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Mountain Ridge Capital Announces Launch of Commercial Finance Business with Backing from Arena Investors
Mountain Ridge Capital ("MRC"), an asset-based commercial finance company, announced its official launch. Strategically backed with equity from Arena Investors, LP ("Arena Investors"), Mountain Ridge Capital is focused on originating, underwriting and managing asset-based commercial loans from $5 million to $30 million in commitment size.
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Recently, People's United Bank, N.A., a subsidiary of People's United Financial, Inc., announced it had expanded its Commercial Specialty Business with the formation of a dedicated Lender Finance team. The Team is led by Patrick Lee, managing director, head of Lender Finance, and is an extension of the Bank's existing Asset-Based Lending group. The Team will work with non-bank lender finance companies nationally to provide tailored solutions of $10MM or more to help them achieve their near and long-term growth objectives.
Here, Patrick Lee discusses his background and new role.
TSL Express Daily Headlines & News
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Tradewind Finance Delivers Funding to Steel Products Distributor Based in Texas
September 14, 2022Tradewind Finance, who has been serving an increasing number of clients in the commodity industry, fit the bill and provided the company with a USD 1 million facility. The facility accelerated cash flow by advancing on the company’s receivables, giving them the financial cushioning to extend payment terms to big box retailers. In addition, the company could pay suppliers faster with the additional capital on hand.
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White Oak Commercial Finance Provides Factoring Facility to Leading Menswear Company to Support Growth Through Seasonal Cyclicality
September 14, 2022White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced today that the firm has provided a $4 million non-recourse factoring facility to a leading menswear company. The borrower company boasts 30 years’ experience in the development, design and production of high-quality menswear, and is a family-run business with an extensive background in international sourcing and production.
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Great Lakes Business Credit Announces the Appointment of Greg Nelson as the Company’s Regional Director
September 14, 2022Great Lakes Business Credit, one of the nation’s fastest-growing non-bank asset-based financing companies, has announced the appointment of Greg Nelson as the company’s regional director. Nelson brings to Great Lakes Business Credit more than 20 years of senior-level financial and banking experience, particularly in the commercial and asset-based lending sectors.
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CIT Arranges Financing for SK Capital Investment in VanDeMark Chemical
September 14, 2022CIT, a division of First Citizens Bank, today announced that its Sponsor Finance business served as lead arranger of debt financing to support SK Capital Partners’ investment in VanDeMark Chemical in partnership with existing co-owner Comvest Partners.
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SMBC Nikko Securities America Appoints Joseph A. LaVorgna as New Chief Economist
September 14, 2022SMBC Nikko Securities America, Inc., a member of SMBC Group, announced today the appointment of Joseph (Joe) A. LaVorgna as Managing Director and Chief Economist.
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Churchill Asset Management Appoints Carol Loundon as Deputy Chief Risk Officer
September 14, 2022Churchill Asset Management LLC (“Churchill” or the “Firm”), an investment-specialist of Nuveen which provides customized financing solutions to private equity firms and their portfolio companies, today announced that Carol Loundon has been appointed Deputy Chief Risk Officer.
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Siena Lending Group Announces The Appointment Of Dillon Lounsbury As Senior Vice President Of Originations
September 14, 2022Siena Lending Group LLC ("Siena") announces the appointment of Dillon Lounsbury as Senior Vice President of Originations, to further strengthen its originations efforts. Throughout his career in asset-based lending, Dillon has worked with customers across a multitude of industries and revenue sizes ranging from $20 million to $5 billion. Based out of Charlotte, NC, Dillon will be responsible for developing and maintaining relationships, as well as originating new business throughout the Mid-Atlantic, North Carolina, and Tennessee.
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Hudson Avenue Partners Advises Bluewater And Uk-Based Pipeline Technique On Its Triple Acquisition From Stanley Black & Decker
September 14, 2022Hudson Avenue Partners (“Hudson Avenue”) is pleased to announce that Pipeline Technique Ltd. (“PTL” or the “Company”), a portfolio investment of Bluewater Private Equity (“Bluewater”), has completed a transformational acquisition of three leading energy infrastructure units, CRC-Evans, Pipeline Induction Heat and Stanley Inspection, from Stanley Black & Decker, Inc. (“SBK”).
