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Prestige Capital Supports the New Owners of a New York-based Construction and Design Firm with $12,000,000 in Funding
Mar 16, 2022A New York-based construction design consulting firm was acquired by new owners. They were unable to get funding from their bank due to legal and financial issues that took place under previous ownership. Though their bank had recently exited their loan, their banker knew of Prestige’s unique underwriting capabilities and referred the client to Prestige Capital.
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Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $41.2 Million in Commercial Financing to 61 Businesses in the Second Half of February
Mar 15, 2022Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $2,650,000 in ABL/factoring financial solutions for eight new clients; Crestmark Equipment Finance provided $27,844,322 in 26 new transactions; Crestmark Vendor Finance provided $2,624,820 in 25 new small ticket vendor transactions; and the Structured Finance group provided $8,115,000 in financing for two new clients in the second half of February.
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Factoring Trends for 2022
Mar 14, 2022What’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. -
White Oak Commercial Finance Promotes Five Account Executives in New York and Los Angeles
Mar 14, 2022
White Oak Commercial Finance ("White Oak"), an affiliate of White Oak Global Advisors, is pleased to announce it has promoted five account executives dedicated to serving its national client base across a range of industries in its New York and Los Angeles offices.
In New York, Laquanda Franklin, Ethan Rosenblum, and Teresa Chan were promoted to Senior Vice Presidents. Ryan Power was promoted to Vice President. All members of the New York team report to Executive Vice President Martin Efron. In Los Angeles, Donald Norman was promoted to Senior Vice President and reports to Executive Vice President Gino Clark.
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CBL Hires Experienced Head of Data Analytics and Technology
Mar 14, 2022Context Business Lending, LLC (“CBL”) a leading family office-backed national asset-based lender, announced today that Joy Hanawa has been named Director of Technology and Data Analytics for the Company. In this role, Hanawa will lead the innovation agenda and technology roadmap for CBL and manage the design and development of additional automation and data analytics tools. -
Citizens Provides new $20 Million Credit Facility to Oscar de la Renta
Mar 10, 2022
Citizens announced today that it provided a $20 million revolving line of credit to New York-based luxury fashion retailer Oscar de la Renta.
“Citizens bankers are trusted partners who listened to us, brought great ideas and believed in our growth plans,” said Alex Bolen, CEO of Oscar de la Renta. “The Citizens team has deep knowledge of the retail landscape and their close attention to detail made for a seamless execution.”
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Interview with Bob Grbic, President & CEO of White Oak Commercial Finance and the Chair of SFNet’s Factoring Committee
Mar 10, 2022Robert Grbic has more than 30 years of commercial lending experience. He has been with the company and its predecessor since 2005, previously serving as senior executive vice president and chief credit officer where he was involved in creating a hands-on, best-practices credit culture, as well as helping the Company expand its client portfolio.
Before that, Grbic was managing director at MorrisAnderson & Associates ltd., a turnaround-consulting firm. He also co-founded MetSource Capital, LLC, a restructuring and corporate finance firm, working primarily with small- and medium-sized companies. In addition, Grbic has also served at GMAC Commercial Credit, LLC, BNY Financial Corp and Bankers Trust. He has served as an instructor for the Finance, Tax and Law Department at the NYU School of Continuing Education. Grbic holds master’s and bachelor’s degrees in Business Administration from Pace University.
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Eric Gul Joins Tiger Group as Managing Director
Mar 9, 2022
Brand executive and corporate counsel Eric Gul has joined Tiger Group as a Managing Director. Most recently General Counsel at Sequential Brands Group, Inc., Gul brings 22 years of experience in advising both public and private companies on IP, licensing, M&A, divestitures, financings and other matters involving consumer-facing brands.
Based in New York, Gul joins Tiger Group at a time when the asset valuation, disposition and finance firm is scaling up its practice of appraising and verifying brand value as lending collateral. He will play a central role in those efforts and will also bring his expertise to projects involving licensing, M&A and new IP investment opportunities.
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Members of SFNet’s Factoring Committee Discuss Sources of Business, Supply Chain Issues and More
Mar 8, 2022
TSL’s editor-in-chief sat down with several members of the SFNet Factoring Committee to review the current landscape in early 2022. Participants include Carol Apicella, senior vice president, BankFinancial Government Finance; Tina Capobianco, senior vice president, J D Factors Corporation; Dan Karas, executive vice president, Allied Affiliated Funding; Kevin Laborde, president, Cash Flow Resources; and Paul Schuldiner, executive vice president & chief lending officer, Rosenthal & Rosenthal, Inc.
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White Oak Commercial Finance Delivers $7 Million Accounts Receivable Facility to Technology-Focused Staffing Company
Mar 8, 2022
White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it provided a $7 million factoring facility to a technology-focused staffing firm specialized in automating and streamlining temporary staffing services to warehouse and distribution centers throughout the United States.
The transaction was structured against the company’s accounts receivable for working capital and to support the growth of its innovative services to light industrial companies and managed service providers (MSPs).
