The dearth of midmarket lenders with long-term financing
capabilities has made way for new entrants, says Randy Schwimmer,
head of capital markets at Churchill Financial Holdings LLC. "The
question for new entrants is really the cost of capital, because
the securitization market over the last 18 months has not been
there in terms of the arbitrage you need in order to do relatively
low-spread middle-market deals," he said.