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.
According to SFNet, total commitments for bank lenders in Q1/20 rose 7.8% compared with Q1/19 but were relatively flat compared with Q4/19. For non-bank lenders, total commitments rose 15.2% compared with Q1/19 but fell 1.8% compared with Q4/19.
According to a survey from the Secured Finance Network, the factoring industry saw only minor changes in the 2018-2019 time period, except for a significant increase in credit losses, most likely attributable to the competitive environment through 2019.
According to data from SFNet, lenders reported asset-based lending to U.S. businesses increased steadily and credit quality remained strong in Q4/19, but the unfolding COVID-19 pandemic is having an unprecedented impact on financial markets.
Betty Hernandez, executive vice president and CCO of North Mill Capital, has been appointed to the executive committee of Secured Finance Network.
The Commercial Finance Association has rebranded as Secured Finance Network (SFNet) in time for its 75th anniversary.