Tom Frey first entered the specialty finance industry at Hilco Diligence Services, where he conducted borrowing base due diligence for lenders. That foundation led him to his current role as managing director at DSI, where he frequently engages with specialty finance lenders to assist clients who cannot access traditional bank financing. Over time, his perspective on the industry has shifted significantly.
“What I once viewed as a niche, defensive or last-resort option, now feels far more central and strategic,” Frey says. He now sees these hybrid solutions as an essential part of the private credit landscape, helping businesses preserve value and reposition for the long term.
Frey’s impact is most visible in high-stakes, “uncharted” environments where standard playbooks do not apply. This past year, he stepped in as interim CFO for a multinational company in distress that had cycled through three CFOs in 12 months. Frey stabilized the organization by quickly refinancing maturing debt with a non-bank lender, easing liquidity pressure and reducing covenant risk. By resolving significant accumulated liabilities and negotiating vendor disputes, he shifted the company’s narrative from “turnaround” to growth. “These efforts have successfully reduced diligence risk and positioned the company for a potential exit within the next 12 months,” Frey notes.
Frey credits much of his professional development to his colleague and mentor, Mark Iammartino, who taught him to never shy away from tough challenges. He believes the real winners in the industry are the critical thinkers who get creative and question assumptions rather than waiting for a standard playbook.
“That mindset has helped me navigate challenges and turn obstacles into advantages on multiple occasions,” Frey explains. By combining this creative approach with a strategic view of capital, he continues to guide distressed companies through complex financial recoveries.
