periods for our customers, we began working immediately to assist customers who may need it,” said Miles Herman, President and COO of LEAF. “But as the scale of effort became clear, we began looking into possible automation solutions to help us keep pace with the needs of customers. Tamarack’s ETAU product proved to be an ideal fit, allowing us to automate term changes, giving us additional flexibility, and helping us maintain a high level of customer responsiveness in an exceptionally challenging time.”
Released on March 30, Tamarack’s ETAU provides an automation utility along with integration services enabling lessors to automate lease/loan modifications for lessees. Through the new utility, lessors can easily modify the payment structure for their customers, granting a 60- to 180-day grace period per the Federal Reserve Bank’s guidelines.
“When the FRB’s guidelines were released, we knew that companies like LEAF would be taking immediate action,” said Daniel Nelson, CEO of Tamarack. “Recognizing that the scale of work required to make the lease modifications would be overwhelming, we made it a priority to do our part to help streamline and automate the process. For us, creating this utility was the most important thing we could do to help ease the stress faced by both the lessor and their customers during this period of economic uncertainty.”
About LEAF Commercial Capital, Inc.
LEAF Commercial Capital, Inc. (“LEAF”), is headquartered in Philadelphia, PA, with offices in Moberly, MO, Orange, CA, Baltimore, MD, and Dallas, TX. From the office to the factory floor to the server room, wherever customers need equipment, software, and services, we make it affordable. Trusted by nearly 250,000 companies of all sizes across the U.S., LEAF Commercial Capital, Inc., backed by the strength of People’s United Bank, offers customized financing that helps our customers solve real problems. When businesses need financing or need to offer financing, they achieve more with LEAF. Learn more at www.LEAFnow.com.