Siena Lending Group Hires Steve Fuscaldo as Director of New Business Originations
Siena Lending Group announced the hiring of Steve Fuscaldo as director of new business originations. With close to 30 years of asset based lending experience, Fuscaldo adds to the senior credit talent at Siena, while broadening its origination capabilities. He was most recently with TD Bank, a move made subsequent to the sale of Burdale Capital Finance to Wells Fargo in early 2012. Siena is a relaunch of the core team of Burdale, and Steve is pleased to be reunited with his fellow colleagues.
Prior to Burdale, Fuscaldo was at GE Capital for twelve years holding various positions including originator, regional manager and senior underwriter. Fuscaldo began his career in asset-based lending at CIT Credit Finance and predecessor companies, Fidelcor Business Credit and Lazere Financial. Since Fuscaldo has worked in all facets of the industry, from field examiner to regional manager, he is able to construct innovative solutions for all types of business needs. He is a member of several professional organizations including the CFA, TMA and ACG and served as president of the CFA’s New York Chapter in 2010 and 2011.
Siena Lending Group is an independent commercial finance company offering asset based loans between $1 million and $20 million to small and middle market businesses across the United States. Siena also offers a turn-key servicing platform, which provides an attractive asset-based product for community and regional banks that desire improved operating metrics and asset diversification.
Siena's hybrid business model targets a widening gap between community banks and commercial business lending. In addition to providing direct financing to businesses, Siena offers turn-key origination and servicing capabilities for participating community banks that are seeking exposure in the asset-based lending market. Siena provides community bank partners the ability to acquire high quality, variable rate, low risk, economically attractive loans without direct cost or increased SG&A. The intensive loan monitoring required for asset-based loans is managed by Siena's team at institutional standards, which small banks cannot readily replicate.
"Wells Fargo will further enhance our strong foundation and enable us to continue providing dependable funding to our customers," said David Grende, Siena's President and CEO. He added, "Our business model targets companies that may have unique financing needs that may not fit into the credit profile of traditional bank lending. Our funding from Wells Fargo is a key component that will help us expand and meet our business objectives."
Siena Lending Group is an independent commercial finance company offering asset based loans between $1 and $20 million to small and middle market businesses across the United States. Siena also offers a turn-key servicing platform, which provides an attractive asset based product for community and regional banks that desire improved operating metrics and asset diversification.