United Financial Group is an independent equipment lease finance company celebrating our 30th year in business. We specialize in small to medium size transactions and provide financing for all types of credits.

We would like to announce that we recently provided a capital loan in the amount of $950,000.00 to Beyel Brothers Crane and Rigging, www.beyel.com, located in Cocoa Florida.

This capital loan improved Beyel’s cash flow and provided them with additional month to month working dollars.

United Financial Group, Inc. worked with many of Beyel’s creditors in a quick and professional manner which resulted in the closing in less than one week.

Beyel Brothers services include:

• Bare or operated crane rentals
• Regional/National availability of equipment
• Hourly, weekly, monthly or annual crane rentals
• NCCO Certified crane operators
• Engineered Lift plans
• Emergency Services
• Project Rigging
• Marine Services

Whether you need to have something lifted or moved by land or by sea, then Beyel Brothers Crane and rigging has exactly what you’re looking for.

United Financial Group is an independent equipment lease finance company celebrating our 30th year in business. is a post from: United Financial Group

10. Pick up the phone, then notice the caller ID, mumble to your wife, and hang up.

9.   Blame the dealer for selling you a lemon two years after you have been usuing the machine.

8.   Let your kids answer the phone when you know the bank is calling.

7.   Tell the bank you have to meet payroll, like we don’t have payroll as well.

6.   Make believe your wife is not a personal guarantor after she has been faxed a copy of the signed document.

5.   Oldy but a goody, “check’s in the mail”.

4.   Newy but a goody, “pull the ACH”, when you know your account is overdrawn.

3.   Tell your creditor, “you’ve made enough”, after your account has been in default for moths.

2.   I forgot to renew my insurance and by the way, your excavator caught on fire and is totalled.

1.   Say nothing, do nothing, and hope your silence will quell all responsibilities.

10 Things Not To Say and Do To A Creditor is a post from: United Financial Group

Chances are your posterior is resting on a cacophony of machined elements including screws, springs, arm rests, wheels, steel rods, ball bearings, knobs levers et al. How did this chair appear under you? Where did it come from?

Based on historical events, the Horizontal Bench Lathe, using a foot treadle to rotate the object, first appeared between 1200-1299 AD. The first Boring Mill, powered by water, appeared roughly around 1662 AD. By 1816 the Milling Machine was invented to reduce hand filing of intricate shapes. In 1873 the first Automatic Screw Machine was invented and by 1893 Screw Machines began producing finished screws from coiled wire. By the early 1900’s great changes were afoot. Magnetic Chucks were introduced in 1902; Hydraulic Drives and Controls were developed a few years later followed by Centerless Grinding and the Electro-Discharge Machining in 1943.

What does history teach us? Some say that the most valuable lesson is that it will always repeat itself. While these machines may seem archaic today, at the time they revolutionized manufacturing. Yet, many of our modern machines today perform the same operation they did 300 years ago. What’s the difference you ask?

The difference was a mega mastermind on the distant horizon; and its name was NC, numerically controlled.

Of the many ways that computers have impacted human life during the last half of the 20th century, few have had greater effect on society than the automatic control of machines. Whether the product is a convenience like automotive cruise control or a major redefinition of a societal institution such as numerically controlled machining and robotic assembly of complex devices, “NC” machines and more commonly known now as “CNC Machines” have enabled direct and indirect changes in almost every aspect of modern life. By redefining–physically and economically–our concepts of work and the nature of human involvement in numerous activities, they are encouraging people to focus on the most creative aspects of life instead of the more mundane ones.

Those creative aspects are what we at United Financial Group, Inc. want provide to you. Our creative leasing and financing programs continue to help you, the manufacturer, redefine history and develop even greater manufacturing conquests giving you the opportunity to flex your creative muscle and create a greener, less wasteful economic future.

Let United Financial Group, Inc. provide you with options to lease and finance the machine tools you need to insure a brighter future.

