Element Financial Corporation announced that it has closed its third railcar lease portfolio with the purchase of a further US$118 million worth of leased railcars from Dallas-based Trinity Industries, the leading railcar manufacturer in North America.

Since December of last year, Element has funded a total of US$619 million of leased railcars as part of a vendor finance program with Trinity Industries under which Element expects to provide lease financing for up to US$2 billion worth of railcars over a two year period.

Including the current transaction, Element’s current US$619 million leased railcar portfolio is consistent with the diversification criteria established by Element further to the vendor finance agreement it entered into with Trinity last December and aligns the portfolio with similar investment-grade rated railcar lease portfolios funded last year in the asset-backed security market.