Point-of-Sale Finance Series: Unpacking Leases and RTO Models — The Consumer Finance Podcast
From Banks to FinTech: The Evolution of Small Business Lending — Payments Pros – The Payments Law Podcast
Explore the Impact of Point-of-Sale Finance in Our Upcoming Series — The Consumer Finance Podcast
Strategies for Business Resilience in Uncertain Times
12 O’Clock High, a podcast on business leadership: Empowering Female Entrepreneurs - A Conversation with Linda Fisk
Raising a Down Round and How to Be Prepared
Lots of Developments in Small Business Finance - The Consumer Finance Podcast
CFPB-New York AG Lawsuit Analyses Against Subprime Auto Financer - The Consumer Finance Podcast
Patient Steering and Charting
Leaders Moving Business Forward with Shirmila Ramasamy of the World Bank
Tips for Dentists Starting or Acquiring a Dental Practice
Roadmap to Joint Venture Agreements: Legal and Accounting Considerations
Exit Strategies for GOVCONs with Set Aside Contracts: 2021 Insights and Lessons Learned from Business Owners and Advisors
M&A Strategies for the Acquisition of Insolvent/Financially Distressed Targets
Meritas Capability Webinar - Transactions in a COVID-19 Environment
Nota Bene Episode 72: Space Law: License, Launch, Finance, Insurance, and Responsible Space Stewardship with Brian Weimer
[WEBINAR] Building a Solar Energy Project in 2018
Cameras Roll on Spicer and Miller Discussing 2016 Entertainment Trends and Looking Forward to 2017
Financing Challenges for Small Cap Companies
How Leading Philippine Companies are Using Bonds to Their Advantage
The Most Favored Nation (MFN) provision in a loan agreement is a lender protection mechanism that is typically seen in credit facilities permitting an uncommitted incremental facility. The MFN provision, a term originating...more
In the face of intensifying competition from the broadly syndicated loan market, private credit lenders are leveraging their ability to provide payment-in-kind flexibility to secure deals - Private credit lenders in the US...more
Competition between the private credit and broadly syndicated loan (BSL) markets is intensifying, with developments on both sides blurring the distinctions between the two products. One of these distinctive features is the...more
On April 22, 2025, the U.S. Small Business Administration (“SBA”) released Information Notice 5000-866746, announcing the issuance of SOP 50 10 8 (“SOP”) (found here), which introduces significant changes to the SBA 7(a) loan...more
European leveraged finance markets back on track -European leveraged finance markets rallied strongly in 2024, with momentum for new deals and opportunities for borrowers and lenders alike in 2025 - Europe's leveraged...more
Real estate lending will continue to be impacted by elevated interest rates, limited borrowing capacities, and slow transaction volumes. Floating-rate debt will likely be the chosen option by borrowers. Additionally,...more
Although transfers by investors of their interests in a fund have always been a feature of subscription / capital call facilities, as of late, there has been a palpable uptick in investor transfers and this trend is set to...more
Macroeconomic uncertainty has impacted Indonesian debt markets in recent years. But, after a period of disruption, prospects for domestic and offshore debt issuances are brightening....more
As was briefly touched upon in a prior Fund Finance Friday article “Borrowing Base/Coverage Ratio Approaches in Subscription Finance Facilities,” a subscription facility which uses the borrowing base approach looks at each...more
What Happened: In a little-noticed development, eight states have enacted legislation that requires specific disclosures for commercial non-real estate secured financing transactions....more
We have said it before – the “credit cornerstone” of a subscription credit facility is the limited partnership agreement (the “LPA”) – it is the primary contract, together with any side letters, governing the relationship...more
A number of factors have combined to cause an almost “perfect storm” for commercial real estate distress. The COVID-19 pandemic led to a rise in remote and hybrid work, increasing vacancy rates and decreasing property values....more
Section 23A and Super 23A can create additional complications for lenders in the fund finance market. Intended to protect the stability of financial institutions by restricting transactions with affiliates, Section 23A and...more
While the market for NAV financings—loans to funds supported by the net asset value of their portfolios—grew in 2023 and continues to rapidly evolve, a consensus has developed around what is sometimes referred to as a “Holdco...more
California Corporations Code Section 25118(b) provides an exemption from the state's usury limitations for loans. The exemption is subject to several conditions. One condition is the existence of either a preexisting...more
On March 5, 2024, the New York Attorney General (AG) Letitia James sued Yellowstone Capital LLC (Yellowstone) and various affiliates, accusing them of running a predatory lending operation by disguising the loans as purchases...more
Our readers have been blessed with wonderful Fund Finance Friday articles dealing with the maintenance of collateral accounts in 'When Deposits Don’t Travel with Loans', control over collateral accounts in 'Control or Control...more
With new banking rules on the horizon for financial institutions, lenders are looking for new strategies to bolster lending capacity and accommodate debt issuances. One such option is term debt....more
As I sit here again with one more year in the rearview mirror since the last time we chatted, this older, wiser self has been reflecting on what I would tell my younger self if I had the chance at the beginning of January of...more
For loans primarily secured by a cash flow stream, subscription facility lenders heavily depend on collateral accounts as a key element of the security package. In this Legal Update, we delve into why subscription facilities...more
The year 2023 presented the fund finance industry with many challenges that it rose to face with an inventiveness and rigour that showed just how mature and multi-faceted the market has become. At Cadwalader in London we saw...more
Recallable capital is a hot topic these days in both subscription financing and NAV financing transactions, both at industry events and in the press. There has been a good deal of attention to this concept in the NAV market...more
As noted in Angie Batterson’s wonderful panel at our Finance Forum in Charlotte last month, the term NAV loan means different things to different people, and can encompass a diverse mix of structures and asset classes in the...more
Here’s what we’re reading these days. Less than half of private credit borrowers would generate positive free cash flow in a mild stress scenario, according to a recent analysis by S&P Global Ratings that reviewed more...more
It’s already been two weeks since we wrapped up the Cadwalader Finance Forum in Charlotte, which featured a panel on “New Approaches in the NAV and Secondary Market.” The panelists provided attendees with an entertaining and...more