Step One: Program Development

·         Portfolio Investors review funding documents, indicate interest, and define eligibility standard

·         Warehouse banks review documents, approve eligibility standard, and define qualified originators

·         FundGuard identifies qualified originators

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Step Two: Affirm Program

·         Warehouse banks review and approve originators

·         Portfolio investors review originators and eligibility standards for final approval

·         Portfolio investors reaffirm eligibility standard, accept proposed originators, and issue commitment

Step Three: Warehouse Period

·         Originators submit all leases to FundGuard for funding through the warehouse

·         FundGuard reviews each lease for conformance with eligibility standards

·         FundGuard manages servicing of leases through Internet system

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Step Four: Permanent Funding

·         FundGuard coordinates structuring of portfolio using preapproved documentation

·         FundGuard continues as servicer

·         All portfolio data remains on Internet system

Originators

• Stable funding
• Retained control of customers
• Opportunity for residual realization

Warehouse Lenders

• Access to otherwise unavailable high-yield, short-term loans
• Credit control
• Significant deposit balances
• Reliable take-out
• Instantly accessible centralized administration

Portfolio Buyers

• Full control of the portfolio process
• Access to otherwise unavailable assets
• Self-defined yields
• Access to a stable flow of assets on a scheduled basis
• Defined, stable credit profile
• Instantly accessible centralized administration
• Regular audit-ability
• Reduced acquisition costs