Specialty Finance: Filling the Gap

MSF Enterprises, LLC
Inside Story:

Although the economy continues to recover from the recession (2007-2009), a number of economic factors have been slow to improve and credit has remained largely restricted. While prime interest rates have been pushed to historic lows, small-to-medium sized businesses and consumers with poor credit have been unable to take advantage. Traditional banks have tightened lending standards and have demonstrated a general unwillingness to extend credit to higher risk consumers. Specialty finance firms, which provide access to capital outside the traditional banking system, have been responsible for filling a portion of the credit gap left behind by major banks. In this setting, specialty finance plays a critical role in the broader financial system by extending credit and stimulating growth through consumers and businesses. Given the characteristics of the market, the specialty finance segment features a number of attractive investment opportunities and can provide high yield potential in a low interest rate environment.

INSIDE STORY: Introduction Role of Specialty Finance p.1


Public Specialty Finance Companies p.4 Enterprise Specialty Finance Consumer Specialty Finance Conclusion


p.6 p.9

Expected 5 Yr Loan Rate Based on Credit Quality
25% 20% 15% 10% 5% 0%
U.S. Government U.S. Corporate U.S. Corporate Middle Market Prime Consumer Non-Prime Subprime (Investment (Speculative Firm (Loan from (FICO > 680) Consumer (FICO Consumer (FICO Grade) Grade) Specialty 620-679) < 619) Lender)

December 2012 Denver ● New York

*Highlighted categories reflect potential borrowers in the specialty finance space. Rates are approximated for illustrative purposes.

MSF Enterprises, LLC

Copyright © 2012

Although consumers and businesses remain cautious about ramping up spending due to continued economic uncertainty. As of Q3 2012. LLC www. Lower quality borrowers. the U. economy entered a period of consumer retrenchment and corporate deleveraging in which loose borrowing practices that contributed to the formation of a credit bubble were temporarily abandoned. Meanwhile. however. the average credit card balance declined over 24% since the second half of 2008 and the total number of cards in circulation dropped over 20%2.com Copyright © 2012 . Exhibit 1: Deleveraging in the U. the lowest level since 19841. a number of likely borrowers are still largely excluded from the capital markets. *Chart and data from Federal Reserve The past few years have featured the beginning of a deleveraging process among businesses and households.S. Regional banks have expanded their lending practices to pick up some of this unmet demand. with total loans outstanding among the four largest lenders falling nearly 5% in the first quarter of 2012 from the same period two years earlier4.S. Still.msfenterprises. U. The process of widespread deleveraging presents a tremendous obstacle to economic growth and has prompted the Fed to target lower interest rates and encourage borrowing through various easing programs. there is a shortage of credit for consumers and companies MSF Enterprises. increasing total loan volume nearly 10% from Q1 2010 to Q1 20126.Q4 2012 Spotlight Specialty Finance: Filling the Gap INTRODUCTION 1 Coming out of the recession (2007 – 2009). mortgages and other forms of credit5. While interest rates have dropped to all-time lows. are still struggling to obtain financing as banks have yet to loosen credit standards despite a significant increase in demand for auto loans.S. households were paying less than 16% of after-tax income to cover debt payments and lease obligations.5 trillion3. Many firms and individuals have become more willing to borrow recently. with the S&P 500 approaching a record cash level of $1. the outcome for the end-borrower has been mixed. Corporations have largely cleaned up their balance sheets as well. Banks have similarly tightened up their books. yet are unable to access capital. Many qualified consumers and businesses have been able to take advantage of low interest rates by refinancing current obligations and floating longer-dated notes.

