Critical Success: Andrew Pappas Remains Vigilant in Forging Deals

“ABL is a niche in the lending world that allows one to finance both growing/expansive and struggling companies,” Pappas says. “Thus, there is always a need for ABL lending (whether good or tough times) and I found the ability to do both as interesting and fascinating.”

Pappas got his start in the industry as an underwriter in the ABL group at Barclays Business Credit. That group was eventually sold to Shawmut Bank, then sold again to Fleet Capital before being rolled into Bank of America Business Capital. At Bank of America, Pappas rose to the level of senior marketing officer and senior vice president. During his 14 years with the company from 1991 to 2005, he closed more than $2 billion in cash flow and asset-based credit facilities.

“Different product and different focus,” Pappas says. “However, MFC Capital also taught me the importance of customer service, particularly with smaller businesses and owners.”

“The 2008 downturn made me realize that I add more value in ABL lending given my past experiences and it allows me to lend to both strong, performing and struggling companies and allows for more creativity,” Pappas says.

“I also encourage and train people to step up their game and be responsive to their clients to meet their needs,” Pappas says, noting that establishing the metals group and gaining acceptance within the greater bank has been “an exceptional accomplishment.”

Part of stepping up the game of his group involves Pappas’ staunch belief in BMO’s “One Bank” model, which calls on disparate departments to work together to find the right funding solutions for every customer.

As you might except for someone who makes a living closing deals, Pappas takes tremendous pride when everything comes together on a transaction

Aside from being able to provide holistic and competitive lending products, Pappas also believes that maintaining a focus on delivering exceptional customer service is “critical in dealmaking in the ABL world today.”

Even after multiple decades of working in the ABL industry, Pappas still finds joy in his work, particularly when he is able to help family-owned businesses succeed.

Staying Vigilant

“At times, this has forced me to be vigilant and to pursue as I believe it is the right thing to do,” Pappas says. “This definitely can result in disagreements within an organization, but I have never been shy about pursuing deals and companies I believe in. There are deals I have done that now are considered excellent clients, but we might not have pursued if I was not vigilant.”

“The ABL product has survived and grown during each downturn as it continues to prove out as an excellent product for many clients, especially among cyclical industries,” Pappas says. “The ABL product has improved and evolved tremendously and more bankers are better educated today on the product than ever before.”

“Having an open mind is critical to growth and re-evaluating how we conduct business will continue to be important in the future,” Pappas says, noting that emerging technologies are providing improvements to the process but will never overtake personal interactions and relational skills.

“I have learned that hard work, a humble approach, strong listening and communication skills, treating employees with respect and challenging them to expand their knowledge, providing a competitive product and being responsive to customers on a timely basis are critical for success,” Pappas says.