Marlin Shuts Down Broker Division

The emails started late morning on Thursday that Marlin had closed down their broker division and would only keep the direct division working. Leasing News had reports the company was down to two broker representatives, not getting the quality business it was seeking, and the once performing division has never been the same since Mike Bennie was fired by Executive Vice President, General Counsel & Secretary Corporate Secretary George D. Pelose.*

There were others let go, other changes, exiting factoring, doing loans, vehicles, cutting staff, then a bank, which has enable Marlin to go after TARP, plus the economy changed. As many companies appear to be doing now, they are cutting back to work their portfolio, in hopes of getting through the tough times with minimum overhead.

One of the readers who informed us of being telephoned to inform them not to send any more business, also sent a copy of an email letter he received:

January 29, 2009

Dear-------

I would like to thank you for your past business with Marlin Leasing and express our appreciation for your patronage. Whether we have completed five business transactions or one hundred, we have valued your business.

Unfortunately, and effective immediately, Marlin Leasing will not be accepting equipment financing applications from the broker community in the near term. Marlin will honor outstanding approvals (subject to the terms and conditions set forth in such approvals) and respond to outstanding applications. However, no new credit applications will be accepted.

Given the current economic environment, this action is a prudent and necessary step for our business. We believe this action is a temporary one, but one which needs to be taken as we navigate through this economic climate.

Please do not hesitate to call your sales professional at Marlin if you need more information.

Thank you for the privilege of your business, and we wish you only the best in your future endeavors.

Ed Siciliano
Senior Vice President Chief Sales Officer

Leasing News was able to receive a statement from Marlin Leasing:

"Thanks for asking for clarification from Marlin's management regarding our announcement today. If you choose to print my response to your request please do so in its entirety.

"Marlin exited the Broker channel today by informing all of our broker customers in writing of the change. We intend to provide professional service as we honor the backlog and process all open business.

"Our decision was based on the credit quality deterioration that we have been seeing in broker application flow. The risk vs. price relationship simply did not match the attractiveness of our other origination channels. Therefore we are applying former broker sales resources and capital to our direct channels. We sincerely wish the best for the broker community as we all manage through this economic climate."

Ed Siciliano
SVP & Chief Sales Officer
Marlin Leasing Corporation
300 Fellowship Road
Mount Laurel, NJ 08054
T: 888-479-9111, ext 4105
F: 888-299-6756
email: [e-mail]

Thursday's stock closing was $3.99.

*Mike Bennie and the Broker Division:
http://www.leasingnews.org/Conscious-Top%20Stories/More_on_Bennie.htm

Comments

[User 410983:]

My company has dealt with Marlin Leasing in the past. A root canal was more pleasurable than getting them to received equipment after the lease is over. I hope this corporation goes belly up and the CEOs are on food stamps, and sharing a card board box with a bipolar homeless person that smells like onions and feet.

May 10 09:36 AM