specialty finance and the shadow banking system have accepted the role of providing credit to smaller.Q4 2012 Spotlight Specialty Finance: Filling the Gap 2 perceived as “high risk. LLC www. non-investment grade companies. specialty finance firms are thought of as being non-bank lenders that make loans to consumers and small to medium-sized businesses (SMB’s) that cannot otherwise obtain financing. including its target market and potential sources of capital. The firms are not burdened by restrictions on leverage.S. Shadow banking is comprised of non-bank financial institutions that act as credit intermediaries without exposure to the same regulation as their commercial bank counterparts7. as the subprime and non-credit categories account for more than 100 million U.msfenterprises. yet cannot access central bank funding or government safety nets like deposit insurance MSF Enterprises.com Copyright © 2012 . credit-restricted environment. A number of firms have been successful providing financing to these “high risk” customers. this paper will seek to address the importance of the segment and potential opportunities it may provide. consumers. Exhibit 2 Bank Share of Non-Investment Grade Lending 80% 70% 60% 50% 40% 30% 20% 10% 0% *Data from Federal Deposit Insurance Corporation (FDIC) With banks increasingly unwilling to lend to high risk customers. Specialty finance activities are often a component of the shadow banking system. Without a consensus in the industry regarding the definition and scope of specialty finance. For our purposes. we consider specialty finance as encapsulating a much larger array of activities that basically includes any unconventional means of providing or transferring capital. we will first provide an examination of the typical firm operating in the space. Typically. as many of the firms that operate in the space are non-bank lenders. ROLE OF SPECIALTY FINANCE Specialty finance can be broadly characterized as any financing activity that takes place outside of the traditional capital provision services of the banking system. with specialty finance playing an important role in the current low-growth. In order to determine the range of transactions included in the specialty finance segment.” The unwillingness of the traditional banking system to lend to this demographic effectively limits growth potential.

By charging a higher rate and using various forms of collateral as protection against default. While banks are primarily funded by customer deposits and Federal Funds. firms operating exclusively in the specialty finance space must access the capital markets to obtain funding. yet this highly liquid segment tends to dry up during periods of instability.2 billion raised through October 2012 compared to $753.com Copyright © 2012 . which we have arranged into two segments for this paper: enterprise specialty finance and consumer specialty finance. We will examine these categories and provide an evaluation of the market opportunities in each segment. Finance companies with favorable credit ratings will take on unsecured debt if it is available. However. Offering higher-yield potential in a low-rate environment. of course). they further differ from banks in terms of the way they are capitalized. Bank’s closed folks… Check out Specialty Finance as an alternative source for your capital needs MSF Enterprises. as observed during 2007-20098. There are a number of different types of specialty finance activities. as well as SMB’s that encounter cash-flow problems or may be experiencing a brief period of declining performance. If the outlook is positive and investors have an appetite for risk. such as hedge funds and private equity groups. a number of specialty lenders have been drawn into the space along with other firms looking to enhance their returns. since traditional banks can also package their offerings in unconventional ways. Regardless of the funding method. specialty finance firms will face a much higher cost of capital than commercial banks and must therefore seek out riskier transactions to achieve favorable net interest margins. with $174. At the same time. Unable to obtain financing from a bank. Instead. Those with strong credit ratings are able to take advantage of the commercial paper market. specialty finance companies are able to raise funds through securitization. yet this type of borrowing often takes the form of secured debt when the economic outlook turns negative. Aside from an increase in the level of risk that specialty finance firms are willing to take on.Q4 2012 Spotlight Specialty Finance: Filling the Gap 3 (until there is a financial crisis. these customers are forced to turn to specialty finance companies and are subject to above-average interest rates. As a result.” Specialty finance firms generally offer services to unbanked or underbanked consumers. the market for these products may be showing signs of improvement as 2012 issuance is up 65% over the prior year10. we have loosely characterized specialty finance firms as those willing to take greater risk to provide financial services to clients that do not fit into a standard “credit box.msfenterprises. specialty finance is an attractive business model to a range of financial firms capable of underwriting the added risk. Issuance of such asset-backed securities in 2012 is down considerably from pre-recession levels.9 billion for the full year 20069. specialty finance cannot be strictly classified as a form of shadow banking. LLC www. specialty finance firms are able to compensate for riskier credit profiles.

