TSL Feature Articles
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Succession: ABL Industry Needs a Plan
The ABL industry is struggling with succession challenges. Founders are synonymous with their firms, yet many lack succession plans despite good health and changing industry dynamics. The generational shift demands innovation and client-centric approaches. Planning and communication are crucial. Unlike TV drama, ABL leaders must ensure smooth transitions to secure their legacies and firms’ futures amidst industry upheaval. -
Factoring Industry Remains Resilient Amid Economic Shifts
Aug 12, 2024The U.S. economy wrapped up 2023 on a robust note, buoyed by resilient consumer spending and a solid labor market.
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The State of Asset-Based Lending in Q1 2024: A Comprehensive Analysis
Aug 6, 2024The first quarter of 2024 presented a complex landscape for asset-based lending (ABL) and the broader economic context. According to the SFNet Q1 2024 Asset-Based Lending and Confidence Index surveys, the ABL industry exhibited both stability and cautious optimism despite the economic headwinds.
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Navigating Economic Uncertainty: Key Insights from the SFNet Market Pulse Report
Aug 1, 2024As we delve into the second quarter of 2024, the financial landscape is marked by both challenges and opportunities. The latest SFNet Market Pulse Report provides a comprehensive analysis of various economic indicators, trends, and projections that are crucial for stakeholders in the secured finance (notably asset-based lending and factoring) industries. This article synthesizes the key findings and insights from the report, offering a detailed overview of the current economic outlook, credit markets, consumer finances, sector activity, and global economic trends.
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Understanding the Complexities of Recruiting and Retaining Talent
Jul 1, 2024The secured finance industry is feeling the strain as the industry ages and its most experienced executives retire. Here, SFNet members offer their points of view on the challenge.
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Where Are They Now? Catching up with Previous SFNet 40 Under 40 Award Winners
Jun 17, 2024Past SFNet 40 Under 40 Award recipients discuss how the Award affected their careers and offer advice to the next generation.
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Interview with Jeff Dunlop and Maria McGuire of Goldberg Kohn, SFNet Past 40 Under 40 Award Recipients
Jun 5, 2024Earlier this year, Jeffrey B. Dunlop and Maria T. McGuire were named co-chairs of Goldberg Kohn’s Commercial Finance Practice Group. They succeed Michael Hainen, who completed his highly successful nine-year term as the practice group leader at the end of 2023.
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Navigating the Roadblocks: Challenges and Progress in the U.S. Electric Vehicle Revolution
May 1, 2024As the automotive industry moves toward electrification, lenders face an uncertain path forward. The successful transition to EVs will require substantial investment at all levels, from charging technology and coverage to dealership infrastructure. As the effect on total cost of ownership unfolds, the residual value models that underpin the entire industry will need to be redefined, impacting financing and leasing. Lenders to the mobility sector should be prepared for further disruption which will provide either opportunities or create credit challenges as companies navigate this dynamic landscape. -
Armstrong Flooring Bankruptcy: The Alchemy of Creating Value from Accounts Receivable
Apr 25, 2024Finding the right combination of capital resources and strategic knowledge in the sale and restructuring of a business is complicated; but when it works, this seemingly magical process of transformation creates incremental value for all constituents involved in the bankruptcy process. Take the case of Armstrong Flooring, and three affiliated companies, that each filed petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under Chapter 11 on May 8, 2022. -
The Ins & Outs of DEI Fatigue
Apr 11, 2024Since the DEI “field” is a potpourri of research, advocacy, political ideations,
and personal perspectives from multiple fields, it is difficult for people to know which sources of information to trust. One of the latest urgent fascinations that has captured our collective attention is “DEI Fatigue.” -
Ally and Affinity Groups: Helping to Bring Our True Selves to Work
Industry ally and affinity group members and leaders share their stories and discuss how their organization’s groups began and their benefits.
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2024 Threats to Manufacturing and Industrial Businesses – Lenders Beware
How will reduced consumer spending and increased leverage cost stress manufacturing & industrial companies in the year ahead? -
Perfection of Security Interests in Electronic Bills of Lading Under the UCC
Feb 21, 2024In an increasingly paperless world, electronic bills of lading are garnering attention as an industry choice for cross-border commercial and shipping transactions. This article provides an overview of the legal framework prescribed by Articles 7 and 9 of the Uniform Commercial Code for a secured lender seeking to perfect its security interest in electronic bills of lading.
