GE Capital to Sell Franchise Finance Portfolio to Sterling

Sterling National Bank announced it has entered into an agreement with GE Capital to acquire a portfolio with approximately $190 million of performing restaurant franchise financing loans. Borrowers within the portfolio are primarily located in Sterling’s core markets of New York, New Jersey, Pennsylvania, and Connecticut. The transaction is expected to close in the third quarter of 2016.

“The acquisition of this loan portfolio supports the continuation of our strategy to leverage existing infrastructure and expertise within commercial finance,” stated Tom Geisel, president of Sterling’s Specialty Finance Division. “These relationships will be managed within our Equipment Finance group given the loan structures and client businesses are closely aligned. Executing on our team-based delivery model, we welcome these new relationships and will work to build upon them.”

Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!

  • Hidden
  • RAM Group Holdings does not share or sell your personal information. The information we ask you to furnish is limited to what is needed to process your order fully and completely. You may unsubscribe at any time. View our Privacy Policy.
  • Please Confirm permission for Monitor/Monitordaily to e-mail you.
  • Hidden

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
Susie Angelucci
Advertising: 484.459.3016

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.