The company has over 1. LLC www. consumer loans. lending and investing primarily in senior secured loans. CSH Consumer Specialty Finance 10. Publicly Traded Specialty Finance Companies Firm Ticker Category Description Firm provides non-recourse pawn loans. Company operates as an automotive retailer with 117 dealerships. Ltd.Q4 2012 Spotlight Specialty Finance: Filling the Gap Exhibit 3: U. ACAS Enterprise Specialty Finance 2. convenience stores and online. Inc. or by advancing money to dealer-partners in exchange for the right to service the underlying consumer loans.9x America's Car-Mart Inc. check cashing. auto title loans. recapitalizations and securitizations. The company markets its cards and services to banked. investing $5MM-$800MM per company.0x Cash America International. MSF Enterprises. Firm provides pawn lending. The company also sells merchandise and operates over 1. underbanked and unbanked consumers and offers its products through retail distributors. Value Pawn and EZMONEY brands.5x American Capital. installment loans. mezzanine debt and equity to fund growth. 4 P/E EZCORP.5x Full Circle Capital FULL Enterprise Specialty Finance 23.3x Green Dot Corporation GDOT Consumer Specialty Finance Firm offers general purpose reloadable prepaid debit cards and cash loading/transfer services.msfenterprises.000 physical locations and also operates through its Internet lending activities.6x *Firm descriptions from Yahoo! Finance **Business Development Companies (BDC’s) are a form of publicly traded private equity that make investments in small and middle market businesses.2x Credit Acceptance Corp.S. Firm operates as a Business Development Company (BDC)** and offers senior debt. BDC’s are taxed as regulated investment companies with a pass through structure. Firm operates as a BDC. CACC Consumer Specialty Finance 11. debit cards and other fee-based credit services. as well as mezzanine loans and equity securities issues by lower middle market companies.100 physical store locations under the EZPAWN. Firm provides auto loans and related services to consumers by purchasing consumer loans from dealer-partners. Inc. mass merchandisers. EZPW Consumer Specialty Finance 7. acquisitions. often BHPH dealers. wire transfers. distributing at least 90% of taxable income as dividends. primarily selling older model used vehicles and providing financing for its customers under the Buy-Here-PayHere (BHPH) business model. pre-paid debit cards and other credit services. CRMT Consumer Specialty Finance 11. money orders. payday loans. 9.com Copyright © 2012 .

With U. in which inventory is pledged as collateral to secure a loan. money managers have taken an opportunistic approach to the credit crunch by providing debt facilities. receivables can be sold outright in a process called factoring. these loans are important for many companies because the lender’s risk is derived from the value of a particular a sset. LLC www. Debt provided by institutional investors typically carries an interest rate of around 9-12% that can increase depending on the perceived risk of the borrower11. Since IP securitizations have not been fully explored across industries. receivables-based lending is a critical aspect of the healthcare industry.Q4 2012 Spotlight Specialty Finance: Filling the Gap ENTERPRISE SPECIALTY FINANCE 5 Companies that have exhausted the traditional avenues for raising debt may turn to specialty finance firms for funding through various loan structures and other exotic instruments. which allows the company to sell off the asset at a discount. Bonds backed by intellectual property rights first reached a mainstream audience in relation to the music industry. several hedge funds and private equity firms have initiated new funds to focus on direct lending strategies over the past few years12. Along with other types of asset-based lending. backed by underlying cash flows tied to royalties on David Bowie’s music catalog15. The lender will conduct an appraisal of the inventory and lend against the net orderly liquidation value in order to protect against downside risk13. as collateral to obtain short-term financing. Faced with a shortage of market-traded debt instruments that carry attractive yields. With the global pharmaceuticals market expected to reach $1.com Copyright © 2012 . The structure has been revived in recent years within the capexintensive pharmaceuticals industry. as firms have looked to sell off future royalty streams in order to obtain immediate cash flow to fund further research and development 16.S. there should continue to be royalty-backed investments available in the space. In the late 1990’s. and is not influenced by the overall financial strength of the company. the area could provide significant opportunities for firms deprived of capital and investors looking to take advantage. as invoice discounting enables a firm to borrow against existing sales invoices. Alternatively. healthcare receivables should continue to provide attractive investment opportunities in both the primary and securitization markets. Inventorybased lending is a common practice among retailers. medical spending projected to reach 20% of GDP by 202114 and Obamacare expected to further complicate payments in the industry. Bowie Bonds (also called Pullman Bonds. Middle market firms are often able to leverage assets on their balance sheet. after the banker that negotiated the deal) were introduced. Direct lending from hedge funds and private equity groups has become increasingly popular for middle market companies that have been declined credit or are unable to receive favorable loan terms from traditional banks. Royalty-backed notes have also emerged as a special structure enabling companies in difficult borrowing positions to fund their operations.msfenterprises. Due to the nature of the business and the way payments are structured.1 trillion by 201417 and further product innovation required to meet the needs of an aging population. Accounts receivable can also be used as loan collateral. such as inventory or accounts receivable. With such high yield potential. MSF Enterprises.

