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(Editor's Note: A member of SFNet’s Advocacy Committee, Brett Garver of Moritt Hock & Hamroff LLP, has provided this alert pertaining to CFPB Section 1071, which could prove to be unduly burdensome to the vast majority of small and mid-sized finance companies that provide credit to small businesses. If you have any questions or comments, please contact Michele Ocejo at mocejo@sfnet.com.)

CIT, a division of First Citizens Bank, today announced that it is launching a new lending and leasing vertical focused on financing fleet golf cars, turf (grounds care) equipment, utility vehicles and similar equipment.

Golf & Turf is part of CIT’s Business Capital group, which is already a national leader in equipment financing solutions for small and mid-size businesses across a wide range of market sectors, including technology, office imaging, printing, construction, industrial and many others.

Monroe Capital LLC today announced it acted as sole lead arranger and administrative agent on the funding of a $120 million senior credit facility to support the recapitalization of an infusion therapy business by a private equity sponsor.

The company is a provider of home and alternate-site infusion therapy and complex specialty pharmacy solutions to patients. 

Gen Merritt-Parikh is the president of Haversine Funding, a leading financing provider to specialty finance companies, including asset-based lenders, factors, purchase order, equipment and inventory lenders. With more than 25 years of experience in commercial finance, she joined Haversine Funding in August 2020, responsible for origination, underwriting, investment analysis and management and asset allocation strategy for Haversine Funding.

In 2018, as president of Allied Affiliated Funding, she led the company to a successful sale through a nationally chartered bank where she continued to manage that line of business for the bank. Merritt-Parikh holds a bachelor of arts degree in business and economics from the University of Texas at Dallas.

TAB Bank is pleased to announce it has finalized the acquisition of BAMFi’s $46 million BAM Capital Division.  This is TAB Bank’s fourth successful completed acquisition of a working capital loan portfolio.  As part of the acquisition TAB will retain the operations and staff at BAM’s office in Dallas, TX. BAMFi, a leading provider of software for the secured lending industry, will continue to own FactorCloud™, its proprietary, all-in-one, cloud-based secured lending software solution.

Fifth Third Bank's Asset Based Lending Group, acting as sole lender, provided a $100MM asset based revolving credit facility for a West Coast based e-commerce retailer.

The company will use the facility to support growth and for ongoing working capital needs. 

Bobbi Acord Noland is a partner at Parker Hudson Rainer & Dobbs LLP in Atlanta, Georgia. As head of the Commercial Finance practice, Bobbi guides global banks, regional banks and finance companies through domestic and cross-border transactions ranging from $5 million to more than $1 billion. She has handled practically every aspect of commercial lending, from single-lender deals to syndicated facilities involving multiple lenders, borrowers, creditors and multi-tiered debt tranches. In addition, Bobbi frequently advises her clients on workouts and restructurings.

SFNet will host a webinar this Friday, May 14, from 12:00 p.m. – 1:00 p.m., titled "The Data You Need to Plan Ahead." This webinar is open to employees of SFNet member organizations and SFNet Chapter members only and will provide analysis behind the numbers for the Secured Finance Foundation (SFFound) Market Pulse Report, the Foundation’s Annual ABL and Factoring Surveys as well as Refinitiv’s Capital Markets League Table for Q1.

Panelists will include Barry Bobrow, managing director, Wells Fargo Securities; Miin Chen, COO, Siena Lending Group; Lawrence Chua, managing director, Ares Management LLC; Maria Dikeos, global head of Loans Contributions, Refinitiv; Terry Keating, president of Accord Financial’s US Asset Based Finance unit and Robert Wescott, president, Keybridge Research.

LBC Credit Partners ("LBC") provided senior secured credit facilities to support the refinancing of Sciens Building Solutions and the add-on acquisition of SmartWatch Security & Sound ("SmartWatch"). Sciens Building Solutions, a portfolio company of Huron Capital, was formed in 2016 to pursue a buy-and-build investment strategy in the fire detection and integrated solutions sector.

The COVID-19 pandemic has had a devastating effect on the global economy and led to paralyzed supply chains, export restrictions and closed borders. This shock brought about several significant changes to a number of industries and accelerated existing trends such as automation, digitalization, supplier base diversification and supply chain operational efficiencies. Cross-border trade is at the center of everyone’s attention.

In August, Bank of America announced that Seth Benefield had been named head of Bank of America Business Capital (BABC) and Asset-Based Financing.

He is responsible for managing an international team of asset-based lenders that deliver secured credit facilities and other complementary banking products and services to mid-size and large corporate companies. With nine primary offices serving the United States, Canada and Europe, BABC provides corporate borrowers with senior secured loans of $5 million or more, cash management, interest rate and foreign exchange risk management, and a broad array of capital markets products.

Based in Atlanta, Benefield has been with the bank for 20 years, previously serving as National Marketing Manager, where he managed a team of business development officers who provide asset-based solutions and banking products to large and middle market companies, intermediates and financial sponsors across the U.S. and Europe. Prior to joining the bank, he served as a special agent in the Federal Bureau of Investigation.

Benefield earned a Bachelor of Arts degree in Accounting from University of Georgia. He is a Certified Public Accountant and holds Series 7, 24, 63 and 79 FINRA registrations.

Dear SFNet Community:

As you may have heard, SFNet and our Management Committee have made the difficult decision to shift our Annual Convention this November 17^th-19^th from our planned venue in New Orleans to a live, online event.  While we are thankfully seeing parts of our economy begin to re-open, large gatherings in New Orleans are currently illegal and even if that should change, it is impossible to adequately ensure the well-being of our attendees, staff and volunteers.  Focus groups have reinforced that the majority of firms and individuals would not support an in-person Convention this year. 

CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy unit served as sole lead arranger on a $162 million financing for the East Blackland Solar Project in Travis County, Texas.

The financing was arranged on behalf of Recurrent Energy LLC, a wholly owned subsidiary of Canadian Solar Inc. that functions as Canadian Solar’s U.S. project development arm. An active player in renewable energy development, Recurrent has already developed more than 2.4 gigawatts of solar projects and is planning another 5 gigawatts to come.

MidCap Business Credit announced today they have closed on a $14,000,000 asset-based revolving line of credit for Allied Dairy Products, Inc. and subsidiaries, headquartered in Chatham, New Jersey.