Seattle, October 15, 2019 — Mintaka Financial, LLC, a commercial finance company based in Washington State, has acquired Phoenix, Arizona-based Summit Commercial Finance Company.
The deal comes as part of Mintaka’s strategy to form closer relationships with origination channels, to better understand customer and vendor needs.
Summit has long standing vendor relationships, as well as direct relationships with commercial borrowers. Mintaka has historically originated all transactions through its affiliate network. With the acquisition of Summit, Mintaka will benefit from direct relationships with Summit’s vendor channel affiliates and the ability to develop more competitive products to borrowers.
Summit and Mintaka have a longstanding relationship with shared ownership. Summit Commercial Finance president and CEO Scott Forrest is enthusiastic about the development. “I believe the synergy of our two great teams will provide superior service for our customers and enormous opportunity for our employees and partners. Operating under a stronger parent company provides the resources to drive market share with the flexibility to expedite funding more efficiently for our customers. The direct lending capabilities are significantly enriched meaning expanded products and better terms for the borrowers.”
Mintaka president Quentin Cote concurs. “This is the culmination of an extremely close relationship … this deal enables us to be closer to the customer and better understand the market, ultimately leading to more competitive offerings. In addition, our ability to dedicate additional sales and marketing resources towards deeper vertical market penetration means growth for our company and more value for our investors.”
About Summit Commercial Finance
Founded in 1998, Summit Commercial Finance provides customized equipment financing and leasing options to U.S. companies across a wide range of industries including specialized focus in several select verticals including C-store, dental/medical and recycling. More information about Summit Commercial Finance can be found at summitcommercialfinance.com
About Mintaka Financial
Mintaka Financial LLC is a commercial finance company specializing in serving the needs of small businesses across the United States. Mintaka provides equipment leases and loans, originated through a select group of small business finance companies chosen for their experience, reputation in the industry, and dedication to building long term relationships with their small business clients. Partners benefit from Mintaka’s best-in-class technology, deep industry expertise, and instant quoting capabilities. Mintaka has offices in Seattle, Phoenix, and Boston.
President of Mintaka Financial, Quentin Cote was featured in the July 2019 Monthly Confidence Index on Equipment Finance Industry (MCI-ELI) survey, representing independent, small ticket lessors.
Independent, Small Ticket
“I’m optimistic because low unemployment should be leading to increased wages and consumer spending, which should continue to drive the economy. I’m concerned about delayed impacts of trade wars negatively affecting product prices and stanching demand for capital and consumer goods.” – Quentin Cote, CLFP, President, Mintaka Financial, LLC
By collecting data from leadership in equipment finance, the report reviews current conditions and future expectations of the equipment finance market – reporting an increase of half an index point from June 2019.
President Quentin Cote participated in the Equipment Leasing and Finance Foundation’s 2019 Industry Future Council that convened this past February to create the 2019 IFC Report, Embracing Innovation – Positioning Your Business for Future Success.
A subgroup of members of the Equipment Leasing and Finance Foundation, the Industry Future Council is comprised of finance industry executives and meets annually to deliver a report on the future of the industry.
The 2019 IFC Report Embracing Innovation – Positioning Your Business for Future Success, focuses on how finance companies and other small businesses should take steps to adopt intentional innovation into their everyday business practices to promote a culture that helps create the future and doesn’t simply adapt to it.
Click here to read the full 2019 IFC Report.
Mintaka Financial, LLC is pleased to announce the addition of Brandon Echevarria to the Credit team. As a Credit Analyst, Brandon will report to COO, Bill Fogarty to assist in growing and servicing both partner and vendor lease and finance programs, while monitoring Mintaka’s exposure in order to remain in line with their desired risk tolerance.
“Brandon comes to Mintaka with a wealth of equipment finance credit and process experience, most recently from an established originator, and we are ready to put it to work for our Credit team,” said Quentin Cote, President of Mintaka Financial. “We look forward to leveraging his insight into the current state of the industry to continue to improve our overall product and customer experience.”
“We’re confident that Brandon’s deep skill set, ambition and dedication will bring Mintaka to a new level of service and quality for its partners and small business customers,” added Bill Fogarty, Chief Operating Officer of Mintaka Financial.
Brandon earned his B.S. in Finance at Bentley University where he participated in the Bentley Trading Society and intramural football and basketball. A resident of Marlborough, MA he enjoys golf and fitness in his down time.
“It is a great opportunity to be a part of the expert credit staff at Mintaka,” said Brandon Echevarria. “I look forward to helping grow their unique partner program in order to deliver the highest level customer experience for the partner originators, vendors and the end user alike.”
Gig Harbor, WA. February 28, 2019 – Mintaka Financial is pleased to announce that David Trost has been promoted to Vice President of Analytics and Partnerships. David joined Mintaka as a Relationship Manager in 2018 and will continue as RM for existing clients to help Mintaka identify, evaluate and convert new business opportunities.
In his new role as VP of Analytics and Partnerships, David will report to Chief Operating Officer, Bill Fogarty and manage Mintaka’s key funding processes and partnerships. In addition, he will be responsible for operational analytics by identifying areas where technology and automation can improve business processes and optimize efficiency.
“David has delivered all we have asked of him and more!” said Bill Fogarty, Chief Operating Officer. “We look forward to his expanded role in enabling our organization to take better advantage of our relationships, technologies and processes to deliver a world class equipment finance product.”
“David has become an important part of our current success, and we see him playing an important role in our future as well,” Quentin Cote, President of Mintaka Financial. “We are always looking for new ways to leverage tech solutions, and with David assessing our operational efficiencies we will be able to stay ahead of the software curve and continue delivering the best experience for our partners.”
“I appreciate the opportunity to grow my role at Mintaka and drive process improvement,” said David Trost. “Properly implementing technology solutions is a vital challenge for business across all industries, and I can’t wait to see the continued benefit it will bring to Mintaka.”
Currently a resident of Boston, Massachusetts, David graduated Cum Laude from the University of Pittsburgh with his BS in Economics. During this time he held leadership roles in the Steel City NROTC Unit Carnegie Mellon University from which he commissioned into the United States Navy as an Ensign. He enjoys skiing, cooking, and exploring Boston with his wife Haley.
About Mintaka Financial
Located in Gig Harbor WA, Mintaka Financial LLC was established in December 2004, as a commercial finance company specializing in serving the needs of small businesses across the United States. Mintaka provides equipment leases and loans, originated through a select group of small business finance companies chosen for their experience, reputation in the industry, and dedication to building long term relationships with their small business clients. Partners benefit from Mintaka’s best-in-class technology, deep industry expertise, and instant quoting capabilities. To learn more about Mintaka, visit www.mintakafinancial.com.
Curtis Costner, VP Marketing
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SOURCE Mintaka Financial