CIT, a division of First Citizens Bank, named Randy Lederman as a managing director for business development activities across the Northeast for CIT Northbridge Credit LLC, a joint venture advised by CIT Asset Management LLC.

Based in New York, Lederman will be responsible for sourcing new asset-based loan opportunities from $15 million to $150 million with business borrowers across a range of credit profiles. His appointment represents CIT Northbridge’s continued dedication to serving client and referral sources in the northeast.

“We are pleased to welcome Randy to our team of alternative asset-based lenders,” said Neal Legan, who leads the CIT Asset Management LLC team advising CIT Northbridge. “Randy is a proven financial services professional with an outstanding track record of supporting clients and developing new business opportunities. We look forward to his contributions as we continue to build the CIT Northbridge portfolio of asset-based loans.”

Lederman brings over 20 years of experience providing financial solutions to mid-market companies across a wide array of industries. Prior to joining CIT, Lederman served in senior asset-based lending origination roles with Great Rock, Alostar and Cowen & Co. He holds a Bachelor of Business Administration in Finance from University of Michigan Ross School of Business.

Lederman is a member of the Association for Corporate Growth, the Turnaround Management Association and the Secured Finance Network.