Monroe Capital Leads ~$300mm Asset-Based Financing to Triad Financial Services, Inc.

August 08, 2024 at 06:00 AM EDT

Monroe Capital LLC (“Monroe”), on behalf of its investment funds, has announced it has established a partnership with Triad Financial Services, Inc. (“Triad”) to originate and purchase commercial Community Rental loans made to manufactured home community owners. The initial pool is expected to be ~$300 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 Triad to continue to expand its partnerships in the Manufactured Housing community space.

Triad, a subsidiary of ECN Capital Corp. (TSX: ECN) (“ECN”), is a leading financial services provider in the manufactured housing industry in the U.S. and has been operating since 1959. Triad began offering the commercial Community Rental Product in 2019; the product is senior secured loans made to manufactured home community owners, such as REITs, family offices and other institutions. The community owners typically rent the units to various individuals throughout the US.

"We are thrilled to establish a partnership with Triad who is undoubtedly one of the largest and most distinguished firms in the manufactured home mortgage industry. The capital we are providing is not only expected to help institutions be able to provide families access to affordable housing at a time of limited housing availability, but it is also critically a compelling yield opportunity for our investors. This partnership represents the continued growth of our specialty finance business and demonstrates Monroe’s ability to invest in attractive asset-based opportunities and provide forward flow at scale,” said Kyle Asher, Co-Head, Alternative Credit Solutions, Monroe Capital.

“Triad continues to expand its product suite within the manufactured housing ecosystem through Community Rental Financing, which provides attractive financing solutions to community owners,” said Steve Hudson, CEO of ECN. “We are excited to expand our institutional partner base and welcome Monroe Capital alongside our other partners, Blackstone and Caryle who provide capital on our traditional mortgage product. Monroe was able to effectively structure a bespoke solution for us and they are a best of breed firm.”

This transaction is representative of Monroe’s Specialty Finance division within the Alternative Credit Solutions Group. The group focuses on asset-based, complex and special situation structured debt and equity financings that cover all asset types and geographies. In 2023, the Alternative Credit Solutions Group closed over 15 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-based 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, opportunistic, 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 maintains 10 offices throughout the United States and Asia.

Monroe has been recognized by both its peers and investors with various awards including Private Debt Investor as the 2023 Lower Mid-Market Lender of the Decade, 2023 Lower Mid-Market Lender of the Year, 2023 CLO Manager of the Year, Americas; Inc.’s 2023 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 www.monroecap.com.

About ECN Capital Corp.

With managed assets of US$5.3 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American based banks, credit unions, life insurance companies, pension funds and institutional investors (collectively our “Partners”). ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (floorplan) loans. Our Partners are seeking high quality assets to match with their deposits, term insurance or other liabilities. These services are offered through two operating segments: (i) Manufactured Housing Finance, and (ii) Recreational Vehicles and Marine Finance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240808029366/en/

Contacts

Zia Uddin

Monroe Capital LLC

312-523-2374

zuddin@monroecap.com

Daniel Abramson

BackBay Communications

857-305-8441

daniel.abramson@backbaycommunications.com

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Monroe Capital Leads ~$300mm Asset-Based Financing to Triad Financial Services, Inc.

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