# EDGAR Filing Document

**Accession Number:** 0001890983
**File Stem:** 0001193125-25-242482
**Filing Date:** 2025-10
**Character Count:** 14355
**Document Hash:** a81b08efe9946e5766684cab350293ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-242482.hdr.sgml**: 20251017

**ACCESSION NUMBER**: 0001193125-25-242482

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251017

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20251017

**DATE AS OF CHANGE**: 20251017

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Equipment leases

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CEFI Finance, LLC
- **CENTRAL INDEX KEY:** 0001890983

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-05852
- **FILM NUMBER:** 251400797

**BUSINESS ADDRESS:**
- **STREET 1:** 650 LUIS MUNOZ RIVERA AVE.
- **STREET 2:** SUITE 400
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918
- **BUSINESS PHONE:** 7873022334

**MAIL ADDRESS:**
- **STREET 1:** 650 LUIS MUNOZ RIVERA AVE.
- **STREET 2:** SUITE 400
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Commercial Equipment Finance 2021-A LLC
- **DATE OF NAME CHANGE:** 20211028
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CEFI Finance, LLC
- **CENTRAL INDEX KEY:** 0001890983

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 650 LUIS MUNOZ RIVERA AVE.
- **STREET 2:** SUITE 400
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918
- **BUSINESS PHONE:** 7873022334

**MAIL ADDRESS:**
- **STREET 1:** 650 LUIS MUNOZ RIVERA AVE.
- **STREET 2:** SUITE 400
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Commercial Equipment Finance 2021-A LLC
- **DATE OF NAME CHANGE:** 20211028
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CEFI Finance, LLC
- **CENTRAL INDEX KEY:** 0001890983

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-05852

**BUSINESS ADDRESS:**
- **STREET 1:** 650 LUIS MUNOZ RIVERA AVE.
- **STREET 2:** SUITE 400
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918
- **BUSINESS PHONE:** 7873022334

**MAIL ADDRESS:**
- **STREET 1:** 650 LUIS MUNOZ RIVERA AVE.
- **STREET 2:** SUITE 400
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Commercial Equipment Finance 2021-A LLC
- **DATE OF NAME CHANGE:** 20211028

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM ABS-15G** 

**ASSET-BACKED SECURITIZER** 

**REPORT PURSUANT TO SECTION 15G OF** 

**THE SECURITIES EXCHANGE ACT OF 1934** 

**Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:** 

☐ **Rule 15Ga-1(c)(1) under the Exchange Act (17 CFR 240.15Ga-1(c)(1)) for the reporting period to** 

☐ **Rule 15Ga-1(c)(2)(i) under the Exchange Act (17 CFR 240.15Ga-1(c)(2)(i)) for the quarterly reporting period to** 

☐ **Rule 15Ga-1(c)(2)(ii) under the Exchange Act (17 CFR 240.15Ga-1(c)(2)(ii)) for the annual reporting period to** 

☒ **Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)** 

**Central Index Key Number of depositor:** 

## CEFI Finance, LLC<sup>1</sup>
**(Exact name of Issuer as specified in its charter)** 

**Central Index Key Number of issuing entity (if applicable): 0001890983** 

**Central Index Key Number of underwriter (if applicable): N/A** 

**Ricardo A. Rios, (787) 302 2334** 

**Name and telephone number, including area code, of the person** 

**to contact in connection with this filing** 

<sup>1</sup> CEFI Finance, LLC is filing this Form ABS-15G on its own behalf and on behalf of its affiliate Commercial Equipment Finance 2025-1, LLC.

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**INFORMATION TO BE INCLUDED IN THE REPORT** 

**PART II: FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS:** 

**Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer** 

Attached as Exhibit 99.1 hereto is an independent accountants' report on applying agreed-upon procedures, dated October 16, 2025, of Deloitte & Touche LLP, obtained by the issuer, which report sets forth the procedures and findings with respect to certain agreed-upon procedures performed by Deloitte & Touche LLP pertaining to the issuer's Series 2025-1 Equipment Contract Backed Notes.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| CEFI Finance, LLC | CEFI Finance, LLC |
| By: | /s/ Ricardo A. Rios |
|  | Name: Ricardo A. Rios |
|  | Title: Manager |

---

Date: October 17, 2025

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**EXHIBIT INDEX** 

Exhibit 99.1: [Agreed-upon procedures report, dated October 16, 2025 of Deloitte & Touche LLP.](d33635dex991.htm)

## Exhibit 99.1

**Exhibit 99.1** 

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| | |
|:---|:---|
| ![LOGO](g33635dsp005.jpg) | **Deloitte & Touche LLP**<br> 3 Second Street<br> Suite 301<br> Harborside Plaza 10 <br> Jersey City, NJ 07302 USA<br>Tel: +1 212 937 8202<br> www.deloitte.com |

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Commercial Equipment Finance, Inc.