Machine Tools, The Unsung Hero is a post from: United Financial Group

After reviewing a slew of credit packages the last couple of weeks, I have noticed a common pattern. BIG HOMES…BIG MORTGAGES.

I’m talking about multiple houses, rental homes, beach houses. The lure of easy money. The attractive terms. The quick approvals.

A machinist lives in Michigan but buys two homes in Florida, the bubble bursts, the interest only payments disappear, and you realize the Three Card Monty Game is rigged.

The house always wins and the consumer is usually the loser.

All is not lost. I have seen the following on several credit reports, “Paying Under A Partial Or Modified Payment Agreement“.

Did creditors bite off more than they could chew? Yes.

Did banks approve loans they shouldn’t have? Yes.

Was there a common thread between all parties involved? Yes.

Greed….

As a lender, “Paying Under A Partial Or Modified Payment Agreement” means someone is not willing to walk away and take the easy way out. They have character.

If I see this modified payment agreement, I will definitely look further than the obvious bad mark on a credit report.

If more banks and lenders would have started early and let more homeowners modify their payments, the economy as it stands today would have been much different.

When your back is against the wall, a man’s true character will reveal itself.

Andrew

There’s No Place Like Home is a post from: United Financial Group

We all know it, we all fear it, but we can’t touch it. It exists in the ethereal world of our financial worth, but believe you and me; it exists in a very intangible, yet tangible way. A true 21^st century paradox.

It’s your credit score.

Where the hell did it come from?

The Fair Isaac Company was founded in 1956 and we at United Financial Group, Inc. have been pulling credit scores going on 30 years.

Before computers and the internet made it so simple to access, compile and evaluate personal credit information, things were not quite as simple as they are today. Here’s a brief history of how we pulled a credit report, old school.

1. You made a phone call to TRW, f/k/a Experian.

2. You entered a long series letters and numbers in an exact order, broken up by a series of beeps on the other end of the phone. If you made one mistake, you had to hang up, redial, and start the process all over again.

3. Once you completed the proper data entry sequence, you had to quickly strap the phone receiver, using a Velcro strip that was attached to a large phone holder with speakers, which would listen and receive the signal being broadcasted from TRW.

4. The signal, assuming it didn’t drop out, was converted into a report via a thermal paper printer that was only available from TRW.

It was quite the procedure!

But how did it all end up influencing our lives so greatly.

The Birth Of An Industry in the 1950s

The first credit cards began to appear during the 1950s. Credit and loan making procedures were, at the time, almost entirely subjective. Credit analysts followed their own judgments when granting or denying loan or credit requests, a process that required days or weeks. Banks and other lending and financial institutions tended to be locally based, and decisions were likely to be made on a personal basis. This situation led, on the one hand, to retailers and other creditors lending credit to customers at low risk for defaulting on their payments. On the other hand, lenders tended to be overly conservative, and discrimination based on age, sex, marital status, and ethnicity was rampant, making credit unavailable to many.

But in the 1950s, William R. Fair, a mathematician with degrees from the California Institution of Technology, Stanford University, and the University of California at Berkeley, began investigating mathematical techniques for use in building models of predictive behavior. Fair was attracted to the relatively unrecognized complexity involved in the credit decision process, finding that the variables typically used in determining credit could produce trillions of possible combinations. Fair determined, however, that by using statistical techniques, such as multivariate analysis to produce scoring algorithms, this complexity could be greatly reduced. Furthermore, recent advances in computer technology, especially the introduction of transistors, allowed calculations to be automated and processed quickly. Joined by Earl Isaac, an electrical engineer, Fair started up a management consultant company as a 50-50 joint venture in 1956. As Rosenberger told Investor’s Business Daily, “Some firms are founded to create wealth, but this firm was born in 1956 from a desire to do things the partners liked to do.”