msfenterprises. In a low interest rate environment. When a consumer is unable to obtain financing from a bank. over-collateralization and a flexible final maturity date.com Copyright © 2012 . so it may take some time before the landscape for this type of investment can be fully understood.Q4 2012 Spotlight Specialty Finance: Filling the Gap Exhibit 4: Royalty Bond Structure 6 The royalty bond structure typically benefits from multiple forms of downside protection. The lender utilizes a number of additional risk-reduction methods. Specialty finance firms may extend credit to these individuals. profiting from both the sale and the financing process. LLC www. can be an effective method of providing financing to individuals with low FICO scores or limited credit histories. including counterparty risk mitigation. commonly used by independent auto dealerships. a higher interest rate is charged and a larger down payment is required to ensure some level of protection if the borrower defaults and the automobile must be repossessed. Under this arrangement. Since crowd funding is a relatively new form of specialty finance. Crowd funding has emerged as a way for relatively small companies to circumvent the traditional equity raising process while bringing in the needed capital to grow their business. Firms that wish to raise equity yet do not have the necessary scale to complete a public offering through an investment bank are forced to either locate private investors or take an alternative approach. CONSUMER SPECIALTY FINANCE Consumers that have either a poor FICO score or unestablished credit will have limited choices when seeking financing. The potential for start-ups and franchises to raise equity through crowd funding is a recent development made possible with the passage of the JOBS Act in April 2012. The SEC has not yet determined the exact rules for crowd funding. there are likely to be substantial opportunities in the future for crowd funding. a store or dealership may lend directly to the customer to fund the purchase. but usually in smaller amounts in order to mitigate risk. which eased a restriction on public solicitation from private companies seeking to raise equity18. The buy-here-payhere (BHPH) model. Yet considering the overwhelming number of small businesses in need of capital and the appeal of being an early-stage investor. MSF Enterprises. there are a number of potential risks that must be addressed in terms of investor protection. such as requiring in-person payments and installing GPS systems to expedite the process of collateral recovery19. the high-yielding paper from BHPH transactions can provide attractive investment opportunities even with an expected default rate of 30% factored in.

Low credit consumers are often eligible for this type of financing through a pawn shop. As a delinquent payment would result in the customer being shut off from utility privileges. in which the cost is received as part of the bill from a utility company or other service provider. Payroll deduction loans similarly rely on the borrower’s employment status by enabling a worker to obtain a cash advance and then amortize the loan with each check received. on-bill financing ensures repayment by combining loan payments with an existing obligation.S. the borrower’s incentive is increased and the lender’s risk is mitigated. charge an above-average APR and set up an electronic funds transfer agreement in an attempt to ensure repayment. in which personal property is used to secure a loan.msfenterprises. the pawn broker takes ownership of the item and sells it at a mark-up to cover the loan amount. In a similar structure. payday lenders must have a number of protections in place to assure profitability. in which the lender cannot pursue anything other than the collateral pledged.com Copyright © 2012 . Only the collateral can be collected in the event of default. the lender is able to mitigate its risk as long as the customer maintains employment. If the customer does not pay back the loan plus interest within a specified period of time. provide another loan structure that incentivizes the borrower to stay current on payments. timely payments also provide an alternative form of financing for consumers that most banks would generally prefer to avoid. such as a utility bill. On-bill financing is most applicable with property improvements.Q4 2012 Spotlight Specialty Finance: Filling the Gap 7 Loans that effectively force the borrower into making regular. Exhibit 5: Percentage of U. Since a portion of the borrower’s check is automatically deducted for loan service. Households That Have Used Alternative Financial Services (AFS) *Chart and data from Federal Deposit Insurance Corporation (FDIC) MSF Enterprises. so the lender will typically target a low loan-to-value ratio and charge a higher interest rate to offset risk. Collateralized non-recourse loans. The lender will typically verify employment. LLC www. With such loans averaging 10-20% default rates20. Payday loans—short-term loans that must be repaid on the borrower’s next pay date—are one of the more common forms of borrowing for low credit consumers.

