GMAC Commercial Finance Announces Formation of Retail Finance Group - New Division to Further Diversify Lending Services

Furniture World Magazine

GMAC Commercial Finance announced the formation of its new Retail Finance Group, and the appointment of Andrew H. Moser and Robert J. Shusterman to oversee this specialty lending group. The new Boston-based group will be part of GMAC CF’s Asset Based Lending Division. The Retail Finance Group will provide senior secured financing through a broad range of capital solutions to midsize retailers and consumer products companies with annual revenues generally in excess of $50 million. Moser and Shusterman, both formerly of CapitalSource, are experienced veterans in the retail finance industry. “Our new ABLD Retail Finance Group is a natural extension of the inherent strengths already present within the Asset Based Lending Division and GMAC Commercial Finance,” said Ray Green, President of the GMAC CF Asset Based Lending Division. “We created the Retail Finance Group to further diversify our lending activities, and we chose Andy and Rob on the basis of their solid reputations and proven track records in the retail industry.” Moser, as Senior Managing Director, will lead the development of the retail lending franchise and oversee business development and day-to-day lending activities for the division. Prior to his role as National Group Leader of Retail Finance with CapitalSource, Moser was the Co-Chief Operating Officer at Wells Fargo Retail Finance and a co-founder, President and COO of Paragon Capital, a national asset-based lending platform dedicated to retailers. “Over the years we have been successful lending to retailers through their business cycles, and during times of strategic change and opportunity,” said Moser. “Our new division will offer a variety of capital solutions to retailers and leverage an organization already long since committed to financing the retail industry.” Shusterman, as Managing Director, will focus on leading the development and implementation of a flexible credit infrastructure specific to the retail industry. While with CaptialSource, Shusterman served as National Investment Officer, previous to his role as SVP, National Director of Business Development for Wells Fargo Retail Finance and Chief Credit Officer of Paragon Capital until it was acquired by Foothill Capital Corporation in December of 2000. “Andy and Rob bring the specific industry and lending experience in a niche that we have not specifically targeted in the past,” says Green. “We’re focused on growing this division, and Andy and Rob will play a critical role in helping us achieve our objective, which is to build a preeminent retail lending group.” About GMAC Commercial Finance: GMAC Commercial Finance, considered a leader in its segment of the financial services market, provides asset-based lending, equipment finance/leasing, structured finance and factoring services to a wide variety of middle-market clients in diverse industries. Loan facilities are in the $1 million to $200 million range. With locations in the United States, Canada, Hong Kong and the United Kingdom, the Company is positioned to provide lending services worldwide. GMAC Commercial Finance is part of GMAC Financial Services, which has been a wholly owned subsidiary of General Motors Corporation since 1919.