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SFNet's Asset-Based Capital Conference offers you the opportunity to join your colleagues in asset-based lending, alternative asset management, private debt, private equity, distressed debt, and service providers such as attorneys and appraisers for panels and discussions on the rapidly changing economic environment and how it impacts your portfolios and business opportunities.

On March 9-11, we will bring ABCC to you live online, with the great content and opportunities for networking that you have come to expect from the conference. We caught up with ABCC Conference Chair, Barry Bobrow, managing director and head of Loan Sales & Syndications for Wells Fargo Capital Finance who discusses what will make this year’s Conference stand out. 

The lightning-fast spread of COVID-19 around the world has quickly transformed our commercial and financial outlook, ending one of the longest economic expansions in U.S. history and throwing future prosperity into doubt. As conditions deteriorate from here, the likelihood that lenders will need to consider a forbearance is high, and as such, now is a good time to identify at-risk credit facilities and perform any necessary due diligence.

Monroe Capital LLC announced that it has expanded its opportunistic private credit team with the addition of four experienced professionals: Jason Starr, Darrick Ginkel, Joseph Valickus in the New York office; and Chris Spanel in the Chicago office.

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.

In a previous issue of TSL Express, we noted that, on January 2, 2019, the United States Senate gave its advice and consent to the United Nations Convention to the United Nations Assignment of Receivables in International Trade.  At the time, we noted that all that remained to complete the ratification process was for the White House to authorize the deposit of the Convention with the United Nations Treaty Office.  We are pleased to report that this step has finally occurred, 16 years after the Convention was signed by the United States. The SFNet is proud to have played a role in the drafting of the Convention and its adoption

Mitsubishi UFJ Financial Group ("MUFG"), a leading global financial group, today announced that Kevin P. Cronin has been appointed Regional Executive for the Americas for MUFG and MUFG Bank, Ltd., its primary banking subsidiary, and President and CEO of MUFG Americas Holdings Corporation and MUFG Union Bank, N.A., effective March 31, 2021. Mr. Cronin will succeed Stephen E. Cummings as the senior-most executive in the Americas for MUFG. Mr. Cummings previously announced in September 2020 that he will retire from his current position at the end of March. Mr. Cronin will become a member of the Board of Directors of MUFG Americas Holdings Corporation and MUFG Union Bank, and he will be based in New York.

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.

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.

Hercules Capital, Inc. announced it has replaced its existing $200.0 million credit facility with MUFG Union Bank N.A. with a new credit facility under which Royal Bank of Canada /City National Bank, a National Banking Association, Goldman Sachs Bank USA, Umpqua Bank, TIAA, FSB, Zions Bancorporation, N.A., dba California Bank & Trust, HSBC Bank USA, N.A., Hitachi Capital America Corporation and CIT Bank, N.A., together with MUFG, have committed a total of $400.0 million in credit capacity subject to borrowing base, leverage and other restrictions. 

Infinity ABL Services, LLC
1121 Mason Ave.
Drexel Hill, PA 19026-2509
https://www.infinityabl.com

Infinity ABL provides field exam services for banks and other commercial finance institutions. Infinity ABL, created in February 2021, has three partners with extensive ABL knowledge.