These services are heavily relied upon by the customer and providers are able to take advantage. the amount has declined from the 2010 level of 92%. they can encounter difficulties when attempting to execute various types of financial transactions. up from 11% in 201023. Since some of these customers do not maintain checking accounts. consumers carrying a credit card fell 9% in 2011 over the previous year. which may be administered by commercial banks or non-bank financial institutions. MSF Enterprises. balance verification and loading fees.Q4 2012 Spotlight Specialty Finance: Filling the Gap 8 Aside from obtaining loans. along with firms that focus on states where regulation is more relaxed. monthly maintenance. unbanked and low credit consumers often require a range of additional banking-type services that must be addressed through specialty finance. These changes require additional disclosure statements and provide strict limits on the maximum interest rates that can be charged to consumers.msfenterprises. Unbanked consumers also require services for money transfers and remittances.com Copyright © 2012 . LLC www. and they are able to capitalize through a bevy of fees including activation. Prepaid cards enable financial institutions to access otherwise unreachable consumers. Although 88% of consumers had a checking account in 2011. firms with easy access to capital and highly scalable operations should be in the best position to outperform competitors. Increased regulation may result in traditional banks becoming more risk averse. For example. the percentage of U. while debit card penetration fell 15%24. adults used a prepaid debit card in 2011. Since the majority of consumer protection legislation has been passed on a state-by-state basis. Changes in legislation intended to protect consumers from predatory lending could present future issues for firms operating in the specialty finance space.S. At the same time. which would actually provide a boost to the specialty finance segment by expanding the base of customers requiring unconventional loan services. In the event that regulation does increase.S. an estimated 13% of U. Such prepaid cards enable the user to make purchases and pay bills online. yet typically do not require any type of bank account. With the increase in bank fees.6% of the transaction size for global cash remittances in 201125. consumers that do not qualify for a traditional credit card might utilize a prepaid debit card as an alternative. charging an average fee of 7. Consumers paid an average of 21% more to maintain checking accounts in 2011 than in 200622. primarily due to banks charging higher fees21. a high degree of uncertainty remains over how restrictions may evolve in the future.

it should at least continue to provide attractive opportunities for the duration of the current low interest rate environment.S.msfenterprises. CO 80202 fieldsm@msfenterprises.4649 MSF Enterprises. financial firms that are willing to take on additional risk to serve non-traditional customers will continue to find opportunities with higher yield potential. it is unlikely that banks will return to pre-recession lending standards in the near future. LLC www.S. Suite 2160 Denver. spending a total of $78 billion on financial services each year26. Michael Fields Managing Partner MSF Enterprises. there are tremendous opportunities for specialty finance companies that cater to this demographic.847. As a result. Households *Chart and data from Federal Deposit Insurance Corporation (FDIC) CONCLUSION Low credit consumers and small-to-medium sized businesses continue to be underserved by traditional banks. With employment slow to improve and the overall economic outlook uncertain. With approximately 60 million unbanked and underbanked consumers in the U. LLC 717 17th St. While specialty finance features a number of characteristics that we believe make it an interesting space in the long term..com 303.Q4 2012 Spotlight Specialty Finance: Filling the Gap 9 Exhibit 6: Banking Characteristics of U.com Copyright © 2012 .

LLC makes no guarantees regarding the information contained herein and any statements represent the opinions of the firm. is subject to change and is not binding. MSF Enterprises. MSF Enterprises.com Copyright © 2012 .msfenterprises. MSF Enterprises. Obtain independent professional advice before investing.Q4 2012 Spotlight Specialty Finance: Filling the Gap 10 Disclaimer This document is provided for informational purposes only. LLC is not responsible for any information stated to be obtained from third party sources. asset types or investment opportunities mentioned in the document are for illustrative purposes only and are not intended as recommendations. LLC is not responsible for the use made of this document other than the purpose for which it is intended. except to the extent this would be prohibited by law. Any companies. LLC www. MSF Enterprises.

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