In 1958, Fair and Isaac introduced their first scoring system, called Credit Application Scoring Algorithms, proving that their system could accurately predict the payment behavior of credit holders, including whether they would pay on time, pay late, or not pay at all. Two years later, Fair, Isaac launched the first version of the company’s INFORM product, a process for building scoring algorithms based on a customer’s database of past borrowing behavior. In that year, the pair incorporated the company as Fair, Isaac and Company.

Credit lenders were slow to adopt credit scoring, in part because of the slow penetration of computer technology into mainstream commercial use, clinging to traditional judgment-based decision-making methods and relying on credit bureaus, which reported on an individual’s past credit behavior. Fair Isaac & Co. received a boost, however, when the Internal Revenue Service (IRS) contracted the company to develop a scoring algorithm that would enable the IRS to locate tax evaders more accurately. That system, put into place in 1972, quickly produced results: The number of audits dropped by a third, and the IRS posted a higher level of uncovered underpayments. During the 1960s, Fair Isaac & Co. attempted to extend their scoring system to employee hiring practices; although this attempt forecasted the flexibility of scoring, the company found little enthusiasm among businesses for such a system. At the end of the decade, however, Fair, Isaac moved to extend credit scoring, beginning research on a behavior scoring system for monitoring credit purchases and payments.

The 1970s proved to be the breakthrough period for credit scoring. The introduction of faster minicomputers led more credit companies to add credit scoring to their application process. In 1972, Fair Isaac adapted its products for use with minicomputers, allowing credit applications to become fully automated. Credit scoring was also proving flexible enough to meet the variety of lenders’ needs. Credit scoring had another advantage in that it was completely objective, and factors such as a person’s age, sex, or race held no place in a credit score. Indeed, Fair, Isaac worked hard to prove that these factors held no predictive value in determining an individual’s credit worthiness. Lenders were reluctant to set aside their prejudices, however. In 1974 they were forced to do so with the passage of the Equal Credit Opportunity Act, which barred such discriminatory factors from the credit equation.

Want a peek at your FICO scores? Many people think they can get their FICO scores from their credit reports. They can’t — but it’s still a good place to start. The Fair & Accurate Credit Transactions Act of 2003 entitles you to a free credit report from each major credit bureau once a year. You can order reports by telephone from annualcreditreport.com and they should come within 10 days.

It’s smart to request a report from each different agency every four months so you stagger the reports over a year. That way, if there’s bad information in one, you’ll spot it sooner.

When you request a free credit report, each bureau will offer to calculate a credit score for $6.95. Experian and TransUnion use proprietary formulas; Equifax uses FICO scores. Pass up these offers because the information is not as comprehensive as you’ll get elsewhere, and lenders are less likely to look at these scores.

For the most detailed explanations on your FICO scores, go to myfico.com. A score from one credit bureau costs $14.95, all three are $44.85. It’s useful to buy all three because large lenders either average the scores or take the middle one. You’ll want to check your FICO scores once a year or several months before you apply for a loan.

Here’s 7 Things You Can Do To Improve Your Credit

Pay bills within the grace period.

Lenders report tardiness to the bureaus once you’re 30 days past due; if your score started at 780, it can go down to 680 after just one delinquency, says Watts. So set up payment reminders or have payments automatically deducted by a certain date.

Focus on paying off credit cards vs. other debt.

Whittling down revolving debt will do a lot more for your score than erasing installment loans. Paying off a $250,000 mortgage when your score is already high will boost it by only five or 10 points, says Watts. But wiping away a few thousand bucks on plastic can add 100 points.

Stay under the magic 10%.

For example aim to spend no more than $2,000 on a $20,000 line; and put cards on ice a few months before applying for a loan.

Have a favorite credit card.

The FICO model penalizes you for having multiple balances, so limit the bulk of your spending to one card.

Think twice before closing accounts.

Lenders are looking for consumers with long credit histories that have been managed well.

Minimize credit-card applications.

Keep balances low.

The FICO score evaluates your total balances in relation to your available credit. Credit cards that are “maxed out” can lower your score. Try to spend only 30% of your credit limit For instance, if you have a $10,000 limit on one card, keep the balance near $3,000.

