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Meet Paul Kendall of Trust Capital in Pacific Beach

Today we’d like to introduce you to Paul Kendall.

Thanks for sharing your story with us Paul. So, let’s start at the beginning and we can move on from there.
When I got into the equipment financing industry 15 years ago. I was homeless and living out of my $1,000 ford tempo with my clothes in trash bags in the trunk. I dropped out of High School but came back to finish high school a year later. I didn’t go to college and I didn’t know anything about equipment financing or the market. I found this company called US Capital out of a penny saver ad and I knew this would be an industry where I could eventually make a lot of money.

My first job I learned how to call on CFO’s of middle market companies that generated over 20 million in revenues but didn’t exceed 300 million to see if they needed equipment financing. The job ended after an altercation with the owner and me having to call the cops on him. I was owed $15,000 commission that I never got paid on when I left. That’s a full story in of itself. The company was small. It was just me and the owner in the office. He was my first mentor but I didn’t learn very much from him. While I was there he helped finance for 6 million dollars and one day slammed a $500,000 commission check on my keyboard from it.

That was inspirational for me. So I stuck with the industry. The second company I worked for two years was called Equi-Capital in Newport beach who’s no longer in business. I made them a lot of money and they forced me out by something they created called kangaroo court. It was a horrible management style and a bad business decision. When they fired me I had $23,000 in profit coming in that I never got paid on. The day I got fired I rode my bike home and got a biking ticket from riding my bike down the wrong side of the street. LOL, bad day. It was low pay and they paid very low commission percentages on the profit you generated but It was here that I learned how to create vendor relationships with equipment manufacturers and dealers to offer equipment financing to their customers. A very valuable skill for my industry because once you call and find enough relationships you can make $10,000 – $30,000 in profit a month.

Next Equipment financing company I landed a job with is a direct lender that just opened a satellite office in Huntington beach Ca called Pinnacle business finance. This was right before the recession. Great company to work for. It was a tough job where we’d crank out 75-100 calls a day to make good money. They paid all right and I started making more here but didn’t reach my potential. I was the only sales person out of 10 salespeople that consistently produced good profits every month. The recession hit and when they came to shut the satellite office down. I was getting promoted out of the sales pit and into my own office they shut it down and I went to work for Balboa Capital another direct lender that does equipment financing (same thing) that’s still around and they were a good company but I knew I wanted to work for a lender that specialized in the healthcare industry.

I sought out Chase Industries and the owner told me I was the only sales person to call him to follow up on the job out of 100 candidates. They thought about hiring me for a couple days and then called me to say I didn’t get the job and I told them “You’re making a huge mistake if you don’t hire me” So the owner said well let us think about it a little longer and they called me the next day and offered me the job. Here I was able to work from home and every time you start in a new company you got to build your pipeline up and over again so I worked from home and learned to keep disciplined to not get distracted.

I was a highly motivated person during this time frame and retrained my mindset. I got paid $50,000 a year and had great commission structure. Here I created great habits to be successful. All I did was work and work out in the gym like crazy. I was running 6 miles every other day or swimming a mile in the Olympic pool every other day and lifting weights 5 times a week. My goal was to get a 6 pack and I finally got one. I miss that. Lol, Think I’ll do that again soon. It was here I eventually made enough to move to San Diego and get my own place Downtown. Interesting the owners right-hand lady (VP) Kyra Syverly was embezzling money out of Chase industries and she finally got caught.

Two other salespersons and I were having two huge months in a row and were about to make $30,000 each and the cards came tumbling down and the company had to file bankruptcy. The owner of that company found me another job with Ascentium Capital where the owner of Ascentium Capital flew me out to his vacation home out in Breckinridge CO. I had my interview with him there but I had such a good book of business from building it at Chase that it was easy and a lifesaver to bring it over to Ascentium. Tom Depping started an equipment leasing back in the 90’s and sold it for 100 million in the 2000’s he then opened a bank in Breckinridge and semi-retired. When he interviewed me he planted a seed in my head. He believed in me that I could create a company as big as his one day.

So I went to work from home and living in Downtown San Diego. Tom came out of retirement to start Ascentium capital and I was the first out of 100 salespeople Ascentium hired. They’re now one of the largest equipment financing companies in the nation. He just sits as the chairman and isn’t involved too much in day to day activities.

Great company to work for but another salesman in their company got me kicked out of the aesthetic market where 75% of my business was in the aesthetic market because he was so heavily entrenched in the aesthetic market he got the management to make it so only he could offer financing in the aesthetic market and no other sales person could submit deals from that market but him. So I left and went to for Americorp Financial doing the same thing. I Just brought my book of business here and kept grinding. This was my last employer. The CFO wouldn’t let me submit deals outside of the healthcare industry. I had a many equipment manufacturers and equipment dealer partners that referred me business. I decided to find my own banking relationships to partner with as a broker in the equipment leasing industry. So I did that and started Trust Capital.

I started Trust Capital out of my apartment in the heart of PB. It was just me in the beginning. I had some sales people that were friends come and go and work with me out of my 1 bedroom apartment. I was in a desk that overlooked fat sals and Johnny v’s. located directly behind Fat Sals. After a few months of starting my company, I hired my mom as my first credit manager. I hired my sister as a loan processor. My mom passed away suddenly a year later and that was extremely tough for me. I kept going and opened my first business office at 2036 hornblend st. that fits 7 people in it.

We’re continuing our path of growth and will soon expand and open a second office in San Diego to house more winners who are as ambitious as me. I love training people with the desire to win and exceed in life. I wake up between 4-5 am every day, read, meditate and goto the gym. Then hit the office around 6 am and work until 5 pm. Come home, relax and possibly work a few more hours. Some times just relax depending on the day. I can’t and won’t stop until I’m the largest independently held equipment financing company in the nation. I have plans of becoming a direct lender in the foreseeable future and am excited about that.

Great, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
No, it was not smooth at all. It’s smooth now. Things got smooth once I mastered sales and marketing.

Please tell us about Trust Capital, LLC.
We specialize in equipment financing and are in about 20 different verticals. We dominate in the cannabis equipment financing space for contract manufacturers. We do very well with tow trucks, dump trucks, box trucks, medical equipment, construction equipment, and industrial equipment as well. I’m proud that we’re coming up on year five and I can feel the amazing momentum. It feels like my company is like a Chinese bamboo tree that once it hits year five It’s just going to shoot up and grow 80 feet in a year.

We have the most competitive rates and terms for every kind of borrower. I’ve built amazing relationships with the best banks and private lenders in the nation. We pride ourselves on customer service and a fast turn around time keeping customers updated every step of the way and being as transparent as possible about what they’re getting themselves into.

Do you look back particularly fondly on any memories from childhood?
I use to just love being in the pool and love being around the water. Loved sports growing up. Any and all memories of my mom I cherish. She was an amazing woman that looked out for me very well.

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