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Gauging Credit Risk for 2024
Feb 8, 2024The credit risk panel at SFNet’s 79th Annual Convention focused on challenges such as consumer headwinds, the higher cost of capital, looming refinancing deadlines, and the prospect of more downgrades, bankruptcies and defaults. Overall, though, panelists were optimistic about credit appetite and the ability to negotiate risk through tighter deal structures and more in-depth borrower and sector analytics. -
Interview With Holland & Knight ABL Team Members
Feb 5, 2024TSL’s editor-in-chief sat down with key members of Holland & Knight’s ABL team, including Wade M. Kennedy, partner and co-lead of the Asset-Based Lending Team; Christopher S. Dillon, partner and co-lead of the Asset-Based Lending Team; Hamid Namazie, financial
services partner; Yoojin Lee, financial services partner; and Mark Spitzer, financial services partner. Here, they discuss H&K’s strengthening of its finance practice, how they got their start in this specialty and the threats facing lenders in 2024. -
Secured Finance Executives Predicting Modest Growth in 2024
Jan 22, 2024Despite economic headwinds and higher costs of borrowing, secured lenders are expecting a profitable year ahead -
The Saga of Serta: The Next Chapter—Subordination of “Non-Participating” Lenders Upheld by Bankruptcy Court
Dec 18, 2023“Liability Management Transactions” continue to grab headlines. Companies in distress are turning to the out-of-court restructuring of their debt in ways that leave lenders who made loans on the basis of a senior secured position either with certain assets no longer available as collateral pursuant to a “drop down financing” or subordinate to new tranches of debt pursuant to an “uptiering transaction.” This article takes a look at the arguments being made in some of the litigation that has often followed on such uptiering transactions and in particular the June 2023 decision of the Bankruptcy Court in the Serta case. -
Dealing with the Volatility of Commodities
Dec 11, 2023Commodity producers face volatile market swings due to factors such as macroeconomics and supply chain stability, creating risks for secured lenders. Understanding each commodity’s nuances, risk-management strategies, and regulatory considerations is crucial. To navigate these challenges, secured lenders must maintain strong industry knowledge, adapt lending structures, collaborate with third parties, and balance risk and return for their clients.
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Interview with SFNet’s New President Barry Bobrow
Nov 30, 2023Barry Bobrow is a managing director and head of credit markets for Regions Business Capital. He is a widely respected leader in middle-market leveraged finance and asset-based lending. He has spent the past 38 years working in banking, most of it as a debt capital markets professional, primarily in leveraged lending and supply chain finance. Bobrow is the creator and chairman of the Asset Based Capital Conference (ABCC), an SFNet sponsored conference focusing on the middle-market leveraged and asset-based markets, now in its 16th year. Here, Bobrow discusses his career trajectory, his outlook for the industry and his goals for SFNet in 2024. -
Seeking Growth, Small-Business Owners Can Tap a Variety of Loan Options
Nov 20, 2023What are the credit needs and opportunities for today’s small-business owners? This article explores results from Pathward’s new survey.
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The UK Government Moves Closer to Potentially Damaging Legislation Impacting the UK ABL Industry and Its Clients
The UK Government announced 11th July 2019, through the publication of the Draft Finance Bill, that it is going ahead with the reinstatement of Crown Preference in respect of VAT and PAYE.
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PNC Bank Provides Financing to Receipt & Labeling Solutions Provider
May 30, 2019
PNC Bank, National Association, announced the closing of a $90 million senior secured credit facility for Iconex LLC (Iconex), a portfolio company of Greenwich, CT-based Atlas Holdings. PNC’s facility was provided in conjunction with a $67.5 million term loan and a $30 million delayed draw term loan provided by Cerberus Business Finance.
Click on the link below to meet some of the “difference makers” in the secured finance community. This issue of The Secured Lender celebrates those who are having a profound impact on both their communities and their organizations.
Previous TSL Articles
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Olympic Athletics and Lending, Private Equity and Investing Success – Not as Different as You Might Think!
