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A regional bank with roughly $23 billion in assets and a commercial lending team in Boston adds a New England financing partner built for the deals that sit outside conventional credit.
OceanFirst Bank, a New Jersey-based bank with approximately $23 billion in assets and a commercial lending team in Boston, has joined BDC Capital as a member bank. Through the partnership, OceanFirst will be able to connect eligible businesses with BDC Capital's flexible financing programs, helping support growth opportunities beyond the scope of conventional bank lending.
OceanFirst joins 37 financial institutions throughout New England that partner with BDC Capital to provide funding for its financing programs.
Local structure for a Boston lending team
Metro Boston is a crowded commercial lending market, and for the banks competing in it, the question is rarely whether capital exists. It is whether the right structure can be assembled in time, and whether the bank has to hand off the relationship to get there.
That is the gap BDC Capital was built to close. BDC participates alongside a member bank or structures financing on its own, which means the referring institution keeps the client, the deposits and the treasury business while the deal gets done. For a lending team growing its presence in New England, membership adds seven decades of regional underwriting experience without adding a competitor to the table.
"BDC Capital works in partnership with banks and investors to deliver customized financing solutions beyond the scope of conventional financing," said Paul F. Flynn, Jr., President and CEO of BDC Capital. "Banks refer customers to us to help extend their lending capacity and meet a broader range of financing needs. OceanFirst Bank is a valuable addition to our membership."
Where the programs fit
BDC Capital offers financing from $500,000 to $10 million, including asset-based lines of credit, term debt, cash flow loans, mezzanine investments and SBA 504 loans, all tailored to the needs of each business.
In practice, that range covers much of what crosses a commercial banker's desk in a given quarter. A manufacturer outgrowing its borrowing base needs a receivables and inventory line that moves with the business. A management team buying out an owner needs a layer of capital between senior debt and equity. A company purchasing the building it has leased for a decade needs long term fixed rate financing on the real estate. Different requests, one partner.
"OceanFirst Bank is committed to helping businesses in metro Boston and beyond access the capital they need to grow," said Aldi Myteberi, Market President, Boston, OceanFirst Bank. "Our experienced lending team provides tailored financing options to support our customers' goals. This partnership with BDC Capital enhances our ability to offer creative financing solutions to businesses throughout the region."
Two long records, one shared approach
OceanFirst traces its start to 1902, when it was founded as the Point Pleasant Building and Loan Association. It became a public company in 1996 through the initial public offering that created OceanFirst Financial Corp. (NASDAQ: OCFC), and it has grown both organically and through whole-bank acquisitions while continuing to serve families and businesses in its communities.
BDC Capital's record runs along a parallel line. For more than 70 years it has worked with financial institutions and investors to help New England companies pursue growth opportunities, funded by the same member banks that bring it the business. Different histories, but both models rest on the same thing: a banker who knows a company well enough to make the case for it.
About BDC Capital
BDC Capital is a business development corporation providing lending and capital-investment solutions to businesses throughout New England. For more than 70 years, BDC Capital has worked with financial institutions and investors to help companies pursue growth opportunities.
BDC Capital offers financing from $500,000 to $10 million, including asset-based lines of credit, term debt, cash flow loans, mezzanine investments, and SBA 504 loans. Financing is tailored to the needs of each business.
About OceanFirst Bank
OceanFirst Bank is a regional bank providing financial services throughout New Jersey and in the metropolitan markets of Philadelphia, New York, Baltimore, and Boston. The bank focuses on building long-term customer relationships and supporting the communities it serves.
OceanFirst was established in 1902 as the Point Pleasant Building and Loan Association. In 1996, OceanFirst completed its initial public offering, creating OceanFirst Financial Corp. (NASDAQ: OCFC). OceanFirst has grown both organically and through whole-bank acquisitions and continues to serve families and businesses in its communities.
Member FDIC | DIF. Equal Housing Lender.
Considering BDC membership?
Membership takes a one page application and a recent financial statement, and it carries no fee. To learn how partnering with BDC Capital can extend your institution's lending capacity, contact:
Paul F. Flynn, Jr. pflynn@bdcnewengland.com | 781-928-1133
Carol C. Brennan cbrennan@bdcnewengland.com | 413-237-6648
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