Coleman Report
SBA Hot Topic Tuesday — Woman-owned Auto Repair Shop Purchases Buildings it had been leasing for 16 years
December 30, 2014 By Bob Coleman Editor, Coleman Report Afternoon Brief Hyundai’s Only, a Las Vegas-based auto repair shop, has purchased three buildings it had previously been leasing in Southwest Las Vegas. With the help of TMC Financing and an SBA 504 loan, the company now owns 12,275 square feet of service bays and storage…
Read MoreMug Shot Monday — The Top Five Perps of 2014
December 29, 2014 By Bob Coleman Editor, Coleman Report Afternoon Brief The sad truth is I don’t want for material in filing the Mug Shot Monday and Fraud Friday reports. Too many of our brethren crossed the line during the Great Recession, and they are now paying the price for new digs at our expense.…
Read MoreFraud Friday — Nik Patel Loses his Hollywood Mogul Gig
December 26, 2014 By Bob Coleman Editor, Coleman Report Afternoon Brief Nik’s Hollywood dream is over. Indicted on fraud charges three months ago in connection with an $180 million loan fraud for selling bogus USDA b&i loans, allegedly, Nik has been busily signing over his assets to Pennant Management — the buyer of the loan…
Read MoreMain Street Wednesday – Tesla Giga Factory Spurs SBA 504 Loan Volume in Nevada
December 24, 2014 By Bob Coleman Editor, Coleman Report Afternoon Brief The $5 billion Tesla Motors factory to produce lithium ion batteries for electric cars is an economic boon to the Reno, Nevada area. Construction began several months ago and when completed in 2017 Tesla is expected to add 6,500 employees. But, the economic impact…
Read MoreSBA Hot Topic Tuesday — SBA 7(a) Prepays Remain Below 8%
December 23, 2014 By Bob Judge Editor, CPR Report In October, prepays remained below 8% for the fifth time this year, decreasing by 1% from September. As to the cause, we saw a double-digit decrease in defaults that more than offset a singledigit increase in voluntary prepayments. Defaults, which fell by 23%, remained below 2%…
Read MoreMug Shot Monday — Chief Credit Officer Gets 4 Years for $900,000 in Bribes
December 22, 2014 By Bob Coleman Editor, Coleman Report Afternoon Brief “After the financial crisis we experienced, no one can legitimately question the importance of pursuing people like Mr. Malone, who commit bank fraud,” says United States Attorney Michael J. Moore. In addition to four years in prison, Larry was ordered to pay $25 million…
Read MoreTwo Texas Men Heading to Prison for Million Dollar SBA Loan Fraud
December 19, 2014 By Bob Coleman Editor, Coleman Report Afternoon Brief The conspiracy began in March 2008 when Ismail Mohammad agreed to buy Mohammed Yaseen’s Passport Inn Motel in Columbus, Texas for a price of $1.2 million. Mohammad obtained a SBA guaranteed loan from Westbound Bank in Houston which required he make a cash injection…
Read MoreColeman Thursday’s Movers and Shakers
December 18, 2014 By Bob Coleman Editor, Coleman Report Afternoon Brief Maine-based Northeast Bank Hires Seven SBA BDOs Says Jeanne Hulit, Community Banking Division President, and former SBA Acting Administrator, “As we continue to expand both our small business and commercial lending efforts across the country, we are pleased to welcome these top-producing SBA lenders…
Read MoreMain Street Wednesday — Small Business Lender OnDeck Capital IPO Shares Surge 35%
December 17, 2014 By Bob Coleman Editor, Coleman Report Afternoon Brief Small business alternative lending company, OnDeck Capital went public today with its share price surging 35% after the opening bell. This is on the heels of the eye popping $9 billion valuation of Lending Club with its IPO last week. The disruptive effects by…
Read MoreSBA Hot Topic Tuesday — OIG Lists Loan Agent Fraud a Serious SBA Management Challenge
December 16, 2014 By Bob Coleman Editor, Coleman Report Afternoon Brief Every year, SBA’s Inspector General issues a report of what she considers the top management and performance challenges facing SBA. Four of the eleven challenges concern the SBA 7(a) loan program. Loan agent, and loan broker fraud is an issue everyone in the industry…
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