Two California CDCs — Cen Cal Business Finance and Mid State Development to Merge
Fresno-based Cen Cal Business Finance Group and Bakersfield-based Mid State Development will merge. This follows Cen Cal’s merger with Santa Maria-based Central Coast in November. As of Dec. 1, 2023, Mid State had a total of 191 loans for $71.3 million, and Cen Cal had a total of 336 loans for $160.7 million. All employees…
Read MoreHarvest Closes Unguaranteed SBA 7(a) $116 Million CRE Loan Pool
The underlying SBA 7(a) loans securing the unguaranteed participation interest have an average principal balance of $991,639 and an average remaining term of 296 months. All of the loans are monthly pay, with an adjustable interest rate based on the Prime Rate. Most of the pool consists of 25-year, fully-amortizing loans. The obligors have a…
Read More43% of SBA Secondary Market 7(a) Premium Exceed 110 for FY 2023
Stats from the 16th Annual Secondary Market Summit provided by SBA. The largest cohort of loans sold earned a premium of 110 to 111. Check out the complete range of premiums paid by the secondary market. More stats to come!
Read MoreNew Jersey SBA 7(a) Lender Rankings for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 TD Bank, National Association (DE) 722 $96,887,400 $134,193 2 Live Oak Banking Company (NC) 41 $62,856,900 $1,533,095 3 Meridian Bank (PA) 47 $50,156,000 $1,067,149 4 FinWise Bank (UT) 22 $38,025,000 $1,728,409 5 Newtek Small Business Finance, Inc. (NY) 57 $37,243,800 $653,400 6 Wilmington Savings Fund…
Read MoreColeman Report Live! Today Friday 12/8 @ 1:00 EST
Youtube Live Streaming Link Microsoft Teams Link Host: Bob Coleman Co-Host: Lance Sexton
Read MoreSBA Loosens Policy of Matching Borrower’s Loan Term with Lease Term
By Bob ColemanColeman Report SBA has changed its policy that the lender MUST obtain a lease to match the loan term. The new wording does not require this length of a lease. Lenders no longer need to obtain this documentation. The exception is unless the loan proceeds are “substantially” used for leasehold improvements and equipment…
Read MoreFraud Friday – A California Homeowners Association Agrees to PPP False Claims Act Settlement
December 8, 2023 Delaney SextonContributing Editor Fraud Friday – A California Homeowners Association Agrees to PPP False Claims Act Settlement A nonprofit homeowners group has recently agreed to pay almost $500,000 in fees and penalties for applying for a PPP loan despite being ineligible. The Rancho Sante Fe Association applied for $1.5 million even though…
Read MoreSBA SOP 5010 7. 1 Technical Updates Procedural Notice 12/6
The SBA has issued a new notice, Procedural Notice 5000-852522, effective from December 6, 2023. This notice introduces changes related to:1. Lease terms2. Equity requirements for for Standard 7(a) loans that finance complete partner buyouts and partial changes of ownership3. 7(a) loans that finance same institution debt4. Loan maturity for for 7(a) loans that finance…
Read MoreNew Hampshire SBA 7(a) Lender Rankings for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 TD Bank, National Association (DE) 109 $10,680,600 $97,987 2 Enterprise Bank and Trust Company (MA) 16 $10,016,100 $626,006 3 Readycap Lending, LLC (NJ) 5 $7,463,300 $1,492,660 4 The Fidelity Bank (NC) 1 $4,450,000 $4,450,000 5 Bangor Savings Bank (ME) 18 $4,262,400 $236,800 6 Primary Bank…
Read MoreFederal Court Upholds California Small Business Disclosure Loan Law
Monday December 4th, Judge R. Gary Klausner granted California’s Department of Financial Protection and Innovation’s Motion for Summary Judgment in a lawsuit challenging the DPFI’s small business financing disclosure regulations. SB 1235 (Glazer) requires lenders to disclose key metrics to small businesses to including the amount of funding provided, APR , finance charge, and payment…
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