According to several well informed sources, Marlin Business Services, Mount Laurel, New Jersey (NASDAQ:MRLN) is again soliciting brokers. While others have backed out, Marlin evidently believes now is the time to get back into it.
January, 2009 Marlin exited the broker business, disappointing over 250 independent leasing brokers.
Perhaps with the news of LEAF Specialty Finance, Direct Capital, among many others exiting the broker marketplace, Marlin decided it was too good of an opportunity to pass up.
A highly reliable source told Leasing News 18 have signed up to date. There goes the argument below that the brokers won’t return to a company that has cut them off (see: “Is the Broker/Discounter System Broken?)
“Good afternoon ******,
“We are in the final stage of rolling this program out and should have everything in place next week. I have a list of the potential brokers and, as you know, you are on that list. I do need to get everyone reapproved and have new master agreements signed for everyone however. I must get all this done prior to accepting applications. I've attached the broker profile and the new master agreement. If you are still interested in renewing our relationship please fill these out and return them to me ASAP.
“You are part of a very small list of twenty so please do not let this leak out to the broker community. We are not accepting any additional brokers at this time.
“Thanks and I look forward to working with you in the very near future.”
Marlin Leasing Corp.
300 Fellowship Rd
MT Laurel, NJ 08054
Phone:888-479-9111 Ext. 4157
Marlin Business Services Corp. is a company of dedicated employees committed to the delivery of quality credit products to small businesses with exceptional customer service and convenience...one customer at a time”
((It should be pointed out that according to Marlin’s Investor web site, http://www.snl.com/irweblinkx/insiders.aspx?IID=4089372 , officers have been acquiring stock ( while there are some dates as to the reason for an exercising of sale, they are purchased back.) It is obvious the officers are “gung ho” on getting back into the broker program, as it was the company’s mainstay for many years. (editor.))
The enclosed "representation and warrants" agreement was included (note date on form 2/20/2010):
From the Desk of Michael J. Witt, Esq.
The Minefield of Reps and Warrants
Representations and Warrants
by Christopher Menkin
Disclosure: no positions