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Encina Business Credit, LLC announced today that it has provided a $40 million senior secured revolving credit facility to a food packaging company.

The senior secured revolving line of credit, which is collateralized by accounts receivable and inventory, was used to refinance the borrower’s existing bank facility.

Encina arranged to bring in another lender to provide an incremental $15 million term loan, which – when combined with Encina’s demonstrated ability to move quickly, provided the borrower and its private equity sponsors with the level of certainty they were seeking.

To say a lot happened in 2020 doesn’t begin to capture what the year brought. In the economy, this included a significant increase in Chapter 11 filings for larger businesses from filings in 2019, particularly in retail. And for asset-based lenders it included a significant shift in their role in the larger bankruptcies. Asset-based lenders faced real challenges how to best protect their position and enhance the likelihood of a successful outcome. Confronted with a landscape that requires a new map to navigate, we look at what happened, how it happened and, most importantly, what should (or can) the asset-based lender do about it?

Fifth Third served as Administrative Agent and Lead Arranger for this financing with Silicon Valley Bank (SVB) as Joint Lead Arranger on the investment. Soltage, working in partnership with Basalt managed funds, are deploying this investment through their previously established Helios capital vehicle.

The latest chapter of the PPP was just written with the enactment of the Paycheck Protection Program Flexibility Act of 2020 on Friday, June 5, 2020. 

There is a lot of good news in the new PPP “Flexibility Act” for those borrowers in the portfolios of asset-based lenders that have received or still expect to receive a PPP loan. Here are few of the changes that will have significant benefits for PPP borrowers.

I was a lender for over 40 years and have been a member of SFNet for most of that time.   I have attended many conferences over the years.  I especially enjoy the SFNet Annual Convention.   A different city every year, an opportunity to catch up with all the people I know in the industry, but haven’t seen in a while, and an opportunity to meet lots of new people that I didn’t know or only knew by telephone or e-mail.   When I was a lender, our syndications group would arrange a lot of meetings with existing and potential new partners and very often was able to pitch new deals.   This was a time to solidify relationships, expand your professional and personal network and maybe get some business done.  For years, I never came home from the convention without at least one new potential deal to review.   And, of course, there were always exceptional keynote speakers and terrific panels to attend as well. 

Denise Albanese of Cost Reduction Solutions discusses the origin of her firm that was started by her husband, Michael F. Albanese, CPA, as a sole practitioner field examiner. 

Denise also discusses the new procedures implemented when the Covid-19 crisis began, what field exams in the future may look like and what makes a business successful. 

During the Secured Finance Network’s webinar on the healthcare finance sector, streamed May 15, Allen Wilen of EisnerAmper, described a future scenario affected by human longevity, geographic location and how COVID-19 affected you. New trends relevant to finance executives are accelerating out of necessity because of the sudden impact of the coronavirus pandemic and the weaknesses it illuminated.

We all want to return to normal, or the new normal, as quickly as possible.  The question businesses and their stakeholders need to ask themselves is what does normal mean and how can the return be funded.

For most companies, their working capital has been depleted during the shutdown as they struggled to pay employees and keep vendors satisfied, while dealing with impacts to sales and accounts receivable.

Mr. Levy will be responsible for expanding the acquisition team and strategy, with a focus on continuing to source and complete industrial redevelopment transactions throughout North America within Hilco’s real estate redevelopment operating company. Mr. Levy brings an impressive 28-year track record of having delivered and managed over 40 Million Square Feet of acquired real estate totaling $2.5 Billion in assets under management spanning over 5,000 Acres.

Axiom Bank, N.A., a Maitland-based, leading community bank, recently expanded its factoring and asset-based lending division with the hiring of Mark J. Simshauser as SVP of Allied Affiliated Funding.

Based on Long Island, NY, Simshauser will be responsible for expanding Allied and Axiom’s existing commercial portfolio by working with business owners and centers of influence throughout the Northeast to find solutions that meet their individual financial needs. 

CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger of senior debt financing aggregating $48 million for the acquisition of a portfolio of medical office buildings.

The borrower is a joint venture between Kayne Anderson Real Estate and Remedy Medical Properties. The portfolio properties are located in four states and collectively total more than 189,000 square feet. 

FSW Funding, a Phoenix-based company specializing in financing solutions for small to mid-size businesses, recently hired Griffin Augustniak as a Portfolio Analyst and Cynthia Klein as a Business Development Officer. Both help support FSW’s continued growth and expansion in the Midwest and East. Augustniak is based in Chicago, Illinois and Klein is based in Jacksonville, Florida.