NEW VENTURES & INDUSTRY NEWS

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NEW VENTURES

Burnley Capital Launches a Middle Market Lending Platform

Finance industry veterans Daniel O’Rourke and James Cullen have partnered with Blackburn Investment Management to launch Burnley Capital.

Fuel Break Launches Restructuring Partnership with Jack Rose

Fuel Break Capital Partners launched Fuel Break Restructuring Solutions, a new strategic venture with bankruptcy and restructuring lawyer Jack Rose and the associated professionals and resources of Jack J. Rose.

Signature Bank Forms National Venture Banking Group

Signature Bank has formed a national Venture Banking Group to focus on serving venture capital firms and the portfolio companies in which they invest.

NAB, Leumi & CIBC Launch Online Innovation Portal

Bank Leumi of Israel, CIBC and National Australia Bank launched the Global Alliance Fintech Link, a global online portal developed to help drive client-focused innovation by facilitating collaboration between the banks and fintechs.

INDUSTRY NEWS

Briar Capital Exits Working Capital Asset-Based Lending

Briar Capital, which has provided customized asset-based financing solutions since 2003, has moved from accounts receivable and inventory financing to focus exclusively on owner-occupied, commercial real estate financing while still using an asset-based approach.

Now operating as Briar Capital Real Estate Fund, the nationwide asset-based lender’s primary product offering consists of long-term amortization and covenant-free real estate term loans to credit-challenged borrowers. 

In addition to term loan offerings, Briar Capital provides interest-only, revolving lines of credit, all secured by owner-occupied commercial real estate.

“Commercial real estate has always been an overlooked asset class in the ABL space,” says Frank Goldberg, founder and chairman of Briar Capital. “We decided to leave the crowded field of working capital ABL lending and instead focus on the commercial real estate lending side – it’s what we do best.”

Since the firm no longer competes with working capital ABLs, Goldberg says, Briar Capital now partners with them to solve even the most challenging credit solutions.

Jeff Van Sickle, president of Briar Capital Real Estate Fund, goes on to draw a sharp contrast between Briar Capital and hard money lenders.

“We’re much less expensive than a hard money lender and we’re not interested in owning property,” Van Sickle says. “We’re in the lending business, plain and simple, not the property ownership or management business.”


Encina Provides $57MM Revolver to Concrete Manufacturer

Encina Business Credit provided a $57.5 million senior secured revolving credit facility to a manufacturer and supplier of concrete construction products.

Citibank Agents $1.5M Short Term Loan for Boeing

Boeing secured a $1.5 billion credit line as a financial precaution while the company’s 737 Max sales remain on hold. Citibank, JPMorgan, and Merrill Lynch are serving as joint lead arrangers and joint bookrunners. 

White Oak Healthcare Provides Financing for Dental365

White Oak Healthcare Finance acted as sole lead arranger on the funding of a senior credit facility to finance the growth of Dental365, a dental service organization in the New York City tri-state area. 

Encina Provides $24MM Facility to Oilfield Services Company

Encina Business Credit provided a $24 million senior secured credit facility to an oilfield services company. The facility consisted of a revolving line of credit and a term loan.

Cerberus Closes $5.1B in Commitments for Global NPL Strategy

Cerberus Capital Management has closed approximately $5.1 billion in commitments for its global non-performing loan (NPL) strategy.

Citizens Agents ABL Financing for Kane Is Able

Citizens Commercial Banking led a senior secured asset-based revolving credit facility for Kane Is Able. The proceeds were used to partially fund the majority acquisition of Kane Is Able by Harkness Capital Partners. •