The COVID-19 pandemic is historically unprecedented, but its effects on the financial world are not wholly unique. Hugh Larratt-Smith uses the turn of the 20th century as a historical parallel and speaks with several prominent members of the asset-based lending community to get their thoughts on how the market will develop during the second half of 2021 as the pandemic (hopefully) recedes.
Every year, ABL lenders face new challenges. Last year, people were nervous about the impact of prospective tax cuts. This year, the effect of tariffs has both borrowers and lenders shaking their heads. ABL lenders are facing increasing competition as 2019 prepares to roll in. Lisa Miller catches up with five top ABL executives who look back at 2018 and anticipate a strong year ahead.
Lawrence “Larry” Cannariato joined Sterling National Bank’s Asset-Based Lending division as vice president, senior underwriting manager. He will report to Michael Haddad, president of Capital Finance.
Sterling National Bank provided a $4.6 million credit facility to McCollister’s Transportation, a full service moving and storage company.
Sterling Bancorp has acquired NewStar Business Credit for $112 million. Michael Haddad, former NSBC president, will manage Sterling’s asset-based lending business.
Late last year, NewStar Financial announced it intended to add asset-based lending to its product offerings by acquiring CORE Business Credit, causing something of a positive stir in the commercial finance community. ABF Journal asked NewStar’s chairman and CEO Tim Conway and CORE’s Michael Haddad to discuss the rationale behind the acquisition.