TSL Feature Articles

On December 3, SFNet will host its first Supply Chain Finance Conference, at Greenberg Traurig in New York City. Industry leaders and experts will converge to explore the latest trends and insights in supply chain finance. This full-day event will provide invaluable knowledge and networking opportunities, featuring a diverse range of sessions designed to deepen your understanding of the supply chain finance ecosystem.

Data and precedent play a key role in your ability to structure, negotiate and document lending transactions. In cross-border deals, access to this data is especially essential and can be more challenging to locate. Laura Jakubowski of Goldberg Kohn provides the information you need to arm yourself with vital information. 

The ABL industry is struggling with succession challenges. Founders are synonymous with their firms, yet many lack succession plans despite good health and changing industry dynamics. The generational shift demands innovation and client-centric approaches. Planning and communication are crucial. Unlike TV drama, ABL leaders must ensure smooth transitions to secure their legacies and firms’ futures amidst industry upheaval.

The U.S. economy wrapped up 2023 on a robust note, buoyed by resilient consumer spending and a solid labor market. 

The first quarter of 2024 presented a complex landscape for asset-based lending (ABL) and the broader economic context. According to the SFNet Q1 2024 Asset-Based Lending and Confidence Index surveys, the ABL industry exhibited both stability and cautious optimism despite the economic headwinds.

As we delve into the second quarter of 2024, the financial landscape is marked by both challenges and opportunities. The latest SFNet Market Pulse Report provides a comprehensive analysis of various economic indicators, trends, and projections that are crucial for stakeholders in the secured finance (notably asset-based lending and factoring) industries. This article synthesizes the key findings and insights from the report, offering a detailed overview of the current economic outlook, credit markets, consumer finances, sector activity, and global economic trends.

The secured finance industry is feeling the strain as the industry ages and its most experienced executives retire. Here, SFNet members offer their points of view on the challenge.

Past SFNet 40 Under 40 Award recipients discuss how the Award affected their careers and offer advice to the next generation.

Earlier this year, Jeffrey B. Dunlop and Maria T. McGuire were named co-chairs of Goldberg Kohn’s Commercial Finance Practice Group. They succeed Michael Hainen, who completed his highly successful nine-year term as the practice group leader at the end of 2023.

As the automotive industry moves toward electrification, lenders face an uncertain path forward. The successful transition to EVs will require substantial investment at all levels, from charging technology and coverage to dealership infrastructure. As the effect on total cost of ownership unfolds, the residual value models that underpin the entire industry will need to be redefined, impacting financing and leasing. Lenders to the mobility sector should be prepared for further disruption which will provide either opportunities or create credit challenges as companies navigate this dynamic landscape.

Finding the right combination of capital resources and strategic knowledge in the sale and restructuring of a business is complicated; but when it works, this seemingly magical process of transformation creates incremental value for all constituents involved in the bankruptcy process. Take the case of Armstrong Flooring, and three affiliated companies, that each filed petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under Chapter 11 on May 8, 2022.

Since the DEI “field” is a potpourri of research, advocacy, political ideations,
and personal perspectives from multiple fields, it is difficult for people to know which sources of information to trust. One of the latest urgent fascinations that has captured our collective attention is “DEI Fatigue.”

Industry ally and affinity group members and leaders share their stories and discuss how their organization’s groups began and their benefits.

How will reduced consumer spending and increased leverage cost stress manufacturing & industrial companies in the year ahead?

In an increasingly paperless world, electronic bills of lading are garnering attention as an industry choice for cross-border commercial and shipping transactions. This article provides an overview of the legal framework prescribed by Articles 7 and 9 of the Uniform Commercial Code for a secured lender seeking to perfect its security interest in electronic bills of lading.

The credit risk panel at SFNet’s 79th Annual Convention focused on challenges such as consumer headwinds, the higher cost of capital, looming refinancing deadlines, and the prospect of more downgrades, bankruptcies and defaults. Overall, though, panelists were optimistic about credit appetite and the ability to negotiate risk through tighter deal structures and more in-depth borrower and sector analytics.

TSL’s editor-in-chief sat down with key members of Holland & Knight’s ABL team, including Wade M. Kennedy, partner and co-lead of the Asset-Based Lending Team; Christopher S. Dillon, partner and co-lead of the Asset-Based Lending Team; Hamid Namazie, financial
services partner; Yoojin Lee, financial services partner; and Mark Spitzer, financial services partner. Here, they discuss H&K’s strengthening of its finance practice, how they got their start in this specialty and the threats facing lenders in 2024.

