Mr. Walter M. Einhorn

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  Access to Corporate Credit in Question - [Cached Version]
  Published on: 3/4/2002    Last Visited: 3/4/2002  

  Despite that, Walter Einhorn, a former chairman of the Commercial Finance Assn. who spent 25 years as a Mellon Bank executive, sees no dearth of credit hobbling businesses.
  
  "There is no credit crunch," said Einhorn, whose Sunrock Capital Corp. in Philadelphia makes loans to stressed companies that pledge equipment, inventories or unpaid accounts as collateral."It's just that [unwise] deals of the kind approved as standard five years ago are no longer being approved" by banks and other lenders.

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  CFO Asia -- April 2003 -- Feature -- Most Dangerous... - [Cached Version]
  Published on: 4/1/2003    Last Visited: 6/21/2006  

  "What you are seeing is the unbundling of the finance arm," declares Walter Einhorn, president and CEO of Sunrock Capital in the US and former chairman of the Commercial Finance Association. (GE declined to be interviewed.)

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  CFO Asia -- April 2003 Feature -- Most Dangerous Game - [Cached Version]
  Published on: 4/1/2003    Last Visited: 4/14/2003  

  "What you are seeing is the unbundling of the finance arm," declares Walter Einhorn, president and CEO of Sunrock Capital in the US and former chairman of the Commercial Finance Association. (GE declined to be interviewed.)
  
  The impetus, of course, is the difficult market.Investors are shying away from heavily leveraged companies, while GE's industrial businesses are performing poorly.

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  Cover story: What goes around - [Cached Version]
  Published on: 3/1/2003    Last Visited: 3/8/2003  

  "What you are seeing is the unbundling of the finance arm," declares Walter Einhorn, president and CEO of Sunrock Capital in Philadelphia and former chairman of the Commercial Finance Association. (GE declined to be interviewed.)
  
  The impetus, of course, is the difficult market.Investors are shying away from heavily leveraged companies, while GE's industrial businesses are performing poorly.

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  Easy Computer Financing - [Cached Version]
  Published on: 10/2/2004    Last Visited: 5/31/2006  

  But GE was also forced to infuse GE Capital--which, with some $490 billion in assets, is now bigger than all but two banking conglomerates, Citigroup and J.P. "What you are seeing is the unbundling of the finance arm," declares Walter Einhorn, president and CEO of Sunrock Capital in Philadelphia and former chairman of the Commercial Finance Association.

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  FORTUNE - Where to Go When the Bank Says No - [Cached Version]
  Published on: 9/3/2002    Last Visited: 9/3/2002  

  As Walter Einhorn, president and CEO of SunRock Capital in Philadelphia, explains, "We focus on the quality of a borrower's assets -- such as inventory and receivables -- and the person's future ability to pay off debts."
  
  Because you own a retail business. you probably have inventory and receivables that you can use as collateral to garner an asset-based loan.If so, you'll have a legion of lenders to choose from.Today there are more than 200 commercial finance firms in America.The lenders range in size from tiny credit boutiques like First Business Capital Corp. in Madison, Wis., which lends to manufacturers and distributors in the Midwest, to megachains like the New York-based CIT Group that offers a variety of products, from equipment finance to small business loans guaranteed by the Small Business Administration.
  
  When looking for a financier, do comparison shopping.
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  Beside the interest rate on the loan, you may be hit with a credit commitment fee of up to 1.5%, a monthly servicing charge for collateral management fees, unused line fees and audit fees -- all of which might add up to $25,000 to $40,000 a year depending on the quality of the assets securing the loan and the amount of paperwork involved in tracking it, says Einhorn.
  
  After you pick a lender be prepared for a cozy relationship.Typically, these firms examine a client's financial records and audit his company's collateral monthly, if not weekly.Consider the whole relationship a partnership.
  
  CPA Jeff Levine is a partner with Alkon & Levine in Newton, Mass.

