Essex Capital Corporation is a California C corporation founded in 1993. The company is wholly owned by Ralph T. Iannelli, its President and Chief Executive Officer. The company was formed to provide funding to credit worthy companies who choose to acquire assets via lease, rather than purchase. Since its inception, Essex has provided funding in excess of one billion dollars for those corporations. In addition, Essex has made a number of equity investments in private and public companies and at the present time, has more than 15 companies in its portfolio. The company is located in Santa Barbara, California in a historically rehabbed building that it purchased in 2006.
As mentioned, Essex acts as a financing source and lessor to credit worthy companies on a nationwide basis. It leases all assets, except vehicles and commercial aircraft. Essex originates its lease transactions through its own sales force and a network of brokers that Mr. Iannelli has worked with for over 25 years. In addition to the direct origination of leasing opportunities, Essex also acquires existing leases from banks and other leasing companies. It offers financing for those lessees who want to acquire equipment on an operating or capital lease basis. Essex direct funds approximately 40% of the leases it originates or portfolios that it acquires. For the balance, it uses non-recourse bank lines. Essex provides lessees with credit facilities for one or multiple transactions.
In the last 10 years, Essex has focused on two areas of the leasing industry, venture and sale leaseback transactions. Despite the burst of the internet bubble, there are still thousands of companies on an annual basis that seek capital from venture capital firms. The large majority of the firms that seek funding need capital for equipment. Essex works with the leading venture capital firms to provide equipment financing so that the funded firms suffer less equity dilution. This type of lease funding allows Essex to participate in the equity, via warrants, that it obtains as part of the funding. In addition to venture leasing, Essex is very active in providing lease capital to those firms who want to sell and lease back equipment.
What We Do For Clients
Essex Capital Corporation arranges debt or equity financing in several market segments, including:
- Financing of Individual transactions
- Vendor programs
- Structured finance
- Venture Capital leasing
- Sale and Leaseback