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Kudu Investment Management, LLC, (Kudu) a provider of permanent capital solutions to asset and wealth managers globally, today announced the closing of a $300 million credit facility with Massachusetts Mutual Life Insurance Company (MassMutual), a leading U.S. mutual life insurance company, to finance Kudu's growth initiatives.

The COVID-19 pandemic has weighed on the global economy, created volatile indexes, clogged supply chains, shuttered factories, disrupted shipping and limited the sale and movement of goods worldwide. Since supply chains are complex systems of manufacturing, transportation, equipment, personnel and processes to move products from one location to the next within a strict time frame, the past year has created major bottlenecks and bubbles.

The economic impacts of the pandemic became more severe and widespread with each new outbreak in 2020. With more shutdowns imminent in 2021 as new, more contagious strains of the coronavirus spread, supply chain and economic challenges will continue, hurting earnings and further destabilizing struggling retailers. At the same time, these challenges have created paths to profitability for those who have the capacity to operate. Retailers and consumers alike will likely continue to experience delays, an uneven supply of goods, elevated prices for certain items and discounts on others.

Jeffrey Goldrich, SFNet’s 2021 president, has been in the asset-based lending and factoring business for over 40 years. He founded North Mill Capital, as its president and CEO, with its management group in 2010. In 1995 he co-founded, as a shareholder and COO, Business Alliance Capital Corp (BACC), a national commercial finance company based in Princeton, New Jersey. Goldrich and his partner sold BACC to Sovereign Bank (now Santander) in 2005.

Prior to that, he was a senior vice president and manager of the asset-based lending department of First Fidelity Bank in Newark, New Jersey.

The onset of the pandemic has certainly changed the fundraising and investing landscape for private equity and other types of alternative financing. While most acknowledge that the lack of face-to-face meetings has made the fundraising process and due diligence on deals more difficult, the PE industry and related players remain a resilient lot. Even with the country’s shutdown and the resulting economic problems, private equity firms are prioritizing their existing portfolios, working to figure out ways to shore up these companies.

Wingspire Capital Holdings (“Wingspire” or the “Company”) today announced its official launch as an independent diversified direct lender focused on providing asset-based loans (ABL) and related senior secured loans to U.S.-based middle market borrowers. Based in Atlanta, Wingspire focuses on the upper tier of the senior secured ABL market by providing senior secured revolving credit lines and term loans ranging in size from $20 to $200 million. 

I trust you are safe and well as we begin to enter a new phase of this crisis, that of slowly reopening our economy. While the devastation we have experienced has been profound on both a personal and professional level, our community has played a crucial role in weathering this storm and will continue to do so as we emerge stronger and more resilient than before. I am moved by examples of how our members are keeping essential supply chains intact, funding providers of critical services and responding to the surge of funding requests from businesses that have pivoted away from their usual products to manufacture PPE to ease the shortage, not to mention those who are donating and raising funds for groups being adversely affected during this unprecedented time.

David Rains, Founder and CEO of Commercial Finance Consultants, passed away Wednesday following a courageous battle with COVID-19.  David was a longtime executive recruiter specializing in the factoring and asset-based lending industries.  In addition to his work in the industry, David’s work in prison entrepreneurship was a passion and helped many who had no one else championing their cause. David wrote an inspiring article about the program in the June 2019 issue of The Secured Lender.

In lieu of flowers, the family is requesting donations to the Prison Entrepreneurship Program at the following address:

 PO Box 83661
Richardson, TX 75083-6617

“David was highly respected, admired, and loved by all who knew him, and leaves a large legacy in our industry. David was a friend to all and was personally responsible for helping fill many, many positions in our industry. On behalf of the SFNet, we extend our sympathies to David’s wife, Billie, his sister, Debra Wilson - Zukonik, and the entire family.” Stewart Hayes, Managing Director, Wells Fargo Commercial Capital.

CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a $15.9 million financing for two medical office buildings in Littleton, Colorado.

The buildings, known as Arapahoe Medical Plaza I and II, are located on the campus of Littleton Adventist Hospital and comprise more than 98,700 square feet of space. The borrower is a venture led by an affiliate of Seavest Healthcare Properties.

Editor's Note: SFNet’s Advocacy Committee is prioritizing initiatives to support our bank, non-bank and service provider constituents.  A key component of this is analyzing the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was enacted on March 27, for specific opportunities to address the needs of our members and borrowers across asset classes and industries, as the focus now turns to implementation.

It brings together complementary strengths with First Citizens’ low-cost retail deposit franchise and full suite of banking products and CIT’s national commercial lending franchise and strong market positions.

CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending team served as administrative agent for a new $185 million senior secured, asset-based credit facility for Orscheln Farm and Home LLC, a leading retailer of farm supplies, home improvement essentials and general merchandise.

Borrowers face an uphill battle when conducting an internet search for capital. Lee Haskin of Crossroads Financial discusses the misinformation out there and offers clarifications concerning certain types of finance products.

LBC Credit Partners (“LBC”), a leading provider of financing solutions to middle market companies, provided a senior secured credit facility to support the acquisition of EDSCO Fasteners LLC (“EDSCO” or the “Company”) by MiddleGround Capital. LBC served as Agent and Sole Lead Arranger for the senior secured credit facility.

Aaron Hughes looks at some of the ways directors might misuse their invoice finance facilities and how lenders can stem any potential losses. 

Monroe Capital LLC (“Monroe”) today announced the closing of a $454.35 million term debt securitization known as Monroe Capital MML CLO IX, LTD. The term financing was Monroe’s fourth CLO completed since March 2018 and is secured by a portfolio of middle market senior secured loans.