What is the Ascentium capital lawsuit?
Ascentium Capital was named as a defendant in a 2017 lawsuit filed by doctors in the Northern District of Texas. The lawsuit alleged that Ascentium Capital financed over $45 million in leases for medical billing equipment and software from a company called MHT.
Who is Ascentium capital?
Founded in 2011, Ascentium Capital is a financing and leasing company that sells long-term equipment leases for point-of-sale hardware and merchant cash advances.
What was the largest securitization at Ascentium capital?
Ascentium Capital Announces its Largest Securitization of $344 Million. October 24, 2018. Ascentium Capital LLC, the nation’s largest private-independent equipment finance company, announced the closing of the Company’s tenth small ticket equipment securitization.
Why did Regions Bank acquire Ascentium capital?
“Ascentium Capital’s experienced management team has built a strong company known for providing America’s small businesses access to the capital they need to grow, and we are excited to welcome them to Regions,” said Ronnie Smith, senior executive vice president and head of the Regions Corporate Banking Group.
Who owns Ascentium Capital?
Regions BankBirmingham, Alabama-based Regions Bank is acquiring Kingwood-based equipment finance lender Ascentium Capital LLC.
How do I get out of ascentium capital lease?
To terminate the contract, merchants can either notify Ascentium Capital of their intent to terminate the contract, return the equipment and pay the remaining balance; or they can purchase the equipment and pay the remaining balance. Either way, they will be on the hook for the remaining monthly payments.
What does ascentium capital do?
Ascentium Capital is an award-winning commercial lender providing equipment and technology financing solutions. Our unique finance platform, combined with exceptional customer service, paves the way for fast, flexible financing for virtually any business need.
Is ascentium capital a corporation?
Ascentium Capital LLC, a national commercial lender, announced today the Company achieved $1.25 billion in annual funded volume. The Company ended 2020 with $2.6 billion in managed assets representing 8.30% growth in assets year-over-year.
What is equipment financing loan?
Equipment financing refers to a loan used to purchase business-related equipment, such as a restaurant oven, vehicle or copy machine. When you take out an equipment loan, you'll need to make periodic payments that include interest and principal over a fixed term.
How much has Ascentium Capital invested in 2011?
Ascentium Capital LLC today announced third quarter growth of 21.2 percent. The Company has provided over $7.1 billion in financing since 2011, reaching a new funding milestone.
What is Ascentium Capital?
Our success is achieved through our greatest asset: our people. We value, attract and retain talent that exhibit the innovation and initiative that has come to define Ascentium Capital. As the largest private independent equipment finance company in the U.S., we have provided over $5 billion in financing through our award-winning finance platform that benefits equipment providers and SMBs nationwide.
How fast can you get Ascentium?
With Ascentium, a simple one-page application could get you approved for up to $250,000 in as little as two hours.
What is Ascentium Capital?
The addition of Ascentium Capital expands Regions’ current offerings for small business customers and complements the bank’s established equipment finance and commercial banking businesses serving middle market and large companies. The transaction provides Regions with a scalable, tech-enabled equipment finance organization with same-day credit decisions and funding for small business customers. Ascentium Capital’s seasoned management team combined with its proprietary underwriting technology platform has delivered strong performance throughout credit cycles since its inception.
Who owns Ascentium Capital LLC?
-- (BUSINESS WIRE)-- Regions Bank today announced that it has entered into a definitive agreement to acquire Ascentium Capital LLC from Warburg Pincus, a global private equity firm focused on growth investing.
Where is Ascentium Capital located?
Ascentium Capital, headquartered in Kingwood, Texas, is the largest independent equipment finance lender in the United States with approximately $2 billion in loans and leases as of year-end and originations of $1.5 billion in 2019.
How many ATMs does Regions Bank have?
Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,400 banking offices and 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC.
When will the Morgan Stanley transaction close?
