Articles
Intro content. Orci varius natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Curabitur iaculis sapien sagittis, accumsan magna ut, blandit massa. Quisque vehicula leo lorem, a tincidunt eros tempor nec. In quis lacus vitae risus egestas tincidunt. Phasellus nulla risus, sodales in purus non, euismod ultricies elit. Vestibulum mattis dolor non sem euismod interdum.
-
Yieldstreet Closes $400 Million Credit Facility with Monroe Capital to Expand Investor Access to Private Markets
Aug 9, 2022Yieldstreet, the world’s largest direct-to-consumer online platform for investing in private markets, today announced the closing of a warehouse facility that provides access to up to $400 million from Monroe Capital LLC. This financing is the largest of its kind to date for Yieldstreet and for any alternative investment platform in the industry and enables the company to scale in the coming years.
-
Interview with Terry Keating, CEO of Access Capital
Aug 9, 2022In June, Access Capital, a leading independent lender to the staffing industry, announced it named Terry Keating chief executive officer. Recently TSL Express’ senior editor met with Keating to discuss how his career trajectory helped prepare him for this role, his goals and responding to some of the challenges the industry is experiencing.
-
SFNet Announces Winners of Cross-Border Finance Essay Contest
Aug 8, 2022SFNet is pleased to announce the winners of the SFNet Cross-Border Finance Essay Contest, sponsored by Goldberg Kohn Ltd. The winning essays will appear in upcoming issues of The Secured Lender and in TSL Express. In addition, the authors of the winning essays have been invited to participate on a panel at SFNet’s 78th Annual Convention in Austin, TX, Nov. 9-11.
-
Eastern Bank Welcomes Justin Mills As Senior Vice President, Commercial Relationship Manager, Asset-Based Lending
Aug 8, 2022Eastern Bank is pleased to welcome Justin Mills as a Senior Vice President, Commercial Relationship Manager focused on asset-based lending. Based in Boston, Mr. Mills’ experience spans asset-based lending as well as broader commercial lending.
-
Interview with Mark Cuccinello, Member of SFNet’s Diversity, Equity & Inclusiveness Committee
Aug 8, 2022
Mark Cuccinello is a senior ABL originator for J.P. Morgan Commercial Banking, where he is responsible for providing asset-based loans to middle market companies. Mark has been with the bank for 17 years and has more than 25 years of asset-based lending experience. Mark resides in New Jersey with his family.
-
Huntington Business Credit Closes Credit Facility with Spirit Pharmaceuticals, LLC
Aug 8, 2022
Huntington Business Credit announced it closed a $20,000,000 new credit facility with Spirit Pharmaceuticals, LLC on July 6, 2022. Spirit Pharmaceuticals, LLC, headquartered in Ronkonkoma, New York, is a packager and wholesaler of private label over the counter (“OTC”) pharmaceutical products.
-
Latham & Watkins Advises on Multibillion-Dollar Financing to Support Ali Group’s Acquisition of Welbilt
Aug 4, 2022
Ali Holding S.r.l., one of the largest and most diversified global leaders in the foodservice equipment industry, has announced that it has completed its previously announced acquisition of Welbilt, Inc.
A cross-border Latham team represented the lead arrangers in a financing to support the transaction comprising a US$2.25 billion term loan B, a US$1.25 billion Euro-equivalent term Loan A and a US$250 million revolving credit facility, which included a banking/finance team led by New York partner Alfred Xue, London partner Hendrik Smit, Milan partners Marcello Bragliani, and Jeff Lawlis, and New York counsel Seung-Ju Paik, with associates Erika Brini Raimondi, Michela Mancini, Tulika Sinha, Simona Di Marcantonio, Deena Smith, and Ian Luby.
-
CIT Increases Lending Facility for Fashion Company to $100 Million
Aug 3, 2022
CIT Commercial Services , a subsidiary of First Citizens Bank, today announced that it increased a New York-based fashion company’s discretionary lending facility to $100 million to support the acquisition of an entity that specializes in children’s apparel.
-
Siena Healthcare Finance Hires VP, Western Region Business Development Officer
Aug 2, 2022
Siena Healthcare Finance is pleased to announce the addition of Ashley Nelson as VP, Western Region Business Development Officer. In her new role, Ashley will be responsible for leading new healthcare originations in the Western United States.
-
California Releases Regulations To Implement Detailed Disclosure Requirements To Commercial Loan Applicants
Aug 2, 2022(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.
-
Mountain Ridge Capital Announces New Executive Hires
Aug 1, 2022Mountain Ridge Capital, an asset-based commercial finance company, announced the hiring of Bill Drmacich and Jay Fabian as Managing Directors of Business Development.