650 Luis Munoz Rivera Avenue, Ste 101

San Juan, Puerto Rico

**Independent Accountants' Report** 

**<u>on Applying Agreed-Upon Procedures</u>** 

We have performed the procedures described below, related to certain information with respect to a portfolio of equipment contracts in connection with the proposed offering of Commercial Equipment Finance 2025-1, LLC. Commercial Equipment Finance, Inc. (the "Company") is responsible for the information provided to us, including the information set forth in the Statistical Data File (as defined herein).

The Company has agreed to the procedures and acknowledged that the procedures performed are appropriate to meet the intended purpose of evaluating the accuracy of certain information set forth in the Statistical Data File. Additionally, KeyBanc Capital Markets Inc. ("KeyBanc" and, together with the Company, the "Specified Parties") has agreed to the procedures and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. Consequently, we make no representations regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

**Agreed-Upon Procedures** 

On September 23, 2025, representatives of KeyBanc, on behalf of the Company, provided us with a computer-generated data file and related record layout containing data, as represented to us by the Company, as of September 15, 2025, with respect to 1,043 equipment contracts (the "Statistical Data File").

At your instruction, we randomly selected 80 equipment contracts from the Statistical Data File (the "Sample Contracts") and performed certain comparisons and recomputations for each of the Sample Contracts relating to the equipment contract characteristics (the "Characteristics") set forth on the Statistical Data File and indicated below.

**Characteristics** 

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| | |
|:---|:---|
| 1. Contract number (informational purposes only) | 5. Payment frequency |
| 2. Obligor name | 6. Original contract term (months) |
| 3. State | 7. Equipment cost\* |
| 4. Periodic payment | 8. Equipment type |

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\* Inclusive of taxes, as applicable.

**Member of**<br> Deloitte Touche Tohmatsu Limited<br>

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We compared Characteristics 2. through 6. to the corresponding information set forth on or derived from the loan and security agreement or master lease agreement (collectively, the "Agreement"); Characteristic 7. to the "Invoice;" and Characteristic 8. to a screen print from the Company's servicing system provided to us by the Company (the "System Screen Shot'').

The equipment contract documents referred to above, and any other documents used in support of the Characteristics, were provided to us by representatives of the Company and are collectively referred to hereinafter as the "Equipment Documents." We were not requested to perform and we did not perform any procedures with respect to the preparation or verification of any of the information set forth on the Equipment Documents and we make no representations concerning the accuracy or completeness of any of the information contained therein. In certain instances, our procedures were performed using photocopies or data imaged facsimiles of the Equipment Documents. In addition, we make no representations as to whether the Equipment Documents are comprehensive or valid instruments or reflect the current prevailing terms with respect to the corresponding Sample Contracts.

**Agreed-Upon Procedures' Findings** 

The results of the foregoing procedures indicated that the Characteristics set forth on the Statistical Data File were found to be in agreement with the above-mentioned Equipment Documents, except as indicated in Appendix A. Supplemental information is contained in Appendix B.

**\*\*\*\*\*\*** 

We make no representations as to the (i) actual characteristics or existence of the underlying documents or data comprising the equipment contracts underlying the Statistical Data File or the conformity of their characteristics with those assumed for purposes of the procedures described herein, (ii) existence or ownership of the equipment contracts or (iii) reasonableness of any of the aforementioned assumptions, information or methodologies.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events or circumstances that occur subsequent to the date of this report.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants ("AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the engaging party has agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review engagement conducted in accordance with attestation standards established by the AICPA, the objective of which would be the expression of an opinion or conclusion, respectively, on the Statistical Data File. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the Company and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1-Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedure engagements are less restrictive than independence requirements for audit and other attestation services.

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None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the information and use of the Specified Parties identified above and is not intended to be and should not be used by anyone other than these Specified Parties.

Yours truly,

![LOGO](g33635dsp007.jpg)

October 16, 2025

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**Appendix A to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated October 16, 2025.** 

In applying our agreed-upon procedures as outlined above, we observed the following:

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| | |
|:---|:---|
| **Exception<br>Description<br>Number** | **Exception Description** |
| 1 | One difference for equipment cost. |
| 2 | One difference for equipment type. |

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The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.

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**Appendix B to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated October 16, 2025**

<u>Supplemental Information Related to the Findings Set Forth on Appendix A</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| **Exception**<br> **Description**<br> **Number** | **Sample Contract**<br> **number** | **Characteristic** | **Characteristic set<br>forth on the Statistical<br>Data File** | **Characteristic set**<br> **forth on or derived<br>from the Equipment**<br> **Documents** |
| 1 | 5100192-L1 | Equipment cost | $552120.00 | $184040.00 |
| 2 | 2900531-CL11 | Equipment type | AGRICULTURAL | Agri - Mower |

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