Uncategorized
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Field Examination of a Payday Lender
Durkin Group was engaged by a Senior Lender to perform a recurring field examination on a finance company that provides payday loans. The field examiners reviewed the credit policies and procedures of the finance company and noted that there was an internal policy against loan flipping. It was also not permitted in the Senior Lender’s [...]
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Field Examination of a Factoring Company
Durkin Group was engaged by a Bank to perform a recurring field examination of a finance company that factors attorney’ legal fees that have become due and payable through pre-litigation settlements. These settlements are usually for personal injury, workers compensation, and class action litigation cases and are typically due from insurance companies and state insurance [...]
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Securitization Due Diligence
Durkin Group was engaged by a large commercial finance company to perform pre-funding due diligence on a $600 million securitized accounts receivable pool supporting a $300 million credit facility. Durkin was able to mobilize a team of eight professionals under a tight timeframe and provide a due diligence review for the lead lender and its [...]
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Engagement Focus
During the course of a routine collateral examination for one of our client’s existing borrowers, we discovered various discrepancies with the underlying borrowing base. We determined that the borrower was arbitrarily changing invoice dates on the accounts receivable aging in an attempt to misstate the true availability. Further review by the analyst on site as well [...]
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Survey Examination of a Physician Practice
A small pediatric medical provider was borrowing from a specialty healthcare lending group and was being overwhelmed with audit time and fees. A lender engaged Durkin Group to perform a due diligence exam on a $2.5 million senior secured credit facility. The Durkin examiner finished the due diligence in significantly less time than the current lender spent [...]