Coleman Report

December 11, 2015 By Bob Coleman Editor, Fraud Friday Fraud Friday — Nik Patel Indicted on 5 Counts of Fraud Fourteen months after his arrest in a $179 USDA b&i million loan fraud, the feds have formally charged Nik with five counts of fraud. Patel is accused of selling 26 fake loans to Pennant Management.…

December 10, 2015 By Bob Coleman Editor, Coleman’s Movers and Shakers Coleman’s Movers and Shakers Winston N. Bandong Joins California Bank of Commerce “We are excited to have Winston lead our new SBA Lending Group. Winston has successfully built, grown, and managed SBA teams in the San Francisco Bay Area and we’re looking forward to…

December 9, 2015 By Walter McLaughlin Senior Vice President, Banner Bank Contributor, C-Suite C-Suite — Is the Change of Ownership Boom Peaking? In life, the relationship between supply and demand is so straightforward that even infants understand the principle. When supply is high (i.e., Gerber’s Mixed Vegetables), its relative value diminishes; when supply is low…

December 8, 2015 5 Reasons Why SBA 7(a) Secondary Market Levels Dropped in August 2015 by Scott Evans Partner Government Loan Solutions The SBA 7(a) Secondary market witnessed premiums drop in August and September 2015 for the following reasons: 1. Excess of supply led to large positions with pool assemblers 2. Concern over rising rate…

December 7, 2015 By Bob Coleman Editor, Main Street Monday Main Street Monday — Alternative Lenders Access Online Bank Data for Quick Loan Approvals Marc Glazer is President and CEO of BFS Capital, a technology-enabled financing platform that provides loans of up to $2 million for small businesses in all 50 states, Canada, and the…

December 4, 2015 By Bob Coleman Editor, Fraud Friday Fraud Friday — Sentencing in January for Arkansas Bank Prez Guilty of Loan Fraud Former Avest Bank President for Benton County, Dennis Smiley will find out how long he will be living in federal custody next month. Dennis pled guilty to one count of loan fraud…

December 3, 2015 By Bob Coleman Editor, Coleman Movers and Shakers Coleman Movers and Shakers — Tina Caronna Named to Hall of Fame, Brent Ciurlino Joins Ready Cap Tina Caronna Named to SBA Secondary Market Summit Hall of Fame Karen Bean accepting the Hall of Fame award on behalf of Tina Caronna’s son, Todd. Cantor…

December 2, 2015 By Bob Judge Editor, CPR Report CPR Report: SBA 7(a) Prepays Back Below 8% In September, prepays moved back below 8% after one month above that benchmark. A slight increase in the default element (CDR) was more than offset by a decrease in the voluntary prepayment portion (CRR) last month. Defaults rose…

December 1, 2015 By Bob Coleman Editor, SBA Hot Topic Tuesday SBA Hot Topic Tuesday — Revised IRS Form 4506-T and Updated Internal Revenue Service (IRS) Contact Information Effective November 25, 2015 the Internal Revenue Service (IRS) has issued a revised Form 4506-T (Rev. 9-2015). Included in the notice are the updated contact information for…

November 30, 2015 By Bob Coleman Editor, Main Street Monday Main Street Monday — Leading the Fight for Transparency in Small Business Marketplace Lending In 2009 Jim mortgaged nearly everything his family owned to join The Business Backer, and launch its mission to expand access to a much lower cost of capital for American small…