NewtekOne SBA 7(a) loan closings $207.1 million for quarter ended March 31, 2024
NewtekOne reported its earnings on May 6th. Here are the Lending Highlights:
Total SBA 7(a) loan closings of $207.1 million for the three months ended March 31, 2024; an increase of 35.9% over $152.5 million of SBA 7(a) loans closings for the three months ended March 31, 2023.
The Company forecasts $925.0 million in total SBA 7(a) loan fundings for 2024, which if achieved, would represent a 13.5% increase over 2023.
Newtek Bank closed $34.4 million of SBA 504 loans for the three months ended March 31, 2024; a decrease of 29.7% over $48.9 million SBA 504 loans closed for the three months ended March 31, 2023.
Newtek Bank and the Company’s non-bank subsidiaries closed $308.0 million of loans across all loan products for the three months ended March 31, 2024; a 35.6% increase over $227.2 million of loans closed for the same period in 2023.