New York-November 9, 2010- Coral Capital Solutions (“Coral Capital”) (www.coralcapitalsolutions.com), a New York City based commercial finance company providing working capital to small and midsized businesses, today announced that it has named Northern Lights Partners, LLC (“NLP”) (www.northernlightspartners.com) and its members, Sam Cirelli and David Kaplowitz, as Special Advisors in establishing an asset based lending platform. Coral Capital’s asset based lending platform will serve businesses nationwide that need credit facilities from $1 million to $10 million. Industries targeted include manufacturing, distribution, transportation, telecommunications, energy, media, cable, software, staffing, medical and business services. Typically, these will be companies that, due to leverage, performance issues or other special situations, cannot obtain bank financing.
“Today’s credit environment has left many deserving businesses without the debt support they need to participate in and contribute to our economic recovery, “said Cirelli. “Dave and I are excited to work with the creative and entrepreneurial team at Coral Capital to offer financing solutions to companies in this segment of the market.”
“We added asset based loans to the existing product offering of Coral Capital as we recognized a need in the market that was not met by lenders burdened by legacy credit issues,” said Einat Steklov, President of Coral Capital. “Sam and Dave have the experience and the relationships with professional networks to identify businesses looking for asset based loans where Coral Capital can add value.”
Sam Cirelli has over 25 years of experience originating and structuring financings for middle market companies. He held a number of senior executive positions at global financial institutions. His accomplishments in those roles included successfully launching and operating two senior debt finance businesses at The Royal Bank of Scotland and Landsbanki.. He will remain Managing Partner of NLP.
David Kaplowitz began his career 30 years ago with Manufacturers Hanover and its successor The CIT Group, where he served roles in underwriting and business development. He followed that with senior business development roles at other major financial institutions. He will remain Managing Partner of NLP. Coral Capital Solutions is a commercial finance company providing working capital to small and midsized businesses mainly through financing their Purchase Orders and Accounts Receivable. Coral Capital is well capitalized, using its own equity to fund client commitments quickly using its proprietary software. Coral Capital works with other lenders such as regional banks, PO financiers or inventory and equipment lenders in order to bring the most liquidity into the business of its clients. Coral Capital is part of a group of affiliated companies financed by Corigin (www.corigin.com), a private holding company specializing in real estate and equity investments. Corigin has two core divisions, Corigin Real Estate Group, a vertically integrated real estate builder, owner and operator, and Corigin Private Equity Group, its investment arm. Corigin’s core portfolio includes significant holdings in university student housing in New York City. The company owns property in New York ,New Jersey and Florida