What Do We Look For

We know credit scores have declined. We also know that in many cases, these drops in numbers came upon you swiftly and you had little time to react. We at United Financial Group listen to your story and look more sincerely into your circumstances. We never want to treat you or make you feel like a number. Larger finance companies have cookie cutter formulas. If your numbers don’t fall within certain ranges, they are not interested. Most likely they won’t even talk to you. And if they do they might say, “We don’t have an appetite for that right now.” That’s a buzzword you’ll never hear from me. I’ll save that insincere, disconnected line when they pass the birthday cake.

I have to watch my girlish figure!

Andrew

You, Me, and Credit Report Make 3 is a post from: United Financial Group

While going through some old files, my staff found this invoice from 1987. It was probably one of the first machine tools we had financed. When this invoice was issued, I was working in South Florida as a salesman and begun to develop a relationship with Marty Holland and Holland Machinery. Marty was a real character. Standing about 5’5″, with a half chewed, unlit cigar hanging constantly hanging from his mouth, he was always trying to put any deal together. I loved spending time with him. I learned a lot.

Selling money in 1987 was certainly different than it is today. There were no cell phones, fax machines were just beginning to appear, see our original Murata fax machine circa 1988, and the internet wasn’t a part of anyone’s lexicon. I used pay phones while on the road. Documents were just beginning to be overnighted, and business took place at a much slower pace.

The internet, email, and mobile communication have changed the heavy equipment leasing and financing landscape. It’s now much easier for finance companies to lend money outside their physical footprint. But there is a cost. Visual inspections of potential customer’s shops were the norm, and there were many more face to face encounters. This allowed finance companies and their customers to have the opportunity to develop deeper relationships. A greater sense of trust was developed.

In a world where technology continues to advance at an astonishing pace, the quality of our business as well as our personal relationships can deteriorate if we are not careful.

Technology And The Changing Landscape Of Heavy Equipment Leasing And Financing is a post from: United Financial Group

When I was a child, I used to go to The Franklin Institute in Philadelphia. One of my favorite permanent exhibits was a giant Foucault pendulum installed in 1934. It weighs 180 pounds, hangs from the ceiling by an 85 foot wire, and has a length of period of 10 seconds. I loved to watch it swing back and forth as if time were actually propelling its movement.

Many events in life swing like the pendulum as well, and no other entity in the last three years has swung from extreme to the other like that of the banking industry.

From loose lending to a noose around a neck, so the banking industry has travelled.

Do banks want to lend money?  Yes.

Do banks have the money to lend?  Yes.

Do banks need to lend money?  Yes.

Have banks been allowed to lend money? Not exactly.

The banking pendulum swung from one extreme to another. Normally gravity is behind the movement. In this case the pendulum was being swung by the federal examiners. They swung it hard, stopped it at the most opposite end of loose lending, and forced it to stay stuck there for the last three years.

While one hand of the government was granting TARP money and encouraging banks to lend, lend, lend, the other hand was saying shore up your capital, set aside more reserves, clean up any marginal loans. Bankers had no choice but to comply with the examiners and temporarily halt most lending.

What this meant, in the simplest terms, was cash stayed in the vault in case it was needed to support non-performing loans and other real and not so real possible calamities.

Was this prudent? I don’t know. It’s too early to tell, and I had to hock my crystal ball when times were tight.

Are banks loosening up credit? I believe they are.

And when the banks start lending, the economy begins to grow. It will not be a fast and furious expansion, but a slow and cautious growth.

United Financial Group has been at this for 30 years. We have banking partners that understand what we do, and have the faith that we do it well. Let us help you with your heavy equipment leasing and financing needs. We like to say “Yes!”

