Articles

After two years of virtual and hybrid conferences, SFNet's YoPro Leadership Summit returns in person August 3 to 4, 2022 at King & Spalding LLP in Atlanta, GA.  Young professionals of the secured finance industry will hear from industry leaders, connect with peers, and discover together how to find success in new, flexible work structures. This year’s speakers and panelists will provide a market perspective, share an e-commerce update, and discuss diversity, equity and inclusiveness initiatives. In addition, attendees will have the opportunity to hear from industry titans and former SFNet 40 Under 40 Award winners. We’ll also have small-group networking sessions, icebreakers, group social activities and receptions in the evening.

With outdoor spaces and upscale gardens a consistent but seasonal consumer demand across the country, a Midwest-based manufacturer of unique outdoor products knew it needed to find a flexible partner to react to dynamic and volatile market conditions. Republic Business Credit was the answer. Republic implemented a flexible line of credit to support the company’s seasonal-based liquidity needs. 

ALT, a simple, modern investment platform that lets you buy and sell alternative assets just like stocks, today announced $200 million in new debt financing led by Atalaya Capital Management. The new funding comes on the heels of ALT's introduction of ALT Advance, a new lending product that lets investors borrow cash against their vaulted assets without having to sell them

Wells Fargo & Company (NYSE: WFC) announced Mary Katherine DuBose as the head of the bank’s secured lending division that includes asset-based lending, equipment finance, supply chain finance, and inventory finance. DuBose reports to Kyle Hranicky, Chief Executive Officer of Wells Fargo Commercial Banking. 

CIT, a division of First Citizens Bank, today announced that its Power and Energy business arranged $88 million in financing for a 173-megawatt stand-alone merchant battery storage facility in Texas.

The borrower, Wolf Tank Storage, is an affiliate of Aypa Power Development, which develops, owns and operates numerous utility-scale energy storage and hybrid renewable energy projects that assist in the decarbonization of the electrical grid. Aypa Power is a portfolio company of Blackstone Inc.

Mark Forrest has joined Gordon Brothers, the global advisory, restructuring and investment firm, as Director, Business Development.

Forrest will expand Gordon Brothers’ integrated service offerings and presence in the Midwest. With over 25 years of experience in corporate finance, capital markets and lending, he will work with private equity, investment banking and asset-based lending professionals in Illinois, Indiana, Iowa, Minnesota, Michigan, Wisconsin and Northern Ohio to identify valuation, disposition and lending opportunities for the firm.

With the second half of 2022 underway, it is a good time to evaluate cybersecurity issues and concerns. The cybersecurity front continues to be an area of significant risk for businesses. In this article we will explore recent trends, and specific industries at more risk of attack. For a perspective on the dollar impact, the largest payment in 2021 was a $40 million payment made by an insurance company. For a perspective on number of attacks, there is a cyber-attack every 11 seconds.

The National Cyber Security Alliance estimated that 60% of small businesses fail within six months of an attack. 

Great Rock Capital is pleased to announce the promotion of Jim Clifton to Chief Commercial Officer. Jim will be based in Chicago and is responsible for expanding the firm’s origination efforts and strategic relationships across North America.

Ares Commercial Finance announced today that it has provided a cross-border, $40 million senior secured credit facility to PlayMonster LLC.  The credit facility consists of an asset based revolving line of credit secured by assets in both the US and UK. Proceeds of the credit facility were used to refinance existing indebtedness and for ongoing working capital to support growth.

Huntington Business Credit acting as Administrative Agent, Bookrunner and Lead Arranger announced it closed a $175,000,000 new credit facility with Second Avenue Capital Partners, LLC on June 27, 2022.  Proceeds of the facility were used to refinance existing indebtedness and provide ongoing growth financing.         

 Encina Lender Finance, LLC (“ELF”) announced today a significant expansion to its executive leadership team designed to bolster the company’s position as a leading nonbank lender finance platform serving both commercial and consumer specialty finance companies in the U.S. and Canada. 

The new hires are: Edward Chang - chief executive officer; Mark Kassis - head of Risk Management, Commercial Vertical; Bill Laird – head of Risk Management, Consumer Vertical and David Mattei – managing director, Funding Strategy.  Additionally, John Thomas was promoted to president and chief operating officer.

Solifi™, a global fintech software partner for secured finance, announced that Mithu Bhargava joined the company as its first president. In this newly created position on the Solifi executive team, Bhargava brings more than 20 years of operational leadership to drive the delivery of scalable, sustainable, high-performing software-as-a-service (SaaS) products for the secured finance industry.

Entrepreneur Growth Capital (“EGC”), headquartered in New York City, announced today that Anthony Lavinio has joined the company and has been named President of the organization.  Anthony will focus on growing the business while leading the team in structuring financing solutions to small and lower middle market businesses.

Welcome to The Secured Lender’s first ever Industry Data Issue. Over the past several years, SFNet has invested heavily in data resources designed to improve planning, provide competitive benchmarking, and attract capital to our industry. Through resources like our groundbreaking Market Sizing and Impact Study, which dimensioned the secured finance ecosystem and will be refreshed this year, to our quarterly and annual data surveys, which continue to grow in participation, to our forward looking Market Pulse Reports, we have made great strides in capturing, analyzing, and predicting industry trends by the numbers.

Ares Commercial Finance announced today that it has provided a senior secured credit facility to Hint, Inc. The credit facility consists of an asset based revolving line of credit. Proceeds of the credit facility were used to refinance existing indebtedness and for ongoing working capital to support growth. 

REV Capital, the leading provider of factoring & cashflow financing in Canada and the United States announces a new Commercial Finance Division along with the appointment of Mark Dubs as President – Eastern Division.

The Secured Finance Network is excited to launch a new video podcast today, in partnership with respected industry veteran Barry Bobrow, and sponsored by Hilco Global. “Our members continue to seek valued insights on issues critical to their businesses,” said SFNet CEO Rich Gumbrecht. “This new resource will complement existing sources of expert analysis and information SFNet provides to our community in an energizing new format.”  

Birch Creek Development LLC ("Birch Creek") and Fundamental Renewables, an established provider of debt financing for renewable energy projects, today announced an agreement in which Fundamental Renewables will increase its existing credit facility with Birch Creek to $250 million.

The Secured Finance Network is excited to launch a new video podcast today, in partnership with respected industry veteran Barry Bobrow, and sponsored by Hilco Global.  “Our members continue to seek valued insights on issues critical to their businesses,” said SFNet CEO Rich Gumbrecht. “This new resource will complement existing sources of expert analysis and information SFNet provides to our community in an energizing new format.”

Citizens announced that it has provided incremental financing to San Francisco-based PRO Unlimited Global Solutions Inc. PRO Unlimited is currently owned by EQT Partners.

Established in 1991, PRO Unlimited is a leading provider of end-to-end contingent workforce management solutions to a broad range of global clients and has been a Citizens client for more than 10 years.