July 11, 2016 – CG Commercial Finance (CGCF) has completed a transaction selling all of the outstanding stock of the company to funds managed by Atalaya Capital Management LP. The transaction represents an important milestone in CGCF’s long term growth strategy establishing the capital resources to exponentially grow its originations platform, increase its funding capacity, and expand its third party buy desk, referral, and syndication program.
April 06, 2016 – CG Commercial Finance (CGCF) has completed an 84 month lease for a Fortune 100 Steel & Mining company, in the amount of $4,500,000 consisting of a used Caterpillar Rotary Blasthole Drill. Competing against money center and regional banks, CGCF achieved the highest advance amount for the used equipment while meeting pricing and the Lessee’s specific documentation terms and conditions.
February 29, 2016 – The FASB version of the Leases project is expected to be issued within the next 2 weeks. The following is a brief summary of the proposed changes and transition plan for Lessee Accounting: 1)Timeline & Transition, 2) Lease Classifications, 3) Lease Term & Billed Leases, 4) Variable Rents, 5) Estimated Payments & Short Term Leases, and 6.) Sale Leaseback Purchase Options
February 08, 2016 – CG Commercial Finance (CGCF) announced it has completed a $4,322,880 equipment sale-leaseback consisting of Yellow Iron, Hydraulic Hammers, Work Trucks and Tractors for New-Com Construction Company. After working with other finance providers, who after several months, failed to deliver the required funding, New-Com moved its business to CGCF who finalized the transaction in time for New-Com to make the payoff to the bank.
January 25, 2016 – During the first quarter of 2016, the FASB will issue its new standard on Leases. While the standard will represent a significant improvement to financial reporting, it also will be a change for many organizations—particularly those who engage in significant activities as a lessee. Under the new standard, lessor accounting is fundamentally consistent with existing GAAP. What follows is a snapshot of what a lessee should know at this stage to facilitate a successful transition to the new guidance.
December 14, 2015 – CG Commercial Finance completes complex $25MM lease for 3 Frac-Pump Spreads for large Texas-based oilfield services provider and credit-approved an additional $25MM for Lessee’s liquidity and growth. CGCF provided competitive pricing and the required credit capacity despite the Lessee’s rapidly changing credit profile resulting from depressed oil prices.
December 7, 2015 – CG Commercial Finance Vendor Services team has completed an Operating Lease in the amount of $11,758,923 to fund a highly-customized GOSS Offset press, Stacker/Conveyor system, Pre & Post Press equipment and associated soft costs for a Nevada based commercial printing company. As GOSS’s financing partner, CG Commercial Finance (CGCF) has developed a mutually beneficial relationship with GOSS by facilitating lease and finance options for their global customers.
October 13, 2015 – On Oct. 7, the FASB held its last decision-making meeting on the Leases project. The following is a brief summary of the issues discussed at the Oct 7, 2015 meeting: 1) Comments to Fatal Flaws Document, 2) Initial Direct Costs, 3) Lessor Presentation, 4) Lease Extensions and, 5) Relief to Private Companies.
November 20, 2015 – CG Commercial Finance (CGCF) announced it has provided lease financing totaling $6,887,616 for various CNC machines to fulfill the increased production requirements of TURBOCAM’s major customers. CGCF provided competitive pricing, the required credit capacity and rapid turnaround despite numerous transaction challenges. These challenges included highly-customized collateral, a clean-up of erroneous lien filings from other finance providers, and progress payments to foreign vendors.
July 14, 2015 – CG Commercial Finance (CGCF) announced it has provided lease financing totaling $12,605,000 for air movers, liquid-vacuum trucks, cranes, and hydro-blasters used to service the chemical and oil and gas industries. The transactions were completed through a series of 32 schedules varying from $270,000 to $930,000 over the course of the last 12 months. The combination of managing multiple schedules, numerous vendors, various unique equipment types, and extended time frames required significant funding capabilities and documentation expertise.
June 25, 2015 – CG Commercial Finance has completed an operating lease in the amount of $10,206,405 for yellow iron, Manitowoc cranes, fleet trucks, Skytrak forklifts, wheel loaders and backhoes. Our client is a leading general engineering contractor focused on heavy civil construction with a 24 year history of building public sector projects. The transaction was structured as a 60 month, sale-leaseback operating lease to monetize existing equipment assets resulting in improved financial ratios and increased liquidity.