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  FSB: Find Cash in the Credit Crunch - [Cached Version]
  Published on: 1/13/2001    Last Visited: 6/1/2001  

  This kind of lending is information-intensive , says Walter Einhorn , CEO of Sunrock Capital.Einhorn explains that asset-based lenders range from small shops that fund themselves with bank loans-and as a result charge what can seem like waterfront rates -to larger firms such as his , owned by a Japanese trading house , to hefty Heller , which has $20 billion in assets and a Japanese bank as a majority owner.What they all have in common is a focus on collateral , cash flows , and just about anything else affecting their clients' prospects.
  
  Discipline , it's clear , is back in style at financial firms of every stripe.And the more your company can demonstrate it , the stronger your hand will be in dealing with any of them.That's certainly the way Marty Greenwell thinks.The CFO of Harrison Concrete in Harrison , Ohio , expects his company's 40 trucks to pour plenty of foundations and driveways this spring , and he's very pleased with Bank One , where Harrison has long-term loans and a line of credit.

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  GoMemphis: Business - [Cached Version]
  Published on: 3/3/2002    Last Visited: 3/3/2002  

  "Our game is to help them (companies) finance themselves to success," said Walter Einhorn, president and chief executive officer of Sunrock during a recent visit to Memphis."If not, that's why we have collateral."
  
  Sunrock's office in Memphis was originally a National Bank of Canada operation.That was acquired by Fleet Financial Group, which sold the operation to Summit Business Capital.Sunrock bought the Memphis office, including $55 million in loans, in August 2001.Overall, Sunrock, a subsidiary of Nissho Iwai of Japan, has about $400 million in lending commitments and $213 million in loans outstanding, Einhorn said.
  
  Sunrock, First Tennessee Bank and National Bank of Commerce are virtually the only asset-based lenders in Memphis with a physical and business presence here, officials of those firms said.
  
  That's because asset-based lending requires a lot of work to do right and, in banking circles, is considered riskier than traditional lending, Einhorn said.
  
  Here's how it works:
  
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  Sometimes equipment, machinery and real estate are used as assets to back loans, Einhorn said.
  
  Lenders have to keep a careful eye on this collateral to make sure the value reported by the company matches the real value.
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  Because of all that monitoring, auditing and checking, asset-based lending is more expensive for borrowers than some other types of loans, Einhorn said.
  
  That checking can turn up interesting efforts by companies to increase their borrowing.Sunrock discovered one company that was using gift certificates as part of its inventory to boost the amount of credit it qualified for, Einhorn said.The certificates had no real value, so the company put a stop to the practice and eventually ended its relationship with the borrower, he said.
  
  Done properly, asset-based lending can be very profitable, executives said.Sunrock earned about $6 million last year, Einhorn said.

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  Heller Financial is a leading provider of financial... - [Cached Version]
  Published on: 1/31/2001    Last Visited: 3/8/2001  

  Thus , compared with banking , the returns are higher and the [ bad loan-related ] charge-offs are lower , says Walter Einhorn , president and chief executive of closely held specialty lender Sunrock Capital Corp. , Philadelphia.
  
  Asset-based financing isn't the only form of alternative financing on the rise.That is in part because more corporations today are willing to make moves that only a few years ago were considered unseemly , even desperate.
  
  Buffets Inc. , which operates a chain of 400 buffet restaurants , decided to take itself private after its listed stock price failed to respond to an improving earnings outlook.But the New York leveraged-buyout firm it hired , Kaxton-Iseman Capital Inc. , was facing a bond market that , by last spring , already began souring on such deals.

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  Heller Financial is a leading provider of financial... - [Cached Version]
  Published on: 1/31/2001    Last Visited: 3/6/2001  

  Thus, compared with banking, "the returns are higher and the [bad loan-related] charge-offs are lower," says Walter Einhorn, president and chief executive of closely held specialty lender Sunrock Capital Corp., Philadelphia.
  
  Asset-based financing isn't the only form of alternative financing on the rise.That is in part because more corporations today are willing to make moves that only a few years ago were considered unseemly, even desperate.
  
  Buffets Inc., which operates a chain of 400 buffet restaurants, decided to take itself private after its listed stock price failed to respond to an improving earnings outlook.But the New York leveraged-buyout firm it hired, Kaxton-Iseman Capital Inc., was facing a bond market that, by last spring, already began souring on such deals.

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