- EBSC Lending Provides $21.3 Million in Construction Financing for 1,775-Unit Self-Storage Development in Stockton, California
- JPalmer Collective Expands Team with Jonathan Joubran in Business Development Officer Role
- Gordon Brothers Releases 2026 Global Asset Insights Report
- CPS Announces Credit Facility Capacity Increase
- Hercules Capital Sets New Record with All-Time High New Debt and Equity Commitments
TSL Express Daily Articles & News
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Mountain Ridge Capital Announces New Executive Hires
Mountain Ridge Capital, an asset-based commercial finance company, announced the hiring of Bill Drmacich and Jay Fabian as Managing Directors of Business Development.
Drmacich, an industry veteran, is responsible for business in the Southeast market from Atlanta where he has been a member of the community for over 25 years. Prior to joining Mountain Ridge, Fabian was a Senior Originator with First Merchants Bank and during the 15 years before that, was a highly valued contributor at Stonegate Capital and Wells Fargo.
Drmacich, an industry veteran, is responsible for business in the Southeast market from Atlanta where he has been a member of the community for over 25 years. Prior to joining Mountain Ridge, Fabian was a Senior Originator with First Merchants Bank and during the 15 years before that, was a highly valued contributor at Stonegate Capital and Wells Fargo.
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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.
TSL Express Daily Headlines & News
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Loeb Provides $9.3 Million in Term Loans to Help Four Companies Grow
November 10, 2022Loeb announces that it has recently provided four new term loans totaling $9.3 million. These loans will help four companies, in transitional financial states, grow their businesses by leveraging working capital from their existing machinery and equipment.
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Slayton Purcell Joins Rockland Trust’s Asset Based Lending Team as Vice President, Relationship Manager
November 10, 2022Rockland Trust is pleased to welcome Slayton Purcell to its Asset Based Lending Team as Vice President, Relationship Manager. In his role, Slayton is responsible for managing a growing portfolio of clients while underwriting and building new relationships.
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Alida Enters Funding Agreement Led By National Bank of Canada for USD $60 Million
November 10, 2022Alida, a leader in experience management, today announced it has secured a USD $60 million syndicated credit facility from lead lender National Bank of Canada through its Technology and Innovation Banking Group. Co-lenders include BMO, Comerica, and Silicon Valley Bank. The funding offers the company meaningful capital to continue its long-term growth trajectory.
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One Liberty Properties, Inc. Expands Revolving Credit Facility Flexibility and Term
November 10, 2022One Liberty Properties, Inc. (NYSE:OLP) entered into an amendment to its $100 million credit facility which extends the facility through December 2026, increases the amount available to be borrowed for renovation and operating expense purposes to the lesser of $40 million and 40% of the borrowing base, provides that the interest rate will be based on 30-day SOFR and requires compliance with certain amended and additional covenants. The financing is led by Manufacturers and Traders Trust Company and an affiliate of Valley National Bank.
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OceanFirst Financial Corp. and Partners Bancorp Announce Mutual Termination of Merger Agreement
November 10, 2022OceanFirst Financial Corp. (NASDAQ:OCFC) (“OceanFirst”), the holding company for OceanFirst Bank N.A., and Partners Bancorp (NASDAQ: PTRS) (“Partners”), the parent company of The Bank of Delmarva (and its division, Liberty Bell Bank) headquartered in Seaford, Delaware, and Virginia Partners Bank (and its division, Maryland Partners Bank) headquartered in Fredericksburg, Virginia, jointly announced today they have agreed to terminate the merger agreement announced on November 4, 2021, effective immediately.
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Waterfall Asset Management Announces Appointment of Patrick Lo and Brian Rebello as Co-Chief Investment Officers
November 10, 2022Waterfall Asset Management today announced that Patrick Lo and Brian Rebello have been elevated to Co-Chief Investment Officers. Patrick and Brian, both partners of the Firm, have been instrumental in Waterfall's growth and successful investment performance on behalf of its clients over the past 15 years.
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Cambridge Savings Bank Supports the Expansion of Tropical Products with a New Market Tax Credit and Loans Totaling $16 Million
November 9, 2022Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and $6 billion in assets, today announced that it has provided $16 million in funding to support the expansion of Tropical Products, a private label manufacturer of personal, pet, and home care products. Based in Salem, Mass., the company manages the development of products for a variety of consumer brands that are sold by Walmart, Target, PetSmart, Petco, Amazon, and many other retailers.
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Fifth Third Bank Provides B12 Transportation Group, LLC with new $9.4 Million Asset-Based Lending Credit Facility
November 9, 2022Fifth Third Bank announced it provided $9.4 million asset-based lending credit facility for B12 Transportation Group, LLC. B12 Transportation Group, LLC. Is a transportation-focused holding Company comprised of two wholly owned subsidiaries: Diamond Acquisition, LLC which is a manufacturer of medium sized composite buses, and Brown Industries, LLC which is a manufacturer of van bodies, rail equipment, and specialty vehicles.