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CIT Announces New Organizational Structure for Factoring Business
Mar 7, 2022
CIT, a division of First Citizens Bank, today announced a reorganization of its Commercial Services factoring business to position it for accelerated growth by providing even better service for clients and prospects.
CIT Commercial Services is one of the nation's leading providers of factoring, credit protection, accounts receivable management and lending services to consumer product companies, manufacturers, dealers, importers and resellers.
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Great Elm Capital Corp. Continues Specialty Finance Expansion, Launches A Joint Venture With Utica Leaseco, Llc
Mar 7, 2022
Great Elm Capital Corp. (“we,” “us,” “our,” or “GECC”) (NASDAQ: GECC), a business development company, today announced that it has launched Great Elm Utica, LLC (“GEU”), a joint venture between GECC and Utica Leaseco, LLC (“Utica”), to co-invest in proprietary equipment financing transactions sourced by Utica.
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Citizens Leads $300 Million Credit Facility for Agile Cold Storage
Mar 3, 2022
Citizens announced today that its Commercial Real Estate Finance team is leading a $300 million construction loan to Atlanta-based Agile Cold Storage for the construction of new cold storage facilities as the company expands nationally. Citizens is Lead Left Arranger and Administrative Agent.
The company currently owns and operates two state-of-the-art, newly completed cold storage facilities in Cartersville, GA and Gainesville, GA.
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eCapital’s New Staffing Division Provides $18 Million in Payroll Funding Solutions to Staffing Companies
Mar 1, 2022eCapital Corp. (“eCapital”), a leading alternative finance provider in North America, today announced it has provided nearly $18 million in payroll funding solutions to 17 staffing companies since the inception of its staffing division in late 2021. eCapital helps staffing businesses get faster approval, more flexibility with hassle-free solutions and expertise to get the most money. The company’s payroll funding solutions scale to meet demand, provide a reliable source of funding and utilize the latest technology to ensure seamless and efficient account management.
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Financial Forecasting in the Post-Pandemic World
Feb 28, 2022Executives from PKF Clear Thinking provide key points that both lenders and their borrowers need to be mindful of when preparing and reviewing 2022 and beyond business plans.
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TD to Expand in the Southeastern U.S. with Acquisition of First Horizon
Feb 28, 2022TD Bank Group ("TD" or "the Bank") (TSX andNYSE: TD) and First Horizon Corporation ("First Horizon") (NYSE: FHN) today announced that they have signed a definitive agreement for TD to acquire First Horizon in an all-cash transaction valued at US$13.4 billion, or US$25.00 for each common share of First Horizon. Through this financially compelling transaction, TD accelerates its long-term growth strategy in the United States by acquiring a premier regional bank with an aligned culture and risk-management framework.
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VAH Announces Closing of $500 Million Warehouse Facility
Feb 28, 2022
Voyager Aviation Holdings, LLC (“VAH”), a global full-service aircraft asset lessor and manager, announced the closing of a five-year senior secured warehouse facility with an initial committed amount of $500 million (“the Facility”).
Citibank, N.A. (“Citi”) acted as Global Coordinator and Co-Structuring Agent alongside Credit Suisse Securities (USA) LLC (“Credit Suisse”) as Co-Structuring Agent. Citi and Credit Suisse both acted as Joint Lead Arrangers on the Facility. The initial syndicate of lenders also includes Deutsche Bank and Morgan Stanley.
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OLAPLEX Announces the Closing of New Senior Secured Credit Facilities
Feb 24, 2022Olaplex, Inc. (the “Company”), an indirect wholly owned subsidiary of Olaplex Holdings, Inc. (NASDAQ: OLPX) (“OLAPLEX”), today announced the completion of a successful refinancing of its existing secured credit facility with a new credit agreement comprised of a $675 million senior secured term loan facility (the “Term Loan”) and a $150 million senior secured revolving credit facility (the “Revolving Facility”).
Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc., Barclays Bank PLC, BofA Securities, Inc., Jefferies Finance LLC and Truist Securities, Inc. acted as joint lead arrangers and joint bookrunners for the new credit facilities. -
Siena Lending Group Closes New $70 Million Credit Facility for Navajo Transitional Energy Company LLC
Feb 23, 2022
Siena Lending Group LLC ("Siena"), a leading asset-based lender, today announced the closing of a $70 million credit facility with Navajo Transitional Energy Company, LLC (“NTEC”). The financing solution includes a $50 million asset-based revolving credit facility and a $20 million second lien term loan arranged by Siena.
The new three-year credit facility was used to complete a strategic acquisition, refinance existing debt and provide additional capital to support NTEC’s strong ongoing growth. The acquisition advances NTEC’s efforts to continue diversifying beyond its core coal mining business, which supports electricity production for vital energy needs throughout The United States and in global power markets.
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Rosenthal Provides $1.2 Million ABL Facility to Specialty Foods Distributor, Partner Foods Group
Feb 22, 2022Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending, purchase order financing, d2c and e-commerce inventory financing firm in the United States, today announced the completion of a recent joint $1.2 million revolving asset-based lending facility to support Partner Foods Group, a domestic specialty foods importer and distributor.
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