Ted Horan, formerly director of capital markets and head of the securitization effort at First International Bancorp, has moved into a similar role at Business Loan Express, a relative newcomer in the small business securitization sector this year.
BLE came to market twice in 2001 via Wachovia Securities, issuing approximately $150 million in small business loan-backed ABS.
First International Bank was a periodic issuer of small business ABS before being acquired by United Parcel Services in January 2001. First International securitized three times in 2000, for $130 million in proceeds, according to Thomson Financial.
Down the line, it is possible that UPS will securitize through its finance arm, UPS Capital. According to industry sources, as the company seeks capital down the line, it will likely securitize, potentially into the asset-backed commercial paper market, although such a transaction is far off.
When UPS acquired First International, it also acquired $1.2 billion in unsecuritized loans. -
