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Crestmark announced the launch of a division offering medical accounts receivable financing to businesses in the healthcare industry. The newly created division will be led by Ray Zilke, First Vice President, Division Manager. Zilke is based in Franklin, TN, and will report to Steven Tomasello, Crestmark Executive Vice President.“We are excited to launch our Healthcare Financial Services division,” said Crestmark President Mick Goik. “Businesses in the healthcare industry are generally Read Story

December 05, 2019 @ 09:00 AM

Monticello Asset Management, LLC, a specialized private real estate and asset-based lender, servicer and manager providing innovative capital solutions, announced that Jung S. Park has been appointed as a new Managing Director. Mr. Park will help oversee Monticello’s expansion to the West Coast and manage the newly formed Los Angeles office.“On behalf of Monticello, I am excited to welcome Jung to the team,” said Alan Litt, Co-Founding Partner of Monticello. “Jung brings years of origination and Read Story

December 05, 2019 @ 08:55 AM

SG Credit Partners closed a $1.5 Million refinancing for a venture-backed SaaS platform for digital publishing.  The Company’s existing debt facility was maturing and the incumbent lender was unwilling to extend due to lender fatigue and other circumstances. SG was brought in alongside an equity contribution to refinance the debt and provide additional working capital.SG was able to quickly get comfortable with the business due to the contracted recurring revenue, continued equity support, and Read Story

Field Under: Publishing
December 05, 2019 @ 08:50 AM

Chesapeake Energy Corporation announced that it has engaged JPMorgan Chase Bank, N.A., Morgan Stanley Bank, N.A., Bank of America, N.A. and MUFG Bank, N.A. to assist with the arrangement of a secured first lien last out 4.5-year term loan facility in the aggregate principal amount of up to $1.5 billion. Chesapeake intends to use the net proceeds of the loan to finance a tender offer and consent solicitation announced for unsecured notes issued by Brazos Valley Longhorn, L.L.C. ("Brazos Valley") Read Story

Field Under: Energy
December 05, 2019 @ 08:45 AM

The rebound in retail sales is weaker than headline figures suggest, according to an analysis by Grant Thornton's Chief Economist Diane Swonk.Swonk notes that Banks have also tightened credit card standards and are approving less new credit, which means consumers will have to rely more on the money in their wallets than debt to finance their purchases this holiday season.Retail sales rose 0.3% in October, after dropping more than previously reported September. The largest gain was in gasoline Read Story

Field Under: Retail
December 05, 2019 @ 08:40 AM

Destination Maternity Corporation, a national retailer for maternity apparel and accessories, filed on November 29, 2019 a motion to approve the selection of Marquee Brands, LLC as the stalking horse bidder in its ongoing marketing and sale process. Marquee Brand’s bid is to purchase the Company’s ecommerce businesses, intellectual property, leased departments within department stores and baby specialty stores, strategic marketing partnerships and the right to designate certain inventory and Read Story

Field Under: Retail
December 05, 2019 @ 08:19 AM

Umpqua Bank, a West Coast regional bank, released its "State of the Middle Market 2020," a national survey gauging the confidence of companies that together account for one-third of all U.S. private sector GDP. More than 500 decision-makers at middle market companies across all industries and geographic regions were polled on issues impacting their economic confidence and decision-making heading into 2020, including U.S.-China trade, stock market volatility, the labor market and interest rate Read Story

Field Under: Economy
December 04, 2019 @ 09:00 AM

White Oak Healthcare Finance, LLC announced that it acted as sole lender and administrative agent on a senior credit facility for Virtus Pharmaceuticals, a portfolio company of Linden Capital Partners (“Linden”). Proceeds were used to refinance existing debt and provide liquidity for strategic initiatives and working capital.“Virtus has a great team that has assembled a portfolio of differentiated products in underserved markets,” said Ross Eldridge, Managing Director at White Oak. “We are Read Story

Field Under: Pharmaceuticals
December 04, 2019 @ 08:55 AM

Bethani R. Oppenheimer, an attorney in the Atlanta office of global law firm Greenberg Traurig, LLP, has been named to the 2020 Executive Committee of the Secured Finance Network (SFNet) (formerly the Commercial Finance Association (CFA). The Executive Committee is made up of leaders from across the commercial finance industry, representing companies ranging from large financial institutions to entrepreneurial lenders and service providers to the secured lending community.Executive Committee Read Story

Field Under: Industry News
December 04, 2019 @ 08:50 AM

Encina Business Credit, LLC (EBC) announced that it has provided a $30 million senior secured credit facility to a company that produces coal for blast-furnace steel production. The facility consists of a revolving line of credit based on accounts receivable and inventory. Loan proceeds will be used to provide a dividend and to support working capital, capex, and other corporate requirements.Launched in 2016, EBC is one of the country’s top independent asset-based lending platforms that provides Read Story

Field Under: Energy
December 04, 2019 @ 08:45 AM

Sterling National Bank’s Asset Based Lending Group provided senior secured credit facilities totaling $9,000,000 to National Capital Management, L.P. (NCM) an affiliate of Frankel Financial Corp. The credit facilities will provide financing to support NCM’s business operations going forward.Founded in 2002 and headquartered in Fort Washington, PA, NCM provides real estate secured bridge loan financing to commercial businesses for which conventional bank financing is not available.This Read Story

Field Under: Lender Finance
December 04, 2019 @ 08:40 AM

CIT Group Inc. has appointed Mihir J. Shah as director of technology originations in its Technology, Media and Telecommunications business.In his new role, Shah will have primary responsibility for expanding the business’s existing coverage network on the West Coast to better serve technology-oriented private-equity firms, venture capital firms and entrepreneurs. His focus will be to drive asset growth, underwriting business and cross-sell financial products and services.“Mihir is a skilled Read Story

December 04, 2019 @ 08:00 AM

Wells Fargo & Company announced Scott Powell has been named Chief Operating Officer effective Dec. 9. He will serve on the company’s Operating Committee and report directly to CEO and President Charlie Scharf. Powell most recently was CEO of Santander Holdings USA, Inc. as well as CEO of Santander Consumer USA Holdings Inc., a publicly traded consumer finance company focused on vehicle finance and third-party servicing.“I have known Scott for many years, and his tremendous experience, proven Read Story

December 03, 2019 @ 09:00 AM

The Boards of Directors of Santander Holdings USA, Inc. (Santander US) and Santander Consumer USA Holdings Inc. (SC) announced several executive changes.Timothy Wennes has been named Santander US CEO and Country Head, effective immediately. Wennes succeeds Scott Powell, who has left the company to pursue an outside opportunity. Wells Fargo & Co. separately announced Powell has joined the company as its new Chief Operating Officer.Wennes joined Santander in September as CEO of Santander Bank, N.A Read Story

December 03, 2019 @ 08:55 AM

Republic Business Credit (“Republic”) further expanded its business finance platform with the acquisitions of Continental Business Credit (“CBC”) and Fast A/R Funding. Republic partnered with CBC’s CEO, Matt Begley, to transfer substantially all of its assets to form Republic’s new West Coast office. Republic is expanding its national platform through a dual strategy of organic growth and complementary acquisitions that add new products, talent and geographic expansion.  Republic represents one Read Story

December 03, 2019 @ 08:50 AM