Aug 21, 2024With the 2024 Olympics behind us, the next games are scheduled for Los Angeles in 2028. For those spectators enthralled with the world-class athleticism, success seems to be determined largely by medal count (and media coverage). As I enjoyed the games, I pondered how the lending, PE, and investing sectors are closer to the Olympic athletes than one may think. -
The Transformative Impact of Mentoring: An Interview with Emily Neuherz
Jul 25, 2024The SFNet Mentoring program, sponsored by the Secured Finance Foundation and the SFNet DEI Committee, has become a cornerstone of professional growth and community building within our industry. In this interview, we highlight the journey of Emily Neuherz, senior associate, Capital Foundry and a passionate advocate and past mentee of the program. Emily’s experience not only underscores the immense value of mentorship but also serves as a testament to the transformative impact it can have on career development. Through her story, we hope to inspire both new potential mentees and mentors to join our upcoming Fall iteration, and embark on a path of mutual growth, learning and success. -
Evolving Strategies in Business Development for Secured Finance
Jul 9, 2024In a rapidly shifting financial landscape, the Secured Finance Network's recent webinar offered a deep dive into effective business development strategies within the secured finance sector. Moderated by James Kravitz, SFNet’s business development director, the session featured prominent industry experts Lance Rosenthal, executive vice president of business development at RelPro; Jack Penzi, director of originations at Great Rock Capital; and Mitch Sterling, chief client development and relationship officer at Blank Rome.
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Asset-Based Lending Data Show Industry Remains Healthy, with Moderately Improving Outlook
Jun 26, 2024Banks and other lenders shared a mostly positive outlook for the asset-based lending market in the first quarter, fueled by predictions of a soft landing for the U.S. economy. But they are mindful of looming regulatory changes and continue to monitor portfolios for signs of post-pandemic stress, according to data released by the Secured Finance Network (SFNet).
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SFNet Announces Secured Finance Certified Professional Program: Elevating Standards in the Industry
Jun 20, 2024In the dynamic world of secured finance, maintaining an edge is paramount. To meet the evolving needs of the SFNet community, we are launching an innovative and comprehensive certification program. The Secured Finance Network’s Secured Finance Certified Professional (SFCP) Program is designed to equip individuals with the knowledge and skills, necessary to excel in asset-based lending and factoring.
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SFNet’s 3rd Annual SFNet Cross-Border Finance Essay Contest Offers Industry Recognition, Chance to Be on SFNet Convention Panel
Jun 10, 2024Sponsored by Goldberg Kohn, the essay contest serves as a platform to discuss cross-border trends and issues and gain industry recognition. 1st, 2nd and 3rd place winners will be invited to present on a panel at SFNet’s 80th Annual Convention in Houston, TX and have their essays published in The Secured Lender magazine. The contest is open to employees of SFNet member companies. Entry is free and all submissions must be received by June 25, 2024.
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SFNet’s Women in Secured Finance Conference to Focus on Expanding Influence
May 23, 2024SFNet’s Women in Secured Finance Conference will be held June 12-13, 2024 at Jay Suites Midtown East, New York, NY. An event designed to cultivate leadership skills and connect with fellow trailblazers, the Conference is geared to both aspiring leaders and seasoned professionals who are looking to make an impact and expand their sphere of influence.
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Interview with Savi Hussain, Member of SFNet’s Diversity, Equity & Inclusiveness Committee
May 16, 2024Savitri Ramjohn Hussain (Savi) migrated from Guyana, South America in 1984. She is a mom of four children and has three amazing grandkids. Savi Hussain serves as the head of underwriting and senior VP at Iron Horse Credit. She comes with a wealth of industry knowledge and 25 years of experience in asset-based lending including accounts receivable finance, inventory finance, purchase order finance and supply chain finance. -
Who’s on First? The Rise of the First-Out ABL Product
May 13, 2024"Who's on First?" is a comedy routine made famous by American comedy duo Abbott and Costello. The premise of the sketch is Abbot comically trying to identify to Costello the names of players on a baseball team that simultaneously leads to misunderstanding and frustration between the two. Today, there are now enough ABL products to fill an infield with the latest one, First-Out ABL, being on first. The First-Out product is simply an asset-based loan within a term loan originated by a traditional cash flow lender. -
SFNet Partners with NYU Stern to Offer "Impactful Leadership for High Potentials" Course for a Second Year
May 9, 2024The Secured Finance Foundation has again joined forces with NYU Stern Executive Education to bring a multi-faceted learning experience taught by NYU Professor, Nathan Pettit coupled with real-world secured finance applications. This two-day course, held in person at NYU Stern, June 11-12, will introduce attendees to a variety of analytical frameworks while simultaneously modelling tactical approaches – all with the focus on developing leadership skills.
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