BLOOMFIELD HILLS, MICH., (July 23, 2015) – Crestmark Equipment Finance/TIP Capital, recently achieved the #85 ranking in the 2015 Monitor 100 and #79 in new business volume for nationwide commercial equipment leasing companies.
Crestmark Equipment Finance’s rise in the 2015 Monitor 100 rankings originates from an 11.1% increase in net assets ($250 million) and 9% increase in new business volume ($160 million) year-over-year. Multiple factors contributed to the company’s 2014 success: TIP Capital’s acquisition by Crestmark Bank; growth of third party vendor financing programs managed by its Specialty Markets Group; and technology upgrades designed to increase efficiency throughout the leasing process.
In October 2014, Crestmark acquired TIP Capital with the goal of expanding its commercial equipment lease financing program. By year end, TIP Capital will complete its transition to Crestmark Equipment Finance, a division of Crestmark Bank.
“Being a part of the Monitor 100 is the goal of every commercial equipment leasing company in the United States – and we are proud of the growth and accomplishments of our company within a very competitive industry,” said Scott Grady, division president of Crestmark Equipment Finance. “We believe in building and maintaining long-term relationships with our customers by leveraging technology and our professional staff to provide competitive, efficient financing solutions.”
“As Crestmark’s leasing division, we plan to leverage the bank’s programs to diversify our portfolio of competitive financial products and grow our business this year and beyond.”
In its 24th year of publication, the Monitor 100 report ranks the largest equipment finance and leasing companies in the United States. Last year, TIP Capital debuted in the Monitor 100 as the 12th ranked independent commercial equipment leasing company in the United States with $147 million in equipment lease financing (42% new business volume increase year-over year). TIP Capital also ranked as the largest Michigan-based independent equipment company in terms of new volume in 2013.