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Putting Capital to Work the SFNET CAPITAL MARKETS ISSUE THE CAPITAL MARKETS ISSUE THE SECURED LENDER JAN/FEB 2021 WWW.SFNET.COM JANUARY/FEBRUARY 21 JANUARY/FEBRUARY Putting Capital To Work THE SFNET CAPITAL MARKETS ISSUE THE SFNET CAPITAL InterviewInterview WithWith Bill Stapel and Greg Eck NEW LEADERS OF FIFTH THIRD BANK ASSET-BASED LENDING GROUP SHARE VISION FOR 2021 A publication of: C L E A R T H I N K I N G G R O U P Don’t be left out in the cold when it comes to bankruptcy cases or complex restructurings. Make sure you are getting the information you need and the treatment you want. Clear Thinking’s Creditors Rights Group can help make sure you have a seat at the table. W W W . C L E A R T H I N K I N G G R O U P . C O M N E W J E R S E Y 9 0 8 . 4 3 1 . 2 1 2 1 N E W Y O R K 5 1 6 . 6 8 0 . 1 9 4 5 deals.indd 1 1/20/21 2:20 PM TOUCHING BASE STAYING CONNECTED with online elements so that everyone can participate in the manner SFNet CEO most suited to their needs. The Secured Lender continues to play a crucial Announces role in our efforts to inform, guide and contribute thought leadership to our Plans for 2021 community. On the cover of this issue, we feature the As we come off a year which, in response to the pandemic, new leaders of Fifth Third’s was the most interactive with our members in SFNet’s history, ABL Group, Greg Eck and and notwithstanding the tumult we have experienced including Bill Stapel. Turn to page 22 the deeply disturbing events in Washington DC, we are more to read about their plans determined than ever to fulfill our mission of putting capital and their market insights. RICHARD D. GUMBRECHT to work and eager to share our plans to do so in 2021. In SFNet Chief Executive Officer consideration of the environment, we continue to shift toward a On page 26, Refinitiv’s more accessible and inclusive engagement model; one that offers Maria Dikeos provides more frequent and on-demand opportunities for relationship an overview of a year like no other in ABL Lenders Navigated building, accessing information, professional development and COVID-19 World and Market Bifurcation in 2020. expressing our voice in legislative and regulatory matters than In The Voids Created in Asset-Based and Asset-Backed ever before. Lending on page 30, Charlie Perer of SG Credit Partners Building on our most-attended and highest-rated Convention discusses how credit cycles typically bring about two ever, we will continue to stage live online events utilizing our correlated occurrences – consolidation and credit voids, acclaimed SFNet Connect platform. This medium facilitates creating unique and unrelated voids in both small-ticket ABL spontaneous and productive one-on-one and small-group and the asset-backed term space and how new firms are meetings while providing a venue for highly regarded speakers, emerging to fill the voids. case studies and interactive panels of value to our communities. On November 5, Callodine Group, an asset management firm Upcoming meetings leveraging this format include our annual focused on yield-oriented investment strategies, announced Asset Based Capital Conference in March and International it had entered into a definitive agreement to acquire Gordon Lending Conference in May. Brothers Finance Company, LLC (GBFC). Turn to page 34 to read In response to our members’ desire for greater connectivity, an interview with Gene Martin, CEO, and Mark Forti, managing we are pleased to announce the introduction of new interactive director, head of origination, at Callodine Commercial Finance. SFNet Forums, whereby professionals with common interests To prepare you for legal challenges that may lie ahead, on such as legal, credit, business development, operations and page 44 Brett Garver and Danielle Marlow of Moritt Hock & technology, past 40 Under 40 Award winners and independent Hamroff provide analysis of the top five legal issues secured factors, will meet regularly in facilitated informal roundtables lenders should be aware of in 2021. to discuss pressing issues and opportunities in their respective These are extraordinary times and SFNet and our community disciplines. We’re also establishing through our Foundation a continue to lead the way forward. Thanks for everything you do recurring SFNet Hall of Fame/Past Presidents Mentoring Forum for our thriving and vital community to make an impact in the for young professionals to learn from icons in our industry. coming year. We will continue to offer our Crucial Conversations webinars on timely topics, beginning this month, by unpacking the new Warmest regards, “Consolidated Appropriations Act of 2021” and its implications to our community. Building on the successful Workouts and Rich Gumbrecht Bankruptcy series we introduced last year, we will be introducing 1 a series of On-Demand