- EverBank Expands Commercial Offerings with New Public Finance Business, Led by Trevor Mael
- Sidley Austin Represents J.S. Held in Acquisition of Luttrell Wegis
- Blackstone Private Credit Fund Taps Debt Market for $1.5 Billion
- CapitalPlus Supply Empowers Philadelphia Masonry Contractor with $560,000 in Factoring Facility
- Gateway Trade Funding Completes 17 Stretch Finance Transactions Totaling Almost $5,000,000
TSL Express Daily Articles & News
To submit company news and press releases toTSL Express, email tslexpress@sfnet.com.
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(Editor’s Note: SFNet held a webinar on the California Financial Disclosure regulations on July 7. SFNet members can watch this webinar here. SFNet’s Advocacy Committee, under the guidance of Hamid Namazie of McGuireWoods, has engaged Hudson Cook, LLP to create a compliance guide for SFNet members. If you have questions, please contact Michele Ocejo at mocejo@sfnet.com.)
Commercial financing providers in California will soon need to comply with detailed disclosure requirements when making an offer of commercial financing to potential borrowers. The California Department of Financial Protection and Innovation’s final implementing regulations for the state’s commercial finance disclosure law (CFDL) become effective on December 9, 2022. Other states that have been considering or already passed a CFDL—including New York—have been awaiting release of California’s regulations and are anticipated to soon release similar regulations.
TSL Express Daily Headlines & News
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First Citizens Bank Provides $44 Million Construction Loan for Philadelphia Distribution Center
November 2, 2023First Citizens Bank today announced that its Commercial Real Estate business provided $44 million in construction financing to Greek Real Estate Partners ('GREP') — a leading New Jersey-based, vertically-integrated real estate firm focused on industrial development — to build a Class A distribution center seven miles north of Downtown Philadelphia.
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Performant Financial Corporation Announces Completion of Debt Refinancing
November 2, 2023Performant Financial Corporation (Nasdaq: PFMT) (Performant), primarily operating as Performant Healthcare Solutions, a leading provider of technology-enabled payment integrity, eligibility, and related analytics services, announced today the completion of a refinancing of its existing credit facility with a new credit facility with Wells Fargo that has a $25 million revolving loan commitment, subject to customary asset-based loan borrowing base limitations.
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Tradecycle Capital Delivers a New Accounts Payable Finance Facility for Sports Equipment Brand
November 2, 2023Tradecycle Capital, an Indianapolis-based trade finance provider, announced it funded a new $3,000,000 revolving accounts payable funding facility for a well-known sports equipment brand for professional and youth athletes alike.
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SFNet Member Spotlight: Boston Financial & Equity Corporation
November 1, 2023We are a boutique lessor that works with Angel & Venture Capital backed start-ups to achieve their goals by providing leases for necessary capital equipment.
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MidFirst Business Credit Announces New Lending Relationship with LDC Stone, Inc.
November 1, 2023MidFirst Business Credit (MFBC) announced it has recently provided a $25 million working capital facility to LDC Stone, Inc. (“LDC”). Headquartered in Addison, TX, LDC provides design, manufacturing and installation of kitchen and bath cabinet solutions to builders/contractors of single family and multi-family dwellings.
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Phoenix Management, a part of J.S. Held, Lending Survey Results Reveals Increased Optimism Despite Unstable Underlying Factors
November 1, 2023Phoenix's Q3 2023 "Lending Climate in America" survey asked lenders how they have changed their approach to pursuing new business. With the various changing environments (geopolitical, interest rate, etc.), 50% of lenders said that they have been less aggressive in chasing new opportunities. The other 50% are evenly split between maintaining standards when pursuing new business opportunities and becoming more aggressive in approaching new business.
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CIBC Innovation Banking Provides Growth Capital Financing to Jirav Inc.
November 1, 2023CIBC Innovation Banking announced today that it has provided an upsize to its growth capital financing facility with Jirav Inc. (Jirav). The company will use the financing to further accelerate product development, broaden its customer base across small and medium-sized businesses (SMBs), mid-market companies, and accounting firms while hiring talent to support its growth.
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WeWork Plans to File for Bankruptcy as Early as Next Week
November 1, 2023WeWork plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses.