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Wells Fargo Promotes Kleinman to Commercial Banking Division Sales Exec
November 9, 2022Wells Fargo has elevated Adam Kleinman to commercial banking division sales executive for the metro New Jersey and New York region, the bank announced Tuesday. In his new position, Kleinman will transition from his current business development officer role, which he has held since 2017, to develop, support, and lead business development officers, develop strategic sales initiatives, and assist in new client acquisition and deepen existing customer relationships across the market.
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Steward Partners Secures $140 Million Credit Facility to Support Continued Growth and Accelerate Recruiting Effort
November 9, 2022Steward Partners Global Advisory, LLC, an employee-owned, full-service independent partnership, has secured a $140 million credit facility to support the next phase of the partnership's development and fuel its future growth. The facility was led by Apogem Capital LLC, with support from Manulife Investment Management, and Cynosure Investment Partners, LLC.
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Porter Capital Corporation Welcomes New Sales Team Members
November 9, 2022Porter Capital Corporation, a leading provider of working capital solutions, is pleased to announce the additions of Tanya Fontenot and Robert (Bob) Reagan to the Porter Capital sales team.
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SMBC Nikko Securities America, Inc. Appoints Raffi Dawson as Managing Director, Head of Structured Finance Group
November 9, 2022SMBC Nikko Securities America, Inc., a member of SMBC Group, today announced that Raffi Dawson has joined the firm as Managing Director, Head of Structured Finance Group. In this new role, Raffi will be responsible for overseeing the securitization businesses, including conduit business, ABS and CLO. Raffi is based in New York, and reports to Scott Ashby, Head of Capital Markets and Investment Banking.
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Aequum Capital Announces Financing Provided by Texas Capital Bank
November 9, 2022Aequum Capital recently closed a new $50 million revolving line of credit led by Texas Capital Bank. This new financing will augment Aequum's significant equity base to support loan origination volume. With the new credit facility, Aequum is well-positioned to execute on market opportunities and organic growth of its portfolio.
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J D Factors Announces Factoring Facilities
November 9, 2022J D Factors announces it has provided the following factoring facilities: $200,000 to a transportation company in California; $300,000 to a transportation company in New York; $200,000 to a transportation company in Illinois; $250,000 to a transportation company in Ohio...
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Solifi’s Latest ABL Release Enhances Real-Time Portfolio Visibility and Risk-Management Controls
November 9, 2022Solifi™, a global fintech software partner for secured finance, announced the release of its latest version of Solifi Asset-Based Lending (ABL) software, which includes several new and enhanced features designed to improve the lender and borrower experience through self-service functionality, gain insights into portfolio risk, and increase efficiencies through enhanced audit compliance and visibility.
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Quotient Secures $105 Million Non-Dilutive Debt Financing
November 8, 2022Quotient Technology Inc. (NYSE: QUOT) (“Quotient” or the “Company”), a leading digital media and promotions technology company, today announced that it has entered into a commitment letter with PNC Bank, N.A. (“PNC”), pursuant to which PNC, subject to terms and conditions stated in the letter, has committed to provide the Company with a senior secured asset-based revolving credit facility in an initial aggregate principal amount of $50 million.
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Swiss Water Announces $33.25 Million Expansion of Its Credit Facilities and Appoints a New Director
November 8, 2022Swiss Water Decaffeinated Coffee Inc. (TSX – SWP) (“Swiss Water” or the “Company”) is pleased to announce it has successfully completed the expansion of its credit facilities with its existing senior lenders, resulting in $33.25 million of incremental capital availability, consisting of $21.25 million of expanded revolving credit capacity and $12 million of incremental senior term financing.
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Alto Ingredients, Inc. Enters Into $125 Million Term Loan Facility to Accelerate Business Transformation
November 8, 2022The term loan allows for periodic draws in an aggregate amount up to $100 million, with an additional $25 million available subject to satisfying certain conditions. Guggenheim Securities, LLC acted as lead placement agent and lead arranger and RBC Capital Markets, LLC acted as arranger for the senior secured term loan facility.
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New York Community Bancorp, Inc. Receives Final Regulatory Approval For The Acquisition Of Flagstar Bancorp, Inc.
November 8, 2022New York Community Bancorp, Inc. and Flagstar Bancorp, Inc. today announced that NYCB has received regulatory approval from the Federal Reserve Board to complete its previously announced acquisition of Flagstar Bancorp, Inc.. On October 28, 2022, NYCB and Flagstar announced the receipt of regulatory approval from the Office of the Comptroller of the Currency to convert Flagstar Bank, FSB to a national bank to be known as Flagstar Bank, N.A. and to merge New York Community Bank into Flagstar Bank, N.A.
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Calumet Completes Working Capital Funding for Montana Renewables
November 8, 2022Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) today announced the closing of two transactions that together fund the working capital needs of Montana Renewables LLC (MRL). A Supply and Offtake Agreement (SOA) with Macquarie Commodities and Global Markets provides inventory monetization for renewable feedstocks and products, as well as intermediation services connected with the purchase of renewable feedstocks.
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