Michael Coiley

2022 Inductee, CIT Healthcare Finance

Mike Coiley is a managing director in CIT’s Healthcare Finance business, responsible for providing financing and strategic solutions to clients across the diverse and dynamic healthcare sector.

Coiley has been in the finance industry for more than 30 years. Before joining CIT, he was with a debt fund and prior to that was with Siemens Financial Services, where he was responsible for developing their de-novo asset-based lending business. While there, he ultimately became a member of the business’ senior management team and was responsible at different times for their large-ticket leasing business, their traditional and healthcare ABL units and their commercial equipment finance business.  Prior to Siemens Financial, Coiley held several different roles with First Union’s ABL business (now part of Wells Fargo). Coiley is a past president and former chairman of the Secured Finance Network when it was known as the Commercial Finance Association. He has served on its Management Committee and has either chaired or served on several other SFNet committees.  He is also a former chairman of the SFNet Education Foundation.  He is a founding member of the Association for Corporate Growth’s New Jersey chapter. Coiley holds a bachelor’s degree in financial management from Clemson University and an MBA with a concentration in accounting from Seton Hall University. 

What advice would you offer to someone just starting out in the industry?

I recommend they be a voracious learner.  Learn about the various functions and disciplines within an ABL group and volunteer for projects that offer an opportunity to expand beyond their comfort zone. They should develop great listening skills and an openness to learning from others.  Seeking help from others more knowledgeable is not a sign of weakness, but rather a unique strength that will propel people further in their career.  Lastly, they should get involved in SFNet and work at developing relationships (client, peer, partner, co-worker).   

What are some of the most memorable moments of your career?

Developing a de novo ABL business for Siemens Financial was a memorable highlight.  That multi-office group grew to a $1 billion-plus asset business comprised of 20 colleagues. Collaboration with the CEO, CRO, and colleagues in Accounting, Treasury & in Munich, combined with the hard work and dedication of a great ABL team was a rewarding experience.  Other memorable moments include playing a role in the development of the industry textbook that was published by Gregory Udell, becoming the president of SFNet, and launching the start of the process to re-engineer the association’s governance to where it stands today, which I believe is more inclusive, responsive and more effective in supporting its membership. 

What professional achievement are you most proud of?

Giving back to the industry through the creation of a forum for the syndicated ABL community.  I presented the concept of developing an Asset-Based Capital Conference to Mike Sharkey and the Executive Committee.  As chair of the Education Committee, I assembled a small team to refine and develop the plan that received approval.  Now approaching 15 years in existence, the conference has focused on the expanding syndication market for asset-based loans.  It was an instant success and remains the go-to industry event for members who syndicate and participate in large ABL loans.  The ABCC also had the dual benefit of becoming SFNet’s second-largest income-producing event, which has enabled the association to invest in additional educational programs and advocacy efforts.  

What role did SFNet, its events and connections play in your career development?

SFNet has served as a solid foundation for my career.  I was fortunate that Ted Kompa encouraged his team to engage at the chapter level.  Those early experiences in the chapter and then at the national level provided outstanding networking opportunities, enabling me to build relationships with other professionals (lenders, attorneys, accountants, investment bankers, appraisers, etc.).  Additionally, that network led to new business opportunities, provided structuring guidance and education to avoid pitfalls which ultimately made me a better lender.  

The part that no one really notices is that SFNet is truly a volunteer-driven organization. Engaging with it at the national level allowed me to give back to a group that has done so much for me.

How did you get your start in the industry?

I was hired from college and went through a traditional management training program.  Upon its conclusion, I ended up in the ABL group where I started as a field examiner.  Visiting companies and performing my A/R & Inventory collateral work on site allowed me to see how a business truly operated.  Understanding the components of their balance sheet and true cashflows from the inside enhanced my credit skills and collateral knowledge, which has served me well throughout my career.