The Secured Finance Network appointed Jennifer Palmer, CEO of eCapital Asset-Based Lending, its new president.
According to data released by the Secured Finance Network, asset-based lenders proved resilient in the second quarter despite the economic pain of surging inflation and rising interest rates.
According to data released by the Secured Finance Network in its quarterly asset-based lending index and SFNet confidence index, confidence in the asset-based lending market was positive in Q1/22, but banks and other lenders are watchful of a fluctuating economy.
Confidence in the asset-based lending market held steady in the third quarter as banks and other lenders kept a close eye on the bigger economic picture, according to data released by the Secured Finance Network.
Asset-based lending grew modestly in the second quarter for banks and more significantly for other lenders, according to the Secured Finance Network’s Asset-Based Lending Index and SFNet Confidence Index.
According to cumulative data for 2020 published in SFNet’s Annual Asset-Based Lending Survey, the $273.9 billion in total credit commitments by asset-based lenders in 2020 increased just 2% compared with the $268.6 billion in total credit commitments recorded for 2019.
According to the Secured Finance Network’s 2020 Annual Factoring Survey, overall factoring volume in the U.S. declined 25.9% in 2020, while international factoring showed significantly increased activity, with a 61.8% rise in volume.
The Secured Finance Network’s 76th Annual Convention, “This Way Forward,” will take place from Nov. 17 to 19 and will cover financial, economic and political disruptions that banks and finance companies face in the midst of a pandemic and the aftermath of the U.S. election.
The effect of COVID-19 on the asset-based lending market became apparent in the second quarter as the industry’s most recent data reflect a 24.1% decline in total bank loans and 29.4% drop quarter over quarter in non-bank lending, according to the Secured Finance Network.
Julia Gavrilov, counsel in the Garden City, NJ, office of Moritt Hock & Hamroff, was chosen as a recipient of the 2020 Secured Finance Network’s 40 Under 40 Awards. The global award recognizes rising stars in the secured finance industry.