- Online Auction Features Rental and Production-Ready Audio, Video and Lighting Gear
- EverBank Expands Commercial Offerings with New Public Finance Business, Led by Trevor Mael
- PlainsCapital Bank Welcomes Jorge Vernaza
- Pivot Energy Secures Over $450 Million in Major Financing of Distributed Generation Portfolios from First Citizens, ATLAS SP, and HASI
- nFusion Capital Provides $2.5 Million Line of Credit Kitu Life, Inc.
TSL Express Daily Articles & News
To submit company news and press releases toTSL Express, email tslexpress@sfnet.com.
Today's Top Story
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New California Disclosure Rules Reduce Capital Available to Small Businesses
In a poll conducted by the Secured Finance Network (SFNet), since new CA disclosure rules were implemented in December 2022, 40% of respondents were found to be “no longer lending” to prospective borrowers who fall within the regulations’ threshold of less than $500,000. SFNet is an 80-year-old nonprofit with members representing the $4T U.S. secured finance industry. The new law, requiring sweeping financial disclosures, introduced by CA State Senator Steven M. Glazer in 2018, faced four years of strong opposition before being rolled out in December of 2022.
TSL Express Trending Story
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What’s in fashion for factoring this coming spring? Quite a bit. This year’s trends show what we’ve all been keeping under wraps for the last two years, and we’ll be seeing some definite changes.
First up, a cascade of activity with more traditional bank lenders that retained customers during the pandemic based on regulatory allowances and readily available government funding may start pushing out underperforming loans.TSL Express Daily Headlines & News
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Merchant West Group Successfully Upgrades to Solifi ABL
August 15, 2023Solifi™, a global fintech software partner for secured finance, announced that Merchant West Group, a leading privately-owned South African financial institution, has successfully upgraded to Solifi ABL on the Open Finance Platform.
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Monroe Capital Supports Core Industrial Partners’ Gem Manufacturing Add-On Acquisition
August 15, 2023Monroe Capital LLC announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the acquisition of Coining Manufacturing, LLC (“Coining”) and Precision Machine Products, Inc. (“PMP”), by GEM Manufacturing (“GEM”). GEM is an existing portfolio company of CORE Industrial Partners.
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Marco Provides Factoring Facility to FruitBreeze LLC
August 15, 2023FruitBreeze LLC, a wholesale trader of fruits and vegetables, has been granted a factoring line by Marco to offer better payment terms to its overseas customers without disrupting its day-to-day operations. Currently, the company serves well-known clients in both the United States and Japan. With the help of this new factoring arrangement, they are also expanding their customer base to new markets, including Europe.
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TradeCap Partners Closes $1,000,000 Purchase Order Finance Facility with Florida-based Aerospace Parts Distributor
August 15, 2023TradeCap Partners recently closed a $1,000,000 purchase order finance facility with an aerospace parts distributor based in Florida. Continued year over year growth combined with an existing credit facility structured around a single customer was constraining cash flow.
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SFNet New Member Spotlight: Gipstein Law PLLC
August 14, 2023Gipstein Law PLLC is a boutique law firm that specializes in transactional real estate as well as representing private commercial lenders, private mortgage lenders, and providers of various types of sales-based financing.
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Greater Commercial Lending Completes Additional $25 Million in USDA-Guaranteed Financing for Aemetis Dairy Digesters to Produce Renewable Natural Gas
August 14, 2023Greater Commercial Lending (GCL), which provides government-guaranteed loans to businesses and organizations in under-served and rural communities, has completed its second $25 million loan for the Aemetis Biogas Central Dairy Digester Project. The first $25 million loan was completed in October 2022.
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HLS Therapeutics Announces Updates to its Credit Agreement
August 14, 2023HLS Therapeutics Inc. ("HLS" or the "Company") (TSX: HLS), a pharmaceutical company focusing on central nervous system and cardiovascular markets, announces an extension to its credit agreement, senior secured term loan, revolver facility and expansion facility (the "Amended Agreement") with a syndicate of leading bank lenders (the "Syndicate") led by JPMorgan Chase Bank as Admin Agent and Arranger.
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Triad Financial Services Announces $1.14 Billion in Consumer Financing
August 14, 2023Triad Financial Services, a subsidiary of ECN Capital Corp (TSX : ECN) (“ECN Capital” or the “Company”), a leader in financing solutions to manufactured housing dealers across the U.S., today announced that it has signed a letter of intent for $1.14 billion in financing from Blackstone’s Asset-Based Finance (“ABF”) Group.
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Flotek Announces Entry into Asset Based Loan Agreement
August 14, 2023Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced that it has entered into a revolving loan and security agreement in connection with an Asset Based Loan ("ABL") with Amerisource Funding, Inc. ("Lender").