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Doc2Doc Closes New $25 Million Warehouse Facility to Further Growth Provided by Encina Lender Finance
September 13, 2022Doc2Doc, a leading LendTech company focused on the medical space, announces the closing of a new $25 million warehouse facility to help further growth, provided by Encina Lender Finance.
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Taylor Morrison Increases Capacity Available on its Revolving Credit Facility
September 13, 2022Taylor Morrison Home Corporation ( NYSE: TMHC), a leading national land developer and homebuilder, today announced that it entered into an amended credit agreement to increase the aggregate commitment available under its revolving credit facility from $800 million to $1.0 billion. The incremental borrowing capacity provides additional liquidity and financial flexibility, and no borrowings were outstanding as of the closing date.
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Aircastle Announces Increase of Revolving Credit Facility to $1 billion
September 13, 2022Aircastle Limited ("Aircastle") announced today that it increased the size of its unsecured revolving credit facility to $1 billion from $900 million by way of a $100 million commitment from BMO Harris Bank N.A. ("BMO"). The facility expires in April 2025 and provides working capital for general corporate purposes, including aircraft acquisition.
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WireFX and Stearns Bank Announce Partnership to Enable Cross-Border Payments Share Article
September 13, 2022WireFX, a Minnesota-based fintech startup and Stearns Bank National Association (“Stearns Bank”), an independently-owned financial institution with locations in Minnesota, Florida and Arizona, announce their partnership to enable end-to-end cross-border payments for Stearns Bank retail and business customers.
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CIT Provides $50.8 Million to Seavest Healthcare Properties
September 13, 2022CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business provided $50.8 million to Seavest Healthcare Properties, LLC for the refinancing of Providence Family Wellness Center and Medical Office Building. Providence Family Wellness Center is a newly delivered 118,000 square foot medical office building and wellness center located in Hillsboro, Oregon, 12 miles west of downtown Portland.
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iMedia Brands Selects B. Riley Real Estate as Advisor for Its Sale-Leaseback Process
September 13, 2022iMedia Brands, Inc. (the “Company” or “iMedia”) (NASDAQ: IMBI, IMBIL) today announced it selected B. Riley Real Estate as Advisor to manage and complete its sale-leaseback process for one or more of its owned properties. The Company is targeting a Q4 closing date.
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MUFG Expands Financing Platform to Hospitality Industry
September 13, 2022Mitsubishi UFJ Financial Group (MUFG) announced today the expansion of its restaurant-finance platform to cover hotel franchises with the hiring of two veteran bankers to its Restaurant and Hospitality Finance team, which is part of MUFG's Corporate and Investment Banking division.
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SLR Business Credit Promotes Nico LaStella from Account Executive to Assistant Vice President
September 13, 2022SLR Business Credit is pleased to announce the promotion of Nico LaStella from account executive to assistant vice president. Mr. LaStella holds a Bachelor’s degree from Bentley University and worked at another commercial finance company before joining SLR Business Credit in 2021.
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Winston & Strawn Represents WaterBridge
September 13, 2022Winston & Strawn represented WaterBridge, the largest pure play water solutions provider in the industry, in a long-term agreement with Texas Pacific Land Corporation (TPL) focused on sustainable oil and gas development and water management solutions on over 64,000 acres in core of the Delaware Basin.
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Citizens Provides $133.6 Million Loan to Longfellow Real Estate Partners
September 13, 2022Citizens announced today that its Commercial Real Estate Finance team provided a $133.6 million loan to Boston-based Longfellow Real Estate Partners for the development of a new 190,000 square-foot life science lab complex in Emeryville, Calif. Citizens is Sole Lead Arranger, Sole Bookrunner and Administrative Agent.
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Access Capital Provides $500,000 Credit Facility to EvenFlow Solutions
September 13, 2022EvenFlow is a Dallas–based staffing firm focusing on accounting, finance, and technical placements. The company began operations in October 2019 and is led by staffing industry veterans John Cooke and Jordan Dunn. By 2021, EvenFlow was experiencing rapid growth ultimately leading the company to realize the need for a working capital solution.
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Wingspire Capital Provides A $46 Million Credit Facility To Emcore For Add-On Acquisition
September 13, 2022Wingspire Capital LLC (“Wingspire”) is pleased to announce that it provided a $46 million senior secured credit facility to EMCORE Corporation (“EMCORE”) to facilitate EMCORE’s recent acquisition of the Inertial Navigation Systems and Fiber Optic Gyroscope business segment from KVH Industries.
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