Drmacich, an industry veteran, is responsible for business in the Southeast market from Atlanta where he has been a member of the community for over 25 years. Prior to joining Mountain Ridge, Fabian was a Senior Originator with First Merchants Bank and during the 15 years before that, was a highly valued contributor at Stonegate Capital and Wells Fargo. -
SFNet International Finance & Development Committee Launches ABL Cross-Border Database
Jul 28, 2022SFNet's International Finance and Development Committee has recently announced the launch of its ABL Cross-Border Database. The database is a comprehensive compilation of information from publicly available credit agreements in large cross-border asset-based loans. The database currently includes 61 transactions, representing all ABL cross-border transactions closed and filed with the SEC from 2011 to present (excluding those transactions involving only the United States and Canada), and will be updated regularly to cover new transactions.
-
Wells Fargo Commercial Banking Names Tanner Phifer to Lead Middle Market Asset-Based Lending Origination for West Region
Jul 28, 2022Wells Fargo Commercial Banking, part of Wells Fargo & Company (NYSE: WFC), announced that Tanner Phifer will lead Middle Market Asset-Based Lending (ABL) origination for the West region, which is part of the bank’s secured lending and leasing businesses. The Middle Market ABL originations team is closely aligned with divisions across the bank to support the demand of asset-based lending, specialty lending and equipment finance solutions to the middle market segment.
-
Encina Private Credit Closes $500mm In Incremental Capital Commitments, Hires Michael Hensinger As President & Chief Commercial Officer
Jul 27, 2022Encina Private Credit (“EPC”) announced today a significant expansion to its capital base with $500mm in incremental capital commitments. This capital will enable the platform to scale its first-out, enterprise value loan product in partnership with its growing roster of direct lending partners.
In connection with the significant expansion of its capital base, EPC also announced it has hired Michael Hensinger as its President & Chief Commercial Officer.
-
Randy Lederman Joins CIT Northbridge Credit
Jul 26, 2022
CIT, a division of First Citizens Bank, has named Randy Lederman as a managing director for business development activities across the Northeast for CIT Northbridge Credit LLC, a joint venture advised by CIT Asset Management LLC.
Based in New York, Lederman will be responsible for sourcing new asset-based loan opportunities from $15 million to $150 million with business borrowers across a range of credit profiles. His appointment represents CIT Northbridge’s continued dedication to serving client and referral sources in the northeast.
-
SFNet's YoPro Leadership Summit Is Back in Person
Jul 26, 2022After two years of virtual and hybrid conferences, SFNet's YoPro Leadership Summit returns in person August 3 to 4, 2022 at King & Spalding LLP in Atlanta, GA. Young professionals of the secured finance industry will hear from industry leaders, connect with peers, and discover together how to find success in new, flexible work structures. This year’s speakers and panelists will provide a market perspective, share an e-commerce update, and discuss diversity, equity and inclusiveness initiatives. In addition, attendees will have the opportunity to hear from industry titans and former SFNet 40 Under 40 Award winners. We’ll also have small-group networking sessions, icebreakers, group social activities and receptions in the evening. -
Republic Business Credit Provides $4.5 Million Ledgered Line of Credit Facility for an Outdoor Products Company
Jul 25, 2022With outdoor spaces and upscale gardens a consistent but seasonal consumer demand across the country, a Midwest-based manufacturer of unique outdoor products knew it needed to find a flexible partner to react to dynamic and volatile market conditions. Republic Business Credit was the answer. Republic implemented a flexible line of credit to support the company’s seasonal-based liquidity needs.
-
ALT Announces $200 Million in New Funding Led by Atalaya Capital Management as It Launches ALT Advance, Its New Lending Product
Jul 25, 2022ALT, a simple, modern investment platform that lets you buy and sell alternative assets just like stocks, today announced $200 million in new debt financing led by Atalaya Capital Management. The new funding comes on the heels of ALT's introduction of ALT Advance, a new lending product that lets investors borrow cash against their vaulted assets without having to sell them
-
Mary Katherine DuBose Named Head of Wells Fargo’s Asset-Based Lending & Leasing Businesses
Jul 21, 2022Wells Fargo & Company (NYSE: WFC) announced Mary Katherine DuBose as the head of the bank’s secured lending division that includes asset-based lending, equipment finance, supply chain finance, and inventory finance. DuBose reports to Kyle Hranicky, Chief Executive Officer of Wells Fargo Commercial Banking.
-
CIT Serves as Lead Arranger of $88 Million Financing for Texas Battery Energy Storage System
Jul 20, 2022
CIT, a division of First Citizens Bank, today announced that its Power and Energy business arranged $88 million in financing for a 173-megawatt stand-alone merchant battery storage facility in Texas.
The borrower, Wolf Tank Storage, is an affiliate of Aypa Power Development, which develops, owns and operates numerous utility-scale energy storage and hybrid renewable energy projects that assist in the decarbonization of the electrical grid. Aypa Power is a portfolio company of Blackstone Inc.
Professional Development Courses
- Live online classes for ABL and Factoring professionals
- On Demand classes in Appraisals, Factoring, Legal, Workout & Bankruptcy