education programs including subject CEO, Secured Finance Network THE SECURED matter for legal professionals to earn valuable CLE credits. LENDER Even our Guest Lecture Program to benefit aspiring, but JAN/FEB 2021 disadvantaged, college students interested in pursuing a career in secured finance has gone virtual. As the year progresses, and it becomes safe to meet again in person, we will begin to reintroduce destination events coupled TABLE OF CONTENTS. JAN/FEB 2021 VOL. 77 ISSUE 1 COVER STORY INTERVIEW WITH BILL STAPEL AND GREG ECK OF FIFTH THIRD BANK ASSET-BASED LENDING GROUP P.22 Bill Stapel and Greg Eck, New Leaders of Fifth Third Bank Asset-Based Lending Group, Share Vision for 2021 Greg Eck and Bill Stapel are the new leaders of the ABL Group at Fifth Third Bank, N.A., one of the nation’s largest asset-based lenders, with $8.1 MM in commitments and serving customers in 38 states, Canada and Europe. They step into their roles following the retirement of Fifth Third Business Capital President Mike Sharkey, who was also past president and chairman of Secured Finance Network. 22 BY MICHELE OCEJO ON THE HORIZON FEATURE STORIES SFNet Q3 Asset-Based Lender Index Analysis ABL Lenders Navigate The Q3 2020 Asset-Based Lending Index reflects improving confidence for COVID-19 World and lenders, fears of a double-dip downturn subsiding, and exhibits the continu- Market Bifurcation in 2020 ing impact of PPP funds distributed in April. 19 Refinitiv’s Maria Dikeos provides an BY SFNET DATA COMMITTEE overview of a year like no other. 26 BY MARIA C. DIKEOS The Voids Created in Asset-Based and Asset- Backed Lending Credit cycles typically bring about 2 THE two correlated occurrences – SECURED consolidation and credit voids. 30 LENDER JAN/FEB 2021 FEATURED BY CHARLIE PERER STORY THE VOIDS CREATED IN ASSET-BASED AND ASSET- BACKED LENDING P30 The Secured Finance Network is the trade group for the asset-based lending arms of domestic and foreign commercial banks, small and large independent finance companies, floor plan financing organizations, factoring organizations COMMITTEE and financing subsidiaries of major industrial SPOTLIGHT corporations. SFNET DIVERSITY, EQUITY AND INCLUSIVENESS COMMITTEE P47 The objectives of the Association are to provide, through discussion and publication, a forum for the consideration of inter- and intra-industry ideas and opportunities; to make available current information on legislation and court decisions relating to LEGAL INSIGHTS asset-based financial services; to improve legal and Interview with Gene Mar- operational procedures employed by the industry; The Top 5 Legal Issues to furnish to the general public information on the tin, CEO, and Mark Forti, function and significance of the industry in the Lenders Should Look Out credit structure of the country; to encourage the Managing Director, Head Association’s members, and their personnel, in of Origination at Callodine For In 2021 the performance of their social and community The year 2020 has been a wild ride for responsibilities; and to promote, through education, Commercial Finance the sound development of asset-based financial secured lenders, particularly in light of services. On November 5, Callodine Group, an asset the COVID-19 pandemic. The coming year management firm focused on yield-orient- The opinions and views expressed by The Secured promises be full of plenty of twists and Lender’s contributing editors and authors are their ed investment strategies, announced it turns as well. Attorneys from Moritt Hock own and do not necessarily express the magazine’s had entered into a definitive agreement to viewpoint or position. Reprinting of any material is & Hamroff provide analysis of the top five acquire the loan portfolio and assume the prohibited without the express written permission of issues secured lenders should be aware of The Secured Lender. employees and operating costs of Gordon in 2021. 44 Brothers Finance Company, LLC (GBFC). 34 The Secured Lender, magazine of the asset-based BY BRETT GARVER AND DANIELLE financial services industry (ISSN 0888-255X), is BY EILEEN WUBBE J. MARLOW published 8 times per year (Jan/Feb, March, April, May, June, September, October and November) $65 per year non-member rate, and $105 for The Pandemic’s Mental two years non-member rate, SFNet members are Health Toll on Employees Departments complimentary. COVID-19 has placed an extreme emphasis TOUCHING BASE 1 Secured Finance Network 370 Seventh Avenue, New York, NY 10001. on physical well-being, but the pandemic (212) 792 -9390 Email: [email protected] has also caused a mental health crisis. How INDUSTRY DEALS 8 www.SFNet.com can managers assist their team members Periodicals postage paid at New York, NY, and 4 during his unprecedented time? 38 NETWORK NOTES at additional mailing offices.
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