Midland to perform key support roles for Department of Energy Loan Programs Office
Midland Loan Services, Inc. has been selected to perform key support roles in connection with certain loans or loan guarantees by the U.S. Department of Energy (DOE) under two federal loan programs that promote alternative energy projects and foster energy independence.
In supporting DOE's Loan Guarantee Program, Midland will serve as the administrative agent or master servicer, as applicable, based on the underlying financing arrangement. In instances where the federal government funds the loan and DOE provides a loan guarantee for the loan, Midland will perform certain agent duties and functions, including acting as the administrative agent, collateral agent, custodian and registrar, paying and transfer agent. For loans funded by third-party lenders and partially guaranteed by the DOE, Midland will act as the master servicer.
In supporting DOE's Advanced Technology Vehicles Manufacturing Incentive Program, Midland was selected as a collateral agent for loans from DOE for projects that re-equip, expand or establish manufacturing facilities to produce qualified advanced technology vehicles or components.
For both programs, PNC will be performing the role of depository bank.
Midland has extensive experience providing loan management, asset management and technology solutions for U.S. government agencies and currently administers a portfolio of approximately 7,600 loans totaling over $75 billion in outstanding balances.