Loeb announced the addition of Andy King to the team as the Executive Vice President, Originations. He joins the organization focusing on expanding the company’s equipment-based lending portfolio, as well as, appraisal, auction, and off-lease remarketing services.
“Loeb has grown its finance group with great people and with the addition of Andy that continues,” stated Jim Newman, Principal, Loeb Term Solutions. “I look forward to working with Andy and having him take over the Origination part of our group.”
King brings over 16 years’ experience as an accomplished senior bank executive with significant experience as a middle-market commercial banking officer. Previously at PrivateBank working with their special assets group and most recently with First Midwest Bank, King has focused on lending to finance companies, leasing companies, and collateral lenders.
King is an active member of the Commercial Finance Association (CFA), both with the Chicago chapter and the national organization.
He will be based out of Loeb’s corporate headquarters in Chicago and will be working with lead sources nationwide providing solutions across all of Loeb’s business divisions.
Since 2010, Loeb Term Solutions has provided funding on over $200 million dollars’ worth of industrial machinery. The company’s asset-based lending division offers term loans on machinery and equipment with funding amounts ranging from $300,000 to $20 million.
For five generations since 1880, Loeb has been a trusted provider of reliable equipment and related services that help manufacturers and financial institutions leverage their industrial assets by managing the equipment lifecycle. Headquartered in Chicago, Loeb provides: equipment sales, purchases, rentals, leasing & liquidations, certified market appraisals from Loeb Appraisal, auction services & asset disposition from Loeb Winternitz Industrial Auctioneers, and equipment term loan financing from Loeb Term Solutions. Loeb and all of its divisions are experts in providing equipment solutions to the: food, pharmaceutical, cosmetics, chemical, metalworking, woodworking, plastics, and printing industries.