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People’s United Bank has named Patrick Lee head of a newly formed lender finance team, an extension of the bank’s existing asset-based lending group. The move expands People’s United’s commercial specialty lending business. The new team will work with non-bank lenders nationally to provide tailored loans of $10 million or more for borrowers’ near- and long-term growth objectives.
“Lender finance represents a significant portion of our ABL portfolio today, and we’re excited to launch a dedicated focus on this market segment to design tailored solutions for lender finance borrowers,” Kate Lepak, director of asset-based lending at People’s United Bank, said in a statement. “The creation of a lender finance team is consistent with the implementation of industry specialties across the bank over the past several years, including seafood, nonprofit, health care finance and mortgage warehouse lending.
The lender finance team will give clients access to the bank’s ABL finance division and other bank specialty lines, including a more customized product suite and industry-specific market intelligence.
“I am thrilled to be a part of People’s United’s ABL team and to have the opportunity to help grow this new vertical by developing new client relationships, while partnering with the groups’ business development officers and portfolio managers to design tailored solutions for lender finance borrowers nationally,” Lee said in a statement.
Lee joined People’s United’s ABL team in 2016 with a background in commercial lending. He previously worked at GE Capital, Merrill Lynch Capital, Bank of America and CIT.
