Earvin “Magic” Johnson, majority owner of EquiTrust, the nation’s largest minority-owned insurance company, announced a $100 million partnership with MBE Capital Partners (MBECP), the largest certified minority-owned asset-based lender, and the National Action Network (NAN). Together, they are focused on distributing PPP loans geared specifically for minority and women-owned businesses in underserved communities.Johnson’s EquiTrust is providing critical financial support to underserved
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LQD Business Finance, a leading tech-enabled commercial lender, has launched a new Managed Services Platform for processing PPP Loan Forgiveness Applications. Using data integration and automation, LQD Finance’s Managed Services Platform largely eliminates the tedious and manual processes currently being employed, as well as the errors related to the PPP Loan Forgiveness Application process.“Right now banks and borrowers will have to spend thousands of hours manually pulling reports, putting
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New loan delinquencies and new loan transfers to special servicing within the Fitch-rated U.S. CMBS conduit universe increased substantially in May due to coronavirus. The majority of conduit remittances for May have now been reported and 30-day loan delinquencies increased exponentially, rising 12 times as much as April. This is consistent with Fitch's expectation the delinquency rate will increase over the next few months and peak between 8.25% and 8.75% by the end of third quarter 2020.Based
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J.C. Penney Company, Inc. announced that it has entered into a restructuring support agreement with lenders holding approximately 70% of JCPenney’s first lien debt to reduce the Company’s outstanding indebtedness and strengthen its financial position. The RSA contemplates agreed-upon terms for a pre-arranged financial restructuring plan (the “Plan”) that is expected to reduce several billion dollars of indebtedness, provide increased financial flexibility to help navigate through the Coronavirus
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White Oak Commercial Finance (“WOCF”), an affiliate of San Francisco-based alternative investment manager White Oak Global Advisors, LLC (“White Oak”), today announced Andy McGhee, Susan Hall and Neal Mulford have joined the firm to further expand its asset-based lending (ABL) and lender finance capabilities. Andy, Susan and Neal together bring over 100 years of combined experience to WOCF, after most recently originating, deploying and managing a multi-billion dollar ABL portfolio at AloStar
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