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MidFirst Business Credit Announces New Lending Relationship with Anthony Machine
August 14, 2023MidFirst Business Credit (MFBC) announced it has recently provided a working capital and term facility to Anthony Machine (Anthony). Headquartered in San Antonio, Texas, Anthony provides design and high-precision fabrication services, specializing in small to large gearboxes, pumps, shafts, housings, assemblies, and industrial equipment and parts and repair and maintenance services to companies in the petrochemical, mining & aggregate, aerospace, and processors for the oil and gas industries.
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SFNet Announces the Winners of its 2023 Cross-Border Finance Essay Contest
August 14, 2023SFNet is pleased to announce the winners of its 2023 Cross-Border Finance Essay Contest, sponsored by Goldberg Kohn Ltd. Members of SFNet’s International Finance and Development Committee judged the essay submissions and have chosen:
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MindMed Secures $50.0 Million Credit Facility with K2 HealthVentures
August 14, 2023Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (the “Company” or “MindMed”), a clinical stage biopharmaceutical company developing novel product candidates to treat brain health disorders, today announced that it has entered into a senior secured credit facility with K2 HealthVentures, a healthcare-focused specialty finance company.
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1st Commercial Credit Affiliates Secure $170 Million in Credit Protection with Allianz Trade
August 14, 20231st Commercial Credit, LLC, a distinguished financial services provider, is pleased to report the successful procurement of $170 million in credit protection from Allianz Trade for its affiliated factoring companies, namely Capital Credit Incorporated, Commerce Commercial Credit, Inc, and Contract Credit, Inc.
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Carolyn Crooks Joins Evercore as Senior Managing Director in the Financial Sponsors Group
August 14, 2023Carolyn Crooks joins Evercore today (NYSE: EVR) as a senior managing director in the Financial Sponsors Group and will be based in New York. Ms. Crooks comes to Evercore after 21 years at Barclays, where she was a managing director in the financial sponsors group.
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Real Estate Finance Partner Michael McCarthy Joins Morgan Lewis in New York
August 14, 2023Morgan Lewis is bolstering its commercial real estate finance bench with the addition of former Stroock & Stroock & Lavan partner Michael (Mike) McCarthy. Arriving as a partner resident in New York, Mike will continue to advise institutional lenders, borrowers, and investors on a variety of commercial real estate finance and related matters.
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Gordon Brothers Acquires Telefunken
August 14, 2023Gordon Brothers, the global advisory and investment firm, has acquired the global consumer electronics brand Telefunken. Based in Frankfurt, Germany, Telefunken has become one of the leading names in the electronics sector with a diverse portfolio of products ranging from video, e-mobility, domestic appliances and audio.
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Wolters Kluwer Expert Points to Potential Risks 2023 Bank Failures Pose for Non-Bank Lenders
August 14, 2023After this spring’s rapid collapse of Silicon Valley Bank, Signature Bank and First Republic Bank, the banking industry is closely measuring the possible regulatory after-effects. Those impacts may include closer regulatory scrutiny for both traditional and non-bank lenders, according to Wolters Kluwer Compliance Solutions expert Kevin Wilzbach.
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B. Riley Serves as Debt Placement Agent to Transom Capital Group in its Acquisition of Bose Professional
August 14, 2023B. Riley Securities, Inc. ("B. Riley"), a leading middle market investment bank and subsidiary of B. Riley Financial, Inc. (Nasdaq: RILY), is pleased to have served as advisor and placement agent to Transom Capital Group (“Transom”) in connection with its acquisition of the Professional Division of Bose Corporation (“Bose Professional”).
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Greenbacker Partners with RBC Community Investments to Complete one of Clean Energy Industry’s First Solar PTC Deals
August 14, 2023Greenbacker Capital Management (“GCM”), a leading renewable energy asset manager, announced today that, through an affiliated investment vehicle, it has completed a $148 million tax equity financing commitment with RBC Community Investments. The commitment—one of the very first tax equity deals to utilize the solar production tax credit (“PTC”)—is helping finance one of the largest solar projects in GCM’s fleet.
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Medalist Partners and Semper Capital Management Broaden Strategic Partnership
August 14, 2023Medalist Partners and Semper Capital Management have expanded their partnership in the structured credit space, with Medalist formally announcing plans to integrate the Semper Capital business onto its platform. As part of this process, various Semper Capital investment and support personnel will join Medalist where they will manage their existing strategies with the enhanced resources of the Medalist platform, while continuing to leverage the robust investment process developed within Semper Capital over the past 30 years
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The Secured Lender
SFNet's 80th Annual Convention Issue