Interview with Holland & Knight ABL Team Members
Financial Services attorneys Wade Kennedy, Mark Spitzer, Yoojin Lee, Christopher Dillon and Hamid Namazie were featured in The Secured Lender magazine published by the Secured Finance Network. In the interview, the attorneys discussed what factors contributed to Holland & Knight's strengthened asset-based lending (ABL) practice, how each attorney got their start in the industry and what lenders should look forward to in 2024. They also went over how components such as artificial intelligence alongside new state and federal laws may impact the industry going forward.
"Our growth has been incremental and intentional... and we expect steady increases in deal flow in the ABL market over the next couple of years, in both bank and non-bank ABL transactions," Mr. Kennedy said.
"My advice for younger attorneys would be to (i) not be afraid to take a chance to grow and learn, even though you may feel like you are not ready and (ii) always be open to learn from the people around you," said Ms. Lee.
"In many deals these days there is both an ABL and cash-flow component in the capital structure. Consequently, I tell associates that having a diversity of deal experience in both ABL and cash-flow lending is more important than ever," said Mr. Dillon.
"[In 2024] ABL lenders with stronger experience in dealing with distressed or troubled credits – and who are not afraid to finance them – will do particularly well, just as they did in 2008 and the several years that followed," Mr. Spitzer said.
"Through our efforts, we saw the enactment of new legislation in California in 2023, which provided a safe harbor for lenders acting in good faith in APR disclosure. It was a huge win for SFNet and its members! I strongly urge lenders to be aware of these rules and the states in which they are popping up and make sure that they are complying to the extent the law applies to them," said Mr. Namazie.