Banking And The Pendulum is a post from: United Financial Group

Insight into Heavy Equipment Leasing and Financing

As a heavy equipment leasing and financing company who has been in business for 30 years, United Financial Group has certainly seen ups, downs, and many sideways. As we all begin to climb out of this dreadful economy many individuals and companies alike are beginning the long process of recapitalizing, retooling, and undergoing the arduous task of purchasing new fixed assets. I use the adjective arduous because many individuals, corporations, and LLC’S have watched as their credit standing have plummeted. Individual credit scores have declined, corporations’ D&B ratings have tumbled, and many companies’ pay histories have suffered.

As a creditor, I have good news as well as advice. We are looking to lend money. We are looking for loans and here’s what you need to do.

Be positive!

Don’t let the negatives dominate your being. Don’t let the difficulties you have faced define you and your business. This type of energy can be felt and immediately put a lender on their heels.

Find a lender who has the ability to listen and the autonomy to make decisions themselves. If the first lender you encounter doesn’t meet these requirements, move on to the next. Stick with your local community banks and small local fixed asset lenders like us, United Financial Group. These lenders are your best bet. Community banks and local lenders like us have the most experience in listening to customers. We also have the most authority to make credit decisions.

If your credit has faltered, here’s what you need to stress:

1. If you are still in business, congratulations. That’s an amazing success in itself. Push it!

2. Talk about the positive things related to yourself and your business.

3. Explain the changes you have made in order to adapt to a new and less vigorous economy.

4. If you have equity in any fixed assets, let the lender know. We at Untied Financial Group are very willing to lend money for new equipment purchases when we can take additional collateral as security.

5. Talk about how this new purchase will generate sales, and be prepared to have hard proof, i.e., contracts, letters, etc… to back up your claims.

6. Be organized, have all your financial documents in order and ready for email immediately.

7. Let the lender know personal guarantees are not a problem.

8. Finally, and most importantly, be humble. If lenders ask you for more information, and then even more, it is because they are interested.

Good luck, and call United Financial Group if we can help you out with anything you need.

Heavy Equipment Lease Financing At The Bottom Of A Recession is a post from: United Financial Group

Somewhere around 1997 I was having lunch with my father and three friends. My friends and I were all recently married, childless, and still full of young men’s energy. We were discussing about how times were tough and the economy seemed rocky. My father looked at us and said, “You guys haven’t seen rough times yet.”

Little did we know how prophetic my father’s words would be.

I am still friendly with those men. One friend is the owner of the largest privately held citrus company in the country, another is the president of his own bank. The third owns a large soil testing company, and all of them have been greatly affected by the last 4 years.

There’s a saying that I’ve heard and always liked, “You can’t become a good fisherman in calm seas.”

Now more than ever these words carry weight.

So, as we all begin to climb out of this economic sinkhole, what have I learned?

I believe the companies that weathered the downturn best were those that realized most quickly their business models did not match present conditions. Meaning, the amount of employees, equipment, overhead, etc. was far too high for the declining amount of work, and ultimately the declining amount of revenue. Those that acted swiftly were able to downsize. They liquidated fixed assets before they declined in value. Those who reacted less quickly were amazed to see the difference between what they thought their assets were worth and what someone else was willing to pay for them, and those who changed vey little and tried to hang on to all their “stuff” are no longer in business today.

We at United Financial Group faced this dilemma as well. How do you say goodbye to employees, cut salaries, and tell your landlord you need less space? It wasn’t easy. Compassionate courage was needed. But the lesson we learned was the only thing that is certain is uncertainty. We needed to let go of our attachment to our “things” and become aware that we are not defined by them. Being bigger is not always better. Having more does not guarantee happiness. And constantly growing does not always equal stability.

I look at these last 4 years as a great opportunity to learn from change and uncertainty. I know that nothing is truly permanent, and being in business requires a keen sense of understanding and managing growth.

Are my three friends and my father better off today than they were in 1997? Depends on how you define better. Is better defined by job security, financial wealth, or success? Is it defined by family, wisdom, and growth?

I have no answers, they must come from within each one of us.

Equipment Lease Financing During Economic Difficulties is a post from: United Financial Group