Latest news with #SourceOne
Yahoo
20-05-2025
- Business
- Yahoo
Monroe Capital Announces $250 Million Forward Flow Purchase of Consumer Recreational Vehicle and Marine Loans from Source One Financial Services, LLC
CHICAGO, May 20, 2025--(BUSINESS WIRE)--Monroe Capital LLC ("Monroe"), on behalf of its investment funds, has announced it has established a partnership with Source One Financial Services, LLC ("Source One") to originate and purchase consumer recreational vehicle ("RV") and marine loans. The initial pool is expected to be $250 million. Monroe has secured a revolving credit facility with Canadian Imperial Bank of Commerce to finance such origination and purchase. The capital provided by the Monroe partnership will allow Source One to continue to drive origination growth in high quality consumer RV and marine loans. Source One will originate and service the loans. Source One, a subsidiary of ECN Capital Corp. (TSX: ECN) ("ECN"), is a leading financial services provider in the RV and marine financing industry in the U.S. and has been operating since 1999. Source One maintains an expansive network of RV and marine dealer relationships across the U.S. ECN, through its subsidiaries, manages over $1.3 billion in its RV and marine segment. "Source One is a proven partner with extensive underwriting capabilities and experience. This investment directly highlights Monroe's asset-backed finance expertise and our ability to source unique and high-quality specialty finance transactions," said Kyle Asher, Co-Head, Alternative Credit Solutions, Monroe Capital. "We are excited by our partnership with Monroe Capital providing and managing high quality consumer RV and marine loans," said Steve Hudson, CEO of ECN Capital. "With this partnership, we continue to execute on our strategy to diversify and expand funding for Source One assets." This transaction is representative of Monroe's Specialty Finance division within the Alternative Credit Solutions Group. The group focuses on asset-backed finance (ABF), complex and special situation structured debt and equity financings that cover all asset types and geographies. In 2024, the Alternative Credit Solutions Group closed 19 debt and equity transactions. The team has a broad investment mandate, flexible capital and prides itself not only on its "bottoms up" expertise but also on its ability to move quickly and efficiently and provide confidence of execution on complex transactions. For over 20 years, the firm has been investing in asset-backed transactions with attractive collateral, as well as cash flow and enterprise value-based loans. About Monroe Capital Monroe Capital LLC ("Monroe") is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe's platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality "alpha" returns irrespective of business or economic cycles. The firm is headquartered in Chicago and has 11 locations throughout the United States, Asia and Australia. Monroe has been recognized by both its peers and investors with various awards including Private Debt Investor as the 2024 Lower Mid-Market Lender of the Year, Americas and 2023 Lower Mid-Market Lender of the Decade; Inc.'s 2024 Founder-Friendly Investors List; Global M&A Network as the 2023 Lower Mid-Markets Lender of the Year, U.S.A.; DealCatalyst as the 2022 Best CLO Manager of the Year; Korean Economic Daily as the 2022 Best Performance in Private Debt – Mid Cap; Creditflux as the 2021 Best U.S. Direct Lending Fund; and Pension Bridge as the 2020 Private Credit Strategy of the Year. For more information and important disclaimers, please visit View source version on Contacts Zia UddinMonroe Capital LLC312-523-2374zuddin@ Daniel AbramsonBackBay Sign in to access your portfolio
CBS News
26-03-2025
- Business
- CBS News
Massachusetts nonprofit helps adults with disabilities find jobs, housing for independent lives
A Massachusetts nonprofit is making sure everyone has a community and purpose, helping people with disabilities live more independent lives. The Road to Responsibility houses and employs more than 1,000 adults with intellectual disabilities from the southern tip of Boston to the Cape Cod Canal. "It's a lifetime service," explained Chris White, the organization's president and CEO. "Our youngest member right now is 22. Our oldest, I believe, is 94." However, the program is nearing capacity, and is launching its first endowment campaign to raise awareness during this Intellectual Disability Awareness Month. "The impact we have on people that we serve is really transformative, and I want to make sure that the mission of Road to Responsibility persists long after I'm gone," White said. "Because every day is an adventure. It's never dull." Tammy Ford, a 58-year-old with an intellectual disability, spends her days like many Americans -- at work, filing papers at her desk, surrounded by colleagues who have now become friends. But her road to get there looks a bit different. "I've been coming to Road to Responsibility for 36 years," she explained. Ford, like thousands of Road to Responsibility members, is picked up from her provided home in Hingham and brought to the organization's central location in Braintree, where she participates in activities and catches up with friends. Then, she is taken to work by her personal case manager, named Dee. "This is the first time I've really loved a job," Dee said. "[Tammy] keeps me on my toes, keeps me laughing." Ford spends Thursdays working at Source One in Braintree. The auto finance company says she delivers excellent work and brings a positive and encouraging attitude. "Individuals with developmental disabilities, who really like to have things always the same, move through these files really well," said Michael Parsons, the CFO of Source One Financial Group. "She does it perfectly 100% of the time." "These are people who show up for work and they're actually excited to be here," he went on to say. "When you have people coming into the office place who are smiling and happy and always in a great mood, it uplifts the whole place." Programs like these can be few and far between. The state stops providing services for those with developmental disabilities at the age of 22, leaving hundreds of families searching for resources. "There have been people who have been waiting for five years to get into adult services," explained White. "Those are five really critical years." The nonprofit is launching an endowment campaign, called "Empowering Dreams, Igniting Possibilities," its first attempt at creating an endowment since opening its doors in 1988. "The people we're serving are becoming more complex," said White. "Our state contracts allow our members to survive, but it's private philanthropy enables them to thrive and for us to do the really special things." They're hoping to use the interest collected by the endowment to purchase new technology that can then be utilized to advance members' interpersonal skills. "We've got this really cool program going on now using virtual reality to help members become more socially skilled," said White. Allowing people like Ford to live fun, active and productive lives.
