- Commercial Finance Partners Announces Kevin Soles has Joined to Manage Business Development Efforts in the Northeast
- Crestmark Appoints John Trendell II as Business Development Officer
- Hilco Global Donates More Than $75,000 of Children’s Shoes to Disadvantaged Youth
- Coronavirus Disaster: Why Firms Should Lead the Recovery
- North Mill Capital LLC Announces the Addition of Tammy Bowling, as its Vice President, Invoice Based Financing, East Coast Director
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.
Previous TSL Articles
SFNet's 2nd Annual YoPro Leadership Summit Recap
The Secured Finance Network brought together the future commercial finance leaders for a full day of learning and development at the offices of JPMorgan Chase in Chicago. The Leadership Summit included many great panels, opportunities to expand professional networks and a chance to have fun with industry peers.
Legislative and Legal Update
New York State Senator James Sanders, Jr. (D-Queens, New York) has introduced a bill (S 6688) in the New York State Senate, which is presently pending before the Senate Committee on Rules. The bill would require the licensing by the Superintendent of Banking of the New York State Banking Department (“Superintendent”) of persons or entities engaged in the business of making or soliciting commercial financing products to businesses located in New York State.
U.S. Completes Ratification Process for U.N. Receivables Convention
In a previous issue of TSL Express, we noted that, on January 2, 2019, the United States Senate gave its advice and consent to the United Nations Convention to the United Nations Assignment of Receivables in International Trade. At the time, we noted that all that remained to complete the ratification process was for the White House to authorize the deposit of the Convention with the United Nations Treaty Office. We are pleased to report that this step has finally occurred, 16 years after the Convention was signed by the United States. The SFNet is proud to have played a role in the drafting of the Convention and its adoption
Eyes Wide Shut – The ABL Industry Predicted the Bubble Bursting
When the credit markets dry up only a few will understand how it happened. The few that are in the know – and saw it coming - are bank-ABL industry executives who are pushing credit executives in C&I to properly risk-rate and downgrade marginal credits and transfer to ABL. Risk-rating models and politics in a bank can be subjective, not forward looking and can be interpreted with the goal of keeping clients in C&I, especially when meaningful P&L income is at risk.
Interview with Octet CEO, Clive Isenberg
Oct 14, 2019
In September, Octet announced that Bank of Queensland partnered with Octet on supply chain financing. As part of this relationship, Bank of Queensland will be providing a funding warehouse to Octet. The Octet-Bank of Queensland partnership is the first time Octet has aligned with a traditional lender in the business finance market. The deal sets a new standard for collaboration between the fintech and mainstream banking sectors.
Securing an Asset-Based Loan with the Borrower in the Driver’s Seat
Corporate entities often turn to asset-based lending (ABL) as a strategic way to fund acquisitions, reduce capital volatility inherent in cash flow structures, or simply to accelerate growth. Secured by company assets, this alternative path to cash flow financing has historically followed the same process: companies choose a lending institution based on the most attractive deal structure, accept its deal terms, and undergo a field exam and asset appraisal to determine the appropriate borrowing terms.
Software as a Service Sales Tax: Wayfair’s Impact on SaaS and Digital Goods
A recent Supreme Court case and related law changes in many states have resulted in significant new state sales tax obligations on many SaaS providers. It’s important to understand that these changes could result in new tax collection responsibilities on your business even in states where you have operated without them in the past.
Executives need to act quickly to make sure that their existing operations are in compliance with the new rules and that their systems can adapt as sales growth and law changes trigger additional obligations.
A New Multinational Financing Frontier? Recent US Tax Guidance Opens New Avenues of Foreign Credit Support for Certain US Borrowings at an Uncertain Cost
As lenders, borrowers and their advisors are well aware, the enactment of what is informally referred to as the Tax Cuts and Jobs Act (the “TCJA”) introduced fundamental changes to U.S. tax law that immediately impacted the structuring, terms and implications of financing arrangements. Although the TCJA’s initial effects were significant, the prospect of future material changes also existed in the form of implementing guidance. True to that promise, recently finalized regulations (the “Regulations”) promulgated under Section 956 may have the most dramatic effect yet on financing arrangements involving multinational companies.
We Do Know LIBOR Is Going Away—but Here’s What We Don’t Know Yet
LIBOR (or the London Inter-bank Offered Rate), the most widely utilized reference rate for financial transactions in the world, will cease to be quoted at the end of 2021. A mind-boggling $200 trillion in LIBOR-based financing contracts were outstanding in 2018. Although the impending demise of LIBOR has been predicted for many years following the well-documented LIBOR price-fixing scandal that shook the banking industry, the reality of LIBOR’s demise has gone from a distant theoretical concept to a present and pressing issue for those in all areas of the finance industry.
Gail K. Bernstein Reflects on Her Successful Career in ABL
Gail K. Bernstein was executive vice president, national investment manager for PNC Business Credit, located in Los Angeles, CA. Prior to September 2013, she was the marketing manager of PNC Business Credit-Western Region, a de novo office that she opened in 1998. Besides her extensive experience in ABL, her career encompasses a specialization in international lending and investment management. She has traveled extensively in Latin America and is bilingual in English and Spanish.
After 20 years with PNC, Bernstein retired on August 30, 2019.
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