Club Deals Are Reshaping Asset-Based Lending: A New Era of Collaboration in a Competitive Market

As 50 Cent once said, "Go shorty, it's your birthday..." - and in the world of asset-based lending (ABL), it’s officially the season to “get in the club.” But in this case, the club isn’t a party - it’s a smart strategy where lenders team up to win bigger, better deals.  Club partnerships are going to become critical as the market for large $50 to $100+ mm non-bank ABL facilities grows. 

Leaders from across the secured finance industry gathered in Las Vegas in February for the Secured Finance Network’s Annual Asset-Based Capital Conference (ABCC) to discuss the forces reshaping asset-based and middle market lending.

Lessons from Fraud, Growth, and Even a Little “Green Eyeshade”

 After a full and fast-paced day of sessions discussing fraud, lender diligence, and the now well-known First Brands situation, at SFNet’s Supply Chain Finance Convergence on March 3 in New York City, I couldn’t help but think about an unexpected cinematic analogy: Raiders of the Lost Ark. I do love movies, and I find it hard to believe that Raiders is now 45 years old. Goodness. 

On March 19, 2026, the Federal Reserve, OCC and FDIC released their long-anticipated revised rulemaking known as the 'Basel III Endgame'. The 2023 draft triggered one of the most broadly opposed rulemakings in recent regulatory history, drawing opposition from banks, housing advocates, energy companies, and bipartisan majorities in Congress over concerns that its proposed capital increases would constrict credit and harm the economy.

First Business Bank welcomes Patrick Brangle as Senior Vice President – Asset-Based Lending to First Business Specialty Finance, LLC, a subsidiary of First Business Bank. Based in St. Louis, Missouri, Patrick Brangle brings over 25 years of commercial financing experience to middle-market companies.

In this insightful Q&A, we feature three remarkable women credit professionals who have made significant strides in their careers. Betty Hernandez, executive vice president/chief credit officer at SLR Business Credit; Mignon Winston, vice president/underwriting team leader at Great Rock Capital, and Hailee Ledford, vice president of client relations at AmeriFactors, share their experiences, challenges, and successes.

In the last couple of years, the finance industry has been undergoing a profound transformation, which has been driven by technology, globalization, evolving regulation, and shifting cultural expectations. At the center of this change is another powerful movement: the rise of women transitioning into new roles, leadership positions, and specialized domains within finance.

This column highlights the hard work and dedication of SFNet’s Committee volunteers. Here we speak with Boudewijn Smit, partner at NautaDutilh and chair of SFNet’s Emerging Leaders (Young Professionals) Committee.

Editor’s Note: This article originally was published in the January/February issue of The Secured Lender magazine and contains updated information about the SFNet Emerging Leaders Summit.

This summary highlights the key findings, implications, and recommendations from the SFNet Fraud Task Force white paper, Systemic Resilience in Secured Finance, which covers asset-based lending, factoring and supply chain finance. Drawing on survey data from SFNet member organizations and real‑world case studies, the report provides a clear-eyed assessment of fraud risk in the secured finance ecosystem and a practical roadmap for strengthening controls without restricting access to capital.

The most traditional avenue for a distressed company seeking to reorganize existing debts or maximize company value is through a Chapter 11 bankruptcy. However, due to its complexity, a Chapter 11 bankruptcy can be a lengthy, expensive process that is not always palatable for the distressed company’s secured lenders.