EACCNY member DS-Concept Factoring, Inc., a global commercial finance company specializing in international non-recourse factoring, has provided a $10 million export accounts receivable facility to a vertically integrated garment manufacturer. The client, headquartered in India, has global sales in excess of $100MM and is one of the country’s largest manufacturers of branded apparel. “We are extraordinarily pleased and honored to have such a reputable client of this magnitude join our portfolio.” states Brandyn Prust, Vice President of Sales. “The company’s local banking facilities weren’t sufficient enough to facilitate their...

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On January 2, the Financial Industry Regulatory Authority (FINRA) published its annual regulatory and examination priorities letter. The letter identifies and sets forth how FINRA intends to address significant risks and issues that could adversely affect investors and market integrity in 2014. FINRA addresses four categories of priorities in its letter, and a number of sub-issues in each category: (1) Business Conduct Priorities, (2) Fraud Priorities, (3) Financial and Operational Priorities, and (4) Market Regulation Priorities. This client alert summarizes...

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The Trepp CMBS delinquency rate continued to drop in December, with a rate decrease of 23 basis points. December marks the seventh straight month of improvement in the rate. The delinquency rate for US commercial real estate loans in CMBS is now 7.43%. The delinquency rate ended the year 228 basis points better than where it was at the end of 2012. Since reaching a peak level of 10.34% in 2012, the Trepp delinquency rate has dropped 291 basis points....

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December liquidation volume and loss severity stayed fairly close to November’s levels, which were a rebound from two months of below average activity. Liquidation volume registered $1.28 billion in December, up slightly from $1.21 billion in November and in line with the 12-month moving average of $1.18 billion. Of the loans liquidated, 90% fell into the greater than 2% loss severity category. December loss severity came in at 50.36%, up from November’s 48.10% and considerably higher than October's 38.58%. The...

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