CIT Bank reached an agreement to sell its reverse mortgage servicing business, Financial Freedom, and its reverse mortgage portfolio to an undisclosed buyer.
CIT Group named Michael Vallorosi as managing director of its franchise finance business and Christopher Wren as a sales vice president of its restaurant franchise finance practice.
CIT reported Q1/17 net income from continuing operations was $78 million, up 28% from $61.0 million a year earlier. Provision for credit losses in Q1/17 was down 44.5% from $89.5 million a year earlier.
Rosenthal & Rosenthal appointed former CIT VP Ying Yang as vice president responsible for business development with a focus on the firm’s West Coast client base.
CIT Healthcare Finance served as joint lead arranger and joint bookrunner for a $275.3 million senior secured credit facility for Blue Wolf Capital Partners.
CIT Group’s commercial aircraft leasing business entered into an amended revolver that extends the final maturity date and lowers the commitment amount that supports the sale of the business to Avolon Holdings.
CIT Commercial Services was selected as the sole provider of factoring services to AG Adriano Goldschmied and its affiliate, Big Star. Both firms are either owned by or affiliated with Koos Manufacturing, a Los Angeles-based producer of high-end jeans.