The transaction is expected to close during the second quarter of 2020, subject to satisfaction of customary closing conditions. Financial terms are not disclosed. Morgan Stanley & Co. LLC served as financial advisor to Regions in connection with the transaction and Sullivan & Cromwell LLP served as its legal counsel. Piper Sandler & Co. served as financial advisor to Ascentium Capital and Cleary Gottlieb Steen & Hamilton LLP and Vinson & Elkins LLP served as legal counsel to Ascentium Capital and the sellers.
Is Regions Bank a member of the S&P 500?
Regions Financial Corporation (NYSE:RF), with $126 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,400 banking offices and 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com .
Ascentium Capital Overview
Ascentium Capital was founded in 2011 in Kingwood, Texas. In 2016, the company was acquired by Warbug Pincus, a venture capital firm. Ascentium Capital is a commercial financing solutions provider serving a wide range of sectors, including healthcare, hospitality, retail, and e-commerce merchants focusing on small and mid-sized businesses.
Ascentium Capital Products & Services
Ascentium Capital offers financing and leasing options to merchants for POS equipment. The company partners with different merchant account providers to resell their equipment financings, such as Performance Merchant Alliance, Freedom Card Solutions, United Card Solutions, Radiant Merchant Services, Chyp, Red Payments, and Direct Processors.
Ascentium Capital Advertising & Sales
Ascentium does not market its products and services directly to merchants but instead uses ISOs as the company's reseller of POS equipment and financing options. These payment processors' standard agreements with merchants include the clause for equipment lease with Ascentium for up to 60 months.
Ascentium Capital Pricing, Rates & Fees
Ascentium Capital offers long-term locked contracts ranging from 48-60 months. Our general view is that merchants are better off either buying POS equipment outright, which usually should not exceed $500. Businesses can also opt to rent POS equipment.
Ascentium Capital Contract & Terms
Ascentium Capital offers equipment financing contracts for 48- 60 months. Merchants are locked-in for the entire duration without the option of early termination. If merchants decide they want to end the contract, they must pay all outstanding payments.
Ascentium Capital Complaints, Ratings & Reviews
Since 2015, Ascentium Capital has been accredited with the Better Business Bureau (BBB) and has an A+ rating. In the last 36-months, we see that there were 47 complaints, most of which have been about customer support that is non-existent or very unempathetic, borderline-deceptive sales tactics, and billing issues.
What was the case against Ascentium Capital?
Lindsay entered a memorandum opinion and order in a class action case filed in the U.S. District Court for the Northern District of Texas by doctors alleging Ascentium Capital was involved in a Ponzi scheme .
Why did Ascentium dismiss the complaint?
In its motion to dismiss the complaint filed on February 27, Ascentium alleged, “The plaintiffs are attempting to avoid their valid payment obligations under fully enforceable contracts with Ascentium because the business ventures they chose to enter did not perform as they hoped.”
Does MHT make payments to Ascentium?
According to the plaintiffs, MHT represented that it would make all payments for the software using a bank account set up for the LLC and that MHT would fully fund the payments to Ascentium. In response, Ascentium said according to the terms of the IPAs, the LLCs agreed to make monthly payments to Ascentium and those payments would be personally guaranteed by the physicians.
What was the order denied in the case of Ascentium?
The order denied the plaintiffs’ motion for temporary restraining order, denied without prejudice the plaintiffs’ motion for preliminary injunction and deni ed without prejudice Ascentium’s motion to dismiss the class action complaint.
Did Ascentium receive a photograph of the plaintiffs?
In its response to the complaint, Ascentium stated that the plaintiffs signed the IPAs as well as additional “Physicians Acknowledgment” documents, and that Ascentium received a photograph of one of the plaintiffs with the iPads provided by the MHT program.
Did Ascentium address McKenzie kickbacks?
Editor’s note: Ascentium did not address the allegations regarding kickbacks to McKenzie in any of its filings.
Did Ascentium pay MHT?
However, in its response, Ascentium asserted that financing of MHT’s licenses operated as a typical financing arrangement: “Because Ascentium was financing the Doctor LLCs’ purchase of the licenses from MHT, Ascentium paid MHT directly. MHT then was to provide the products and services to the Doctor LLC under separate agreements entered into by the physician-owner, the Doctor LLC and MHT.”
