Articles

On June 16 & 23, SFNet’s live online Women in Secured Finance Conference will bring together women who are looking to grow professionally, share experiences, celebrate successes and advocate for each other. 

In response to feedback the WISF Committee has received from previous WISF conferences, SFNet is reimagining this year's event format by partnering with Corporate Class, Inc. to offer attendees an interactive, customized workshop focused on developing executive presence along with career progression and leadership skills.

WISF Committee chair, Paula Currie of PNC Bank, said, “After the past year of remote living and working, we all could use a recharge to help us get back in the game. This year’s WISF conference, promises to do just that! The two-day interactive workshop is facilitated by experienced and renowned instructors who will help you build the skills, tools and confidence needed to realize your full potential and take your career to the next level.”

CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a $17.4 million loan to finance the acquisition of a portfolio of three medical office buildings in Bakersfield, California.

The medical office building portfolio includes more than 65,000 square feet, is fully leased and is located on the campus of Bakersfield Heart Hospital. A majority of the building tenants are practice groups affiliated with the hospital.

North Mill Capital announced it provided a $15,000,000 accounts receivable factoring facility to provider of oral and personal hygiene products.

The funds were used to pay off the previous lender and provide additional working capital to support the Company's growth. NMC also entered into an inter-creditor agreement with a purchase order financing partner to help meet substantial near-term growth needs.

SFNet will host a webinar tomorrow, May 21, from 12:00 p.m. – 1:00 p.m., EDT titled "Navigating the End of LIBOR: Recent Developments and Market Updates." This webinar is free for employees of SFNet member organizations and $95 for non SFNet members. 

As we approach December 31, 2021, the financial markets are closer to the end of LIBOR for most currency and tenor settings. This webinar will provide important updates regarding LIBOR transition, including the extension of U.S. Dollar LIBOR for the dominant tenors to June 30, 2023, developments on SOFR and other overnight RFRs to replace IBOR rates and the emergence of certain “credit sensitive rates.” Panelists will also discuss recent developments impacting fallback provisions in documentation, including for business loans and derivatives, as well as the status of the New York State and Federal LIBOR discontinuation legislation.

Encina Business Credit, LLC announced today that it is the Revolving Agent on a $115 million senior secured credit facility used to support the acquisition of a mid-sized discount retailer of home décor.

The revolving line of credit, which is collateralized by accounts receivable and inventory was used to support the purchase price and ongoing working capital needs of the borrower.

Fifth Third Business Capital, a division of Fifth Third Bank, announced it acted as sole lender and administrative agent on the funding of a new $21,500,000 senior credit facility to Conshohocken, Pennsylvania-based Spray Products Corporation and affiliates.=

Moritt Hock & Hamroff (MH&H) announced that two new attorneys joined the firm’s Creditors’ Rights, Restructuring & Bankruptcy practice group: Allison Arotsky and Michael C. Troiano. Each focusing in restructuring matters, Arotsky and Troiano will be adding to MH&H’s more than 40-year-long leadership role in the creditors’ rights sector.

Marc L. Hamroff, managing partner of MH&H, said, “We are delighted to build on our longstanding reputation and excellence in servicing the creditors’ rights, restructuring, and bankruptcy industry by adding two outstanding attorneys to our practice. Both Allison and Michael are expected to make an immediate positive impact on our services to our clients in these areas through their proven expertise, skills, and knowledge of bankruptcy law.”

In this installment of our series of executive interviews, Charlie Perer sits with Tim Knight (pictured) to hear his perspective on executive development, advice for lenders, the growth in the non-bank market, what every executive should be thinking about, the importance of diversity and lessons learned, among other things.

Knight is the vice president and senior managing partner with ThinkingAhead where he is responsible for operations, training and recruiting for the firm. He also leads the partner group that heads up the firm’s Commercial Banking and Commercial Finance, Legal, Life Sciences and Security/Physical infrastructure search practices.

SFNet has been working with the CA Department of Business Oversight as well as with other associations to obtain the best outcome for our members. SFNet submitted a comment letter to the DBO concerning the first draft.

The recruiting and retention landscape in commercial finance is increasingly becoming a “War for Talent,” according to speakers who explored that topic and much more at SFNet’s 79^th Annual Convention in Orlando, FL. Finding and keeping a quality workforce is of utmost importance these days as companies navigate the post-pandemic economy.

Also on the agenda was “AI and the Future of Secured Finance,” which featured a panel of experts who discussed industry trends in artificial intelligence including its anticipated impact on employment.

eCapital Corp. ("eCapital" or "the Company), a leading alternative finance provider in North America, today announced it has acquired UK-based specialty lender and factoring company Advantedge Commercial Finance. The acquisition will allow eCapital to continue building out its full suite of specialty lending solutions and geographically diversify its book of business.

Advantedge is a leading privately-owned invoice financing company providing cash flow solutions to small and medium-sized businesses in the UK. Founded in 2001, the Company currently provides funding to UK businesses seeking alternative financing. Since November 2016, revenues for Advantedge have grown almost threefold and EBITDA has increased by 2.5 times over that period.

Commercial lending transactions are memorialized with a comprehensive, and often voluminous, set of loan documentation. In an attempt to expedite closing, and reduce closing binder sizes, lenders (and their counsel) are always seeking ways to streamline the loan- documentation process. 

J.P. Morgan Asset Management today announced the launch of J.P. Morgan Private Capital, which includes a new growth equity investment arm and an existing private debt business, committed to providing customized solutions for early and growth stage companies across the capital structure. The group will be focused on institutional and high-net-worth clients and will also have the ability to invest the firm's capital alongside investors.

J.P. Morgan Private Capital will be led by Brian Carlin, previously CEO of Wealth Management Solutions at J.P. Morgan, with Rick Smith, former Head of Private Investments at JPMorgan Chase, serving as Chairman of the group, and Meg McClellan, serving as the Head of Private Debt.