May 4, 2015 – CG Commercial Finance Vendor Services team has completed an operating lease in the amount of $2,482,699 to facilitate the vendor’s long-term rental program for iron ore crushing equipment. As a result of the pilot finance program success, our client has the ability to extend the rental option to their entire client base. The vendor is an international full service provider of sustainable minerals and cement technologies, equipment and solutions.
February 10, 2015 – CG Commercial Finance (CGCF) announced today that it has provided a $3,935,085 lease solution for a manufacturer of industrial valves used in global oil and gas exploration and production. The transaction consisted of Oracle eCommerce and ERP software licensing, implementation and project management costs with associated hardware. The client turned to CGCF to complete the assignment after the client’s own bank group chose not to finance the project.
November 10, 2014 – CG Commercial Finance (CGCF) announced today that it has completed multiple lease transactions totaling $73,231,589 for vehicles and equipment used in underground mining such as New Joy Continuous Miners, Longwalls, Shields, Conveyors and Belt Drives. The leases were structured as Tax/GAAP operating leases to preserve the client’s capital and liquidity, and to manage financial ratios to stay within the senior lender’s covenants.
October 21, 2014 – CG Commercial Finance (CGCF) announced today that it has completed a lease in the amount of $4,190,000 for CNC machine tools and production equipment. The Lessee is a 65 year old family run business that utilizes the equipment to manufacture complex fabricated parts for aerospace and land-based gas turbine components.
October 15, 2014 – To help our clients better understand the FASB/IASB Convergence Lease Project and how it may affect their business, we have provided answers to the most common questions affecting lessees regarding the current state of the project. Much has transpired since 2006 and it appears that the project is nearing a conclusion.
September 12, 2014 – CG Commercial Finance has completed a lease in the amount of $4,408,756 for knitting machines and garment making equipment utilized in the manufacture of quality clothing. The transaction was structured as an operating lease to fund multiple equipment vendors, many with milestone payments and 5-6 month installation periods. Significant soft costs such as racking, shelving and a wide assortment of specialized machinery were included in the transaction.
$21.8MM Equipment Lease for Vehicles Structured as an 84 Month Split TRAC, GAAP Operating Lease and Single Stream Recycling Systems Structured as a Reverse Synthetic Lease
August 27, 2014 – CG Commercial Finance (CGCF) completed two master lease transactions totaling $21,778,576 for equipment used in converting two Dual Stream Recycling Systems to Single Stream Recycling Systems and waste collection vehicles. CGCF provided more competitive pricing, additional capacity, and a progress funding facility required for the construction of the recycling systems.
June 5, 2014 – CG Commercial Finance (CGCF) completes has completed a lease in the amount of $15,223,549 for fleet vehicles and oil field services equipment. The Lessee is a wholly owned subsidiary of a $29 billion revenues oil and gas services company and provides unparalleled technical expertise and superior local services with innovative solutions that meet the complex chemical challenges of the oil and gas industry.
December 15, 2013 – CG Commercial Finance (CGCF) completes $24,500,000 transaction for Caterpillar bulldozers and wheel loaders, and two large barge cranes (Sennebogen and Gottwald) all comprising an integral part of a $250MM investment in a commodities warehousing and distribution facility in the Gulf Coast Port Region of the U.S.
September 5, 2013 – CG Commercial Finance (CGCF) releases its animated video outlining the issues and implications related to lease accounting changes proposed by FASB and IASB in the latest Exposure Draft. While discussing the rule changes with its clients, CGCF recognized that Lessee’s would benefit from a concise presentation describing how the proposed changes will impact their business. CGCF created a short video presentation that educates and informs Lessees of the issues, the impact on their business, and provides guidance on how to participate in the comment period.
April 10, 2013 – CG Commercial Finance (CGCF) announced today that it has provided a $64MM equipment lease to a joint venture formed by international investment grade companies for a water treatment plant. The water treatment plant is an integral part of the company’s new $1 billion steel production facility.