Siena Lending Group Closes Credit Facility With Wells Fargo Capital Finance
Presently, it said, such exposure to housing finance companies and infrastructure finance companies is treated as exposure under financial and insurance activities. However, the industry exposure limits will continue to apply for such investments, it said. According to analysts, the measures will help these companies to attract long term funds from insurance companies and help them in overcoming liquidity crunch. Among other measures, the single investee debt exposure limits in housing finance companies have been enhanced to 20 per cent of equity plus free reserves from existing 10 per cent limit. The 20 per cent limit mentioned above can be further increased by an additional 5 per cent with the prior approval of board of company, the notification said.
Siena is run by the former executive team of Burdale Capital Finance, Inc., the U.S. Asset Based Lending Division of Bank of Ireland. Bank of Ireland’s $1.2 billion U.S. ABL portfolio was sold to Wells Fargo in 2012, and the core team was re-launched as Siena. “Wells Fargo will further enhance our strong foundation and enable us to continue providing dependable funding to our customers,” said David Grende, Siena’s President and CEO. He added, “Our business model targets companies that may have unique financing needs that may not fit into the credit profile of traditional bank lending. Our funding from Wells Fargo is a key component that will help us expand and meet our business objectives.” About Siena Lending Group Siena Lending Group is an independent commercial finance company offering asset based loans between $1 and $20 million to small and middle market businesses across the United States.