Despite economic headwinds and higher costs of borrowing, secured lenders are expecting a profitable year ahead

“Liability Management Transactions” continue to grab headlines. Companies in distress are turning to the out-of-court restructuring of their debt in ways that leave lenders who made loans on the basis of a senior secured position either with certain assets no longer available as collateral pursuant to a “drop down financing” or subordinate to new tranches of debt pursuant to an “uptiering transaction.” This article takes a look at the arguments being made in some of the litigation that has often followed on such uptiering transactions and in particular the June 2023 decision of the Bankruptcy Court in the Serta case.

Commodity producers face volatile market swings due to factors such as macroeconomics and supply chain stability, creating risks for secured lenders. Understanding each commodity’s nuances, risk-management strategies, and regulatory considerations is crucial. To navigate these challenges, secured lenders must maintain strong industry knowledge, adapt lending structures, collaborate with third parties, and balance risk and return for their clients.

Suzy Welch will be a featured speaker at SFNet’s Women in Secured Finance Conference, held June 11-12  in New York City. She is an award-winning NYU Stern School of Business professor, acclaimed management researcher, and New York Times best-selling author, most recently with “Becoming You: A Proven Method for Crafting Your Authentic Life and Career,” which is also a #1 bestseller on Amazon.

According to LSEG LPC’s Middle Market Syndicated Stats, 2024 closed strong:

- Total syndicated middle market loan volume reached $159.6 billion, a 32% YoY increase.
- New money issuance totaled $78.8 billion, with refinancings at $80.8 billion.
- Institutional middle market volume hit $24 billion, more than doubling YoY.
- Covenant-lite issuance rose by 117%, reaching $3.5 billion.

SFNet's International Lending Conference, held in London on May 12-13, 2025, is attended by a dynamic community of global lenders, innovators, and dealmakers in the heart of London. We sat down with the chair of the International Lending Conference Planning Committee, Alister Bazaz, head of International Asset Based Lending & Asset Based Digital Innovation at Bank of America, to discuss the planning process and the event.

Austin Financial Services, Inc. (AFS), a leading nationwide provider of asset-based lending (ABL) solutions, announced it has entered into a new strategic joint venture with Stearns Bank, a well-capitalized, employee-owned financial services institution committed to helping small businesses, entrepreneurs and communities reach their full economic potential.

The Secured Finance Network (SFNet) has released its Q4 2024 Asset-Based Lending Index and Lender Confidence Index, offering a snapshot of a resilient ABL market.  SFNet’s Data Committee has also published an overview of the market drawing from SFNet’s 2024 Annual ABL Survey, syndicated market data from LSEG LPC, and new macroeconomic insights from KeyBridge Research. This article examines where ABL stands—and where it’s heading—as the lending landscape adapts to a higher-stakes economy.

Now in its 8^th year, the Emerging Leaders Summit is a dynamic conference designed to unite professionals with 6-15 years of experience in secured finance. This year’s keynote speaker is Dave Spandorfer, CEO & Co-Founder of Janji, a start-up apparel organization that links runners with exploring and giving back. We sat down to speak with Spandorfer to discuss the history of the brand, the role funding from Assembled Brands played in its growth, and its commitment to social impact.  

When asked, “Is technology empowering or overshadowing expertise in asset-based lending?” the answer is simple: Yes.

We’re in an era where technology’s efficiency and human expertise should work together, and if balanced thoughtfully, we can absolutely have both. But this requires intention. As we lean into technology, we must preserve the critical thinking that defines the art of ABL.

In this installment of our executive interview series, Charlie Perer sits down with past SFNet president Michael Haddad to discuss the current commercial finance hiring market and his unique, self-directed approach to securing his next leadership role, among other topics.

For those who haven't been following, Michael has been sharing insightful weekly updates on LinkedIn about his personal journey in finding his next opportunity.

PKF O'Connor Davies announced that its subsidiary, PKF Clear Thinking, integrated under the PKF O'Connor Davies name, effective January 29, 2025. TSL Express’ senior editor sat down with Stuart Kessler, senior advisor at PKF O’Connor Davies and Jonathan Moore, partner-in-charge of Advisory Services at PKF O'Connor Davies, to discuss the integration and how combining the expertise of both firms creates added value.

In an era when technology and business move faster than ever, mastering communication is key to professional success. SFNet’s webinar, “The Art of Communication,” held March 4, brought together secured finance industry professionals at various career stages to discuss the evolving communication landscape in 2025. Panelists explored best practices for balancing technology with human connection, choosing the right mode of communication for different scenarios, and improving overall efficiency and productivity.