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TSL Feature Articles

Click on the link below to meet some of the “difference makers” in the secured finance community. This issue of The Secured Lender celebrates those who are having a profound impact on both their communities and their organizations.

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Previous TSL Articles

Problem Loan? No Problem

Economic cycles and the related recessions are always challenging for lenders to work through. The current economic environment brought on by a pandemic is without precedent and it is hard to predict how businesses and the economy will react in both the short and long term. It is unlikely any lender was prescient enough to have underwritten a pandemic as a risk. We are all now working in unchartered territory as we await the effects of the pandemic to fully unfold. Will there be a second outbreak? Will there be a near-term recovery? How will the recovery look? V-shaped or flat? However, the basic principles for managing a problem loan all apply to the current environment.
OneWater Marine Inc. Announces a Successful Debt Refinancing

The new credit facility consists of an $80 million term loan, with a $30 million undrawn revolver. It replaces OneWater’s former $110 million facility with Goldman Sachs Specialty Lending, which included a $10 million undrawn revolver. In addition, the new credit facility will maintain more flexible covenants and terms. OneWater has elected to use excess cash to make a significant paydown of the principal amount in conjunction with the refinancing.

Truist Bank acted as the sole administrative agent, collateral agent, swingline lender and issuing bank, while SunTrust Robinson Humphrey, Inc. and Synovus Bank acted as joint lead-arrangers and joint bookrunners.
Interview with Women in Secured Finance Conference Keynote Speaker Libby Gill

Libby Gill is a leadership speaker, executive coach and author. She is also is the CEO of Libby Gill & Company, an executive coaching and leadership consulting firm, guiding clients and their teams through change, challenge and chaos. Previously, Gill was senior vice president at Universal Studios Television, and vice president at Sony Pictures Television and Turner Broadcasting.

Libby is the author of five books, including the award-winning “You Unstuck, Capture the Mindshare and the Market Share Will Follow, and Traveling Hopefully. Her latest book is “The Hope-Driven Leader: Harness the Power of Positivity at Work.” She is a former columnist for The Dallas Morning News.
Innovation, Competition and Consolidation in the Non-Bank Small-Ticket ABL Space

The sub-$10 million ABL facility space has long been a paradox. Over the years, new capital providers havee entered only to chase too few loans, while incumbent asset-based lenders shift and migrate strategy. This creates a shortfall of good assets, and the cycle continues. But it’s not always that easy. Right now, we sit in what should soon be the start of a brand new cycle thanks to Covid-19. The past few years have been brutally competitive for the sub-$10 million ABL industry given the new entrants, specialization and certain vintage firms migrating upmarket. Top of the market, like the last few years, may seem like an auspicious time to raise capital to form a new ABL shop, but that is exactly what happened in expectation of a re-set. The difference now is that the bar is higher and the need for scale or a point of difference, whether it be industry focus, national scale or selling strategy, has never been greater.
Interview with Paul Cronin of Santander Bank

Coming up on almost one year as head of ABL at Santander Bank, Paul Cronin reflects back on his proudest accomplishments, goals and new challenges with COVID-19.
Part II: Confronting the Banking Dilemma for State-Licensed Marijuana Businesses in the United States

This article analyzes the conflict between federal and state marijuana laws, and its impact on the inability of state-legal marijuana businesses to obtain traditional and fundamental types of banking services from federally insured banks. This article is divided into three parts: (i) an explanation of the conflict of state and federal marijuana laws; (ii) the effect of the conflicting laws on the decision of banking institutions to provide services to state-licensed marijuana businesses; and (iii) congressional and judicial attempts to resolve the conflict between state and federal marijuana laws.

This is the second article in a three-part installment about the banking dilemma for state-licensed marijuana businesses in the United States.
Confronting the Banking Dilemma for State-Licensed Marijuana Businesses in the United States

This article analyzes the conflict between federal and state marijuana laws, and its impact on the inability of state-legal marijuana businesses to obtain traditional and fundamental types of banking services from federally insured banks. This article is divided into three parts: (i) an explanation of the conflict of state and federal marijuana laws; (ii) the effect of the conflicting laws on the decision of banking institutions to provide services to state-licensed marijuana businesses; and (iii) congressional and judicial attempts to resolve the conflict between state and federal marijuana laws.

This is the first article in a three-part installment about the banking dilemma for state-licensed marijuana businesses in the United States.
Global Economic Disruption—Impact on International Secured Lending

SFNet’s recent Virtual International Lending Conference offered insight on the effects of the COVID-19 crisis from geopolitical risk consultant, David Chmiel, co-founder/managing director, Global Torchlight; Marc Finer, director, Debt Advisory Group, KMPG LLP; Scott Fuller, director, Valuations, Gordon Brothers; Richard Hawkins, CEO, AtlanticRMS and Robert Horak, managing director, Lincoln International. David Morse, partner, Otterbourg P.C. and Richard Kohn, principal, Goldberg Kohn Ltd. served as conference moderators.
Lender Compliance Implications of the 60-Day PPP Loan Forgiveness Application Deadline

Under Section 1106 of the CARES Act, Paycheck Protection Program (“PPP”) loans can be forgiven, in whole or part, under certain conditions. The SBA has continued to release guidance with respect to the lender review process for loan forgiveness applications, most recently in the form of an Interim Final Rule published May 22, 2020.

This new rule, the SBA Loan Review Procedures and Related Borrower and Lender Responsibilities (“Loan Review Process IFR”), provides important additional guidance with respect to a lender’s responsibilities for processing loan forgiveness applications in a timely and compliant manner. The rule also describes the circumstances under which a lender may lose its processing fee, and potentially, the loan guaranty.

While further guidance is expected, the Loan Review IFR outlines the general process for submission and processing of the loan forgiveness applications.
A Factor’s Perspective on the Effects of Covid-19: Interview with Sue Duckett, Franklin Capital

Franklin Capital’s Sue Duckett has seen a lot in her 25-plus-year career in the commercial finance industry. Her career has spanned several positions and two countries, but she has never seen anything such as the current crisis. It has been overwhelming at times, with constant changes and an unprecedented number of new inquiries relating to personal protection equipment (PPE). She pushed aside the mounting emails in her new home office to reflect on what she has seen over these past several weeks and where she thinks this might be going.