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Briar Capital Real Estate Fund closes a $10MM Debtor-in-possession (DIP) loan to a chemical manufacturer in Texas
November 1, 2023Briar Capital Real Estate Fund (www.BriarCapital.com) is pleased to announce the closing of a new $10MM Debtor-in-possession (DIP) loan to a chemical manufacturer in Houston, TX. Using the company’s manufacturing plant and excess land as collateral, Briar Capital provided a DIP loan facility to allow the business time to reorganize and position itself for a successful exit in the future.
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Damiecki to Lead CohnReznick’s Construction Practice
November 1, 2023CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that Scott E. Damiecki, CPA, CCIFP, Partner, is assuming the role of Construction Industry Leader effective February 1, 2024. This is a critical time for the firm’s Construction practice which is currently experiencing substantial growth and a rise in client demand as a result of the nation’s historic investment in infrastructure.
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LSQ Creates $1.5MM Accounts Receivable Finance Facility for Glass Manufacturer
November 1, 2023LSQ, a leading provider of working capital and payments management solutions, recently originated a $1.5 million credit facility for a manufacturer of custom glass and insulated glass units. The company needed the liquidity boost to continue its strategic growth.
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Spinelli Joins CohnReznick as Managing Director, Restructuring & Dispute Resolution
November 1, 2023CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that Joseph Spinelli has joined the firm as a Managing Director in its Restructuring & Dispute Resolution practice. Spinelli is a globally recognized thought leader and practitioner in the areas of white-collar investigations; the Foreign Corrupt Practices Act (FCPA); anti-bribery and corruption; integrity monitorships; and risk management.
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Grant Thornton Names new Leader for Seattle and Portland
November 1, 2023Grant Thornton LLP, one of America’s largest audit, tax and advisory firms, has named Lisa Heacock its new market managing partner for Portland and the Seattle metro area.
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TruMark Financial® Credit Union Announces Expansion of Business Banking Team
November 1, 2023TruMark Financial® Credit Union, a leading financial institution in Southeastern Pennsylvania, announces the expansion of their business banking and commercial lending division.
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Star Mountain Capital Adds Former Aflac Global Chief Investment Officer, Eric Kirsch, as Senior Advisor
November 1, 2023Star Mountain Capital, LLC ("Star Mountain"), a specialized investment manager with over $3.5 billion in assets under management (committed capital including debt facilities as of 9/30/2023) focused on generating defensive and premium returns from the less efficient and labor-intensive market of U.S. private small and medium-sized businesses (the “lower middle-market”), is pleased to announce that Eric Kirsch has joined as Senior Advisor.
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Experienced Bankruptcy & Restructuring Partner Joins Blank Rome LLP's Chicago Office
November 1, 2023Blank Rome LLP is pleased to announce that Stephanie K. Hor-Chen has joined the firm’s Chicago office in the Finance, Restructuring, and Bankruptcy group as a partner. Stephanie focuses her practice on insolvency and restructuring and has extensive transactional and bankruptcy court experience. She joins the firm from Katten Muchin Rosenman LLP.
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Trinity Capital Inc. Provides $25 Million Growth Capital to Neuros Medical, Inc.
November 1, 2023Trinity Capital Inc. (NASDAQ: TRIN) ("Trinity"), a leading provider of diversified financial solutions to growth-stage companies, today announced the commitment of $25 million in growth capital to Neuros Medical, Inc., a bioelectric technology company focused on alleviating chronic post-amputation pain and restoring quality of life.
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Altius Renewable Royalties Announces Closing of $247 Million Credit Facility
November 1, 2023The financing includes a $123.5 million initial term facility (“ITF”), a $100 million delayed draw term facility (“Delayed Draw Facility”), and a $23 million letter of credit facility (“L/C”), with the two term facilities qualifying for green loan eligibility. Great Bay is jointly controlled by ARR and certain funds managed by affiliates of Apollo Global Management, Inc. (“Apollo”).
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Solifi Releases new Features for its Equipment Finance Solutions
November 1, 2023Solifi, a global fintech software partner for secured finance, announced the latest product releases for Solifi Originations ROS and Portfolio Management ILS for equipment finance. The new software releases bring significant new value to equipment finance customers, with enhancements to business management, efficiency and compliance.
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Celtic Capital Corporation Provides $636,000 Equipment Loan to Construction Logistics and Material Transportation Provider
October 31, 2023Celtic Capital Corporation today announced its most recent new client relationship – a California-based construction logistics and material transportation provider.
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The Secured Lender
SFNet's 80th Annual Convention Issue