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CIT Group announced that its Supply Chain Finance unit, part of its Commercial Services division, is expanding its capabilities to better serve its financing clients. Buyers and suppliers can now optimize their working capital by leveraging Supply Chain Finance’s enhanced technical capabilities and product expertise to structure, implement and manage programs. In contrast to other financial institutions and providers, CIT is focused on underserved mid-sized and small businesses in such Read Story

Field Under: Supply Chain Finance
October 22, 2019 @ 09:10 AM

Middle market private companies in the Golub Capital Altman Index experienced approximate year-over-year earnings growth of 13.2% and revenue growth of 9.6% during the first two months of the third quarter of 2019. This compares to approximate year-over-year earnings growth of 12.5% and revenue growth of 10.3% in the second quarter of 2019.Lawrence E. Golub, CEO of Golub Capital, said, “We continue to see very strong growth among U.S. businesses selling primarily to U.S. customers. The Golub Read Story

Field Under: Industry News
October 22, 2019 @ 08:52 AM

Crestmark secured a total of $5,100,000 in ABL financial solutions for six new clients; Crestmark Equipment Finance provided $4,048,244 in six new lease transactions; Crestmark Vendor Finance provided $8,025,138 in 81 new lease transactions; and the Government Guaranteed Lending Division provided $13,284,795 in financing for five new clients in the first half of October. Crestmark’s Asset-Based Lending Divisions: On Oct. 4, a $1,500,000 ledgered line of credit facility was provided to a Read Story

October 22, 2019 @ 08:40 AM

Capital One announced that it served as administrative agent for a $108.9 million loan to a joint venture owned by Sino-Ocean Capital and Meridian Senior Living. The borrower will use a portion of the proceeds to acquire two senior housing communities in Florida, the 106-unit Symphony at the Waterways in Ft. Lauderdale and the 132-unit Symphony of Boca Raton. The rest will be used to refinance a Capital One loan that the sponsors used to purchase three communities in California: Claremont Place Read Story

October 22, 2019 @ 08:30 AM

Santander Bank unveiled its global Santander Cash Nexus solution for Commercial Banking and Corporate and Investment Banking clients in North America. This new platform offers clients a comprehensive suite of global connectivity solutions and provides access to local payment initiation and information reporting services in 15 markets around the world via a single point of entry."Providing our clients with the ability to control their payments and view their accounts in the various countries Read Story

Field Under: Banking News
October 22, 2019 @ 08:15 AM

A&G Real Estate Partners, LLC and B6 Real Estate Advisors, LLC, announced a November Bankruptcy Auction for the 15.6-acre campus owned by The College of New Rochelle).   A $21 million Stalking Horse Bid has been approved, with Competing Qualified Bids due November 18, 2019 and the auction scheduled for November 21, 2019. The Stalking Horse bid submitted by Northeast Education Development Corporation, represents a baseline bid and is subject to higher and better offers in an open auction Read Story

Field Under: Industry News
October 22, 2019 @ 08:00 AM

West Creek, a fast-growing fintech company that provides innovative point-of-sale financing, announced it secured a $150 million credit facility from Pollen Street Capital, bringing West Creek’s total credit facility capacity to $250 million. This expanded capacity enables West Creek to maintain its rapid growth.Since 2015, West Creek’s revenue has grown over 4,400% and will surpass $200 million for 2019. West Creek partners with over 8,000 retailers nationwide and has helped over 250,000 Read Story

Field Under: Lender Finance
October 21, 2019 @ 09:00 AM

Ares Commercial Finance announced that it has provided a senior secured revolving line of credit to Stevens Aerospace and Defense Systems LLC.  The company is owned by principals of the NTC Group, Inc.  Proceeds of the financing will be used to refinance the company’s existing credit facility and to provide ongoing working capital support. Founded in 1950, Stevens Aerospace and Defense LLC is an independent maintenance, repair and overhaul company in the U.S., providing services to civilian Read Story

Field Under: Aerospace
October 21, 2019 @ 08:50 AM

Investors Bancorp, Inc. announced that its banking subsidiary Investors Bank formed an alliance with ODX, a leading digital small business originations platform and a subsidiary of On Deck Capital, Inc. Investors Bank will deploy ODX's digital loan origination platform in a phased approach to enhance its small business lending program in select all  of its banking network.Investors, a full-service bank with approximately $27 billion in assets and a network of 147 branches in New York and New Read Story

Field Under: Industry News
October 21, 2019 @ 08:22 AM

DURA Automotive Systems, LLC, a leading global automotive supplier specializing in the design, engineering, and manufacturing of automotive mobility products, including parts and systems to support the industry’s shift to electric vehicles, announced today that it is moving forward with a restructuring process to facilitate an infusion of new capital and to pursue an expedited going-concern sale process that will fuel the future growth of the Company. To implement this restructuring, the Company Read Story

Field Under: Automotive
October 21, 2019 @ 08:12 AM

Golden Star Resources Ltd. closed a $60 million senior secured credit facility with Macquarie Bank as announced in its July 31, 2019 news release.Golden Star has used the proceeds to refinance the Ecobank Loan III, Ecobank Loan IV, and the long-term payable under the Vendor Agreement with Volta River Authority. The remaining balance is available for general corporate purposes.The Credit Facility is repayable $5 million quarterly, commencing on June 30, 2020. The final maturity date is March 31 Read Story

October 21, 2019 @ 08:00 AM

From the third quarter Phoenix Management “Lending Climate in America” survey, results reveal lenders are increasingly pessimistic of the U.S. economy in both the near and long term.After a brief resurgence in Q2 2019, lenders displayed a more adverse outlook and assessment of the U.S. economy for the near term. The GPA for the U.S. economy in the near term significantly decreased 39 percentage points to 2.38 from the Q2 2019 results of 2.77. Additionally, lenders optimism of the U.S. economy in Read Story

Field Under: Economy
October 18, 2019 @ 09:00 AM

Santander Bank announced Patrick Dunphy has been appointed Head of its Mid Corporate Banking and Verticals businesses within the Commercial Bank. In his new role, Dunphy will be responsible for leading the growth of Santander's mid corporate banking platform throughout North America, including managing teams based in Boston, Miami, Dallas and Chicago as well as the bank's Foreign Corporate Banking, Healthcare and Technology, Media and Telecommunications verticals. He will continue to report to Read Story

October 18, 2019 @ 08:57 AM

Sterling Bancorp, Inc., the holding company of Sterling Bank and Trust, F.S.B., announced Chairman and CEO Gary Judd will retire after over 11 years of service with the company. Sterling’s Board of Directors has appointed Tom Lopp, the company’s current President, Chief Operating Officer and Chief Financial Officer, to succeed Judd as CEO and Chairman.The company also announced Steve Huber, in addition to his current role as CFO of the Bank, will be promoted to CFO and Treasurer of Sterling Read Story

October 18, 2019 @ 08:55 AM

SSG Capital Advisors, LLC ("SSG") acted as the investment banker to THG Holdings LLC ("True Health" or the "Company") in the sale of select assets to Cleveland HeartLab, a wholly-owned subsidiary of Quest Diagnostics ("Quest"). The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the District of Delaware. The transaction closed in October 2019.True Health is a laboratory provider of diagnostic and disease management solutions. Headquartered in Frisco Read Story

October 18, 2019 @ 08:45 AM