Siena Lending Group, a portfolio company sponsored by Solia Capital, a private investment firm, announced its formal launch and completion of its developmental phase. Siena said it is actively providing small and middle-market businesses with secured, asset-based lending loans between $1 million and $20 million across the U.S.
Siena said it will take on the role of assisting community banking executives in combating deteriorating net interest margins, interest rate risk and asset diversification issues. Siena offers a turnkey servicing platform, which provides an asset-based product for community and regional banks that desire improved operating metrics and asset diversification.
Siena is managed by the former executive team of Burdale Capital Finance (BCF), the U.S. asset-based lending division of Bank of Ireland. BCF was led by David Grende, its president and CEO, who built a team that underwrote more than $2.5 billion in ABL loans with an outstanding performance record.
As a result of the mandatory deleveraging of Irish banks by the IMF, Bank of Ireland was required to divest of certain assets, which included BCF. BCF’s $1.2 billion U.S. portfolio was sold to Wells Fargo Bank in 2012; in connection with the transaction, Solaia Capital transitioned the core BCF team to Siena. Grende retains the position of president and CEO.