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Speed Leasing Hits $1M Originations, Topping Projections

Speed Leasing LLC, which launched April 25, has already originated more than $1 million in leases, Chief Executive Hasham Malik told Powersports Finance, and projects to originate “well over” $2 million within the next month.

“There was a little lull there in the beginning as we worked to get our website and dealer portal running,” he said, but the startup is now beating its expectations.

Speed Leasing had projected to hit the $1 million mark in late August.

“The most important thing for us is that our investors are happy,” Malik said. “We’ve got sizable capital commitments over the next three years to add significant volume well over several thousand leases.”

Speed Leasing is funded by an undisclosed private equity firm, as well as through “additional funding,” he said. Malik declined to offer specifics, but said Speed Leasing has “multiple commitments” for capital funding.

The Pompano Beach, Fla.-based full-spectrum lessor finances 10-year-old or newer Harley-Davidson motorcycles.

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  1. […] Leasing, which launched in April of last year, previously originated more than $1 million leases in August — surpassing its expectations. The company has been […]