Coleman Report
SBA Loan 504 Defaults and Prepayments At All-Time Lows
Government Loan Solutions’ Bob Judge has updated his SBA 504 prepayment chart that contains excellent historical data for you stat nerds. Dating back to 1988, the chart shows SBA 504 loan prepayments are at all-time loans. This includes defaults as well prepayments from refinancing or sale of the property. Chat codes: CPR = Prepayment Rate…
Read MoreNew Mexico SBA 7(a) Lender Rankings for FY 2023
RANK Lender # Loans $ Amount Average Loan Size 1 Live Oak Banking Company (NC) 8 $25,200,000 $3,150,000 2 Western Commerce Bank (NM) 40 $21,835,500 $545,888 3 Open Bank (CA) 4 $9,268,000 $2,317,000 4 Readycap Lending, LLC (NJ) 6 $8,899,000 $1,483,167 5 Peoples Bank (MS) 1 $5,000,000 $5,000,000 6 BMO Bank National Association (WI) 9…
Read MoreWhite House Recognizes Small Business Lenders at Summit
Touting SBA’s FY23 numbers, the Biden Administration invited its lending partners to the White House to recognize their achievements and to encourage them to do more for providing capital to underserved markets. Lenders attending the event included small business lending professionals “Last year, the SBA provided $50 billion in capital to small businesses nationwide, partnering…
Read MoreCorrectly Preparing SBA’s New FY 24 Universal Guaranty Purchase Package – Webinar Wed. January 3rd
SBA’s All New Universal Purchase Package for SBA 7(a) Loans, SBA 7(a) Small Loans Less than $500k and SBAExpress Attend the Live Webinar EventWednesday, January 3, 20242:00 PM Eastern75-minute training with e-certification Lenders must be correct and precise in their completion of SBA’s new SBA 7(a) guaranty purchase request — to receive payment and not…
Read MoreTwo 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 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…
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