[Incbiz440]

Didn't expect a complete pullout. Wonder if we'll see more follow or that's a one off. I assume that's a reaction to the June SOP update, but I could be wrong.

[Incbiz440]

I feel like I'm missing an Olderguy reply here.

[abfunders]

I'm assuming that it died because of defaults. Nobody stacks an MCA that quickly/ The SBA is a long process for a reason. Cheap money isn't fast, fast money isn't cheap.

[Incbiz440]

I'm assuming that it died because of defaults. Nobody stacks an MCA that quickly/ The SBA is a long process for a reason. Cheap money isn't fast, fast money isn't cheap.

I thought of that as well and could be. Seems like if that was the case they'd just tighten up underwriting though.

[abfunders]

So yeah, tighten up underwriting...... how long would it take to approve? The whole point is that underwriting was quick and wouldn't have the same vetting as a regular SBA but still offer cheap money. Right.

[Incbiz440]

So yeah, tighten up underwriting...... how long would it take to approve? The whole point is that underwriting was quick and wouldn't have the same vetting as a regular SBA but still offer cheap money. Right.

I stopped using them as I didn't find them to be that expedient to begin with but could have just had bad luck. What I have noticed is the others have not seemed to have figured it out yet. At least in my experience so far.

[RightC]

We would like to inform you that effective immediately, the BayFirst Bolt loan product will be suspended until further notice.

Sheesh, I got the news on yesterday as well. Does anyone have any other express SBA programs that are similair?

I'm testing out iBusiness Funding right now.

[abfunders]

Use LoanBud, white-label and automate it, get paid your 1 point and focus on the deals that pay better. Email me and I can introduce you.

[Yankeeman07]

We would like to inform you that effective immediately, the BayFirst Bolt loan product will be suspended until further notice.

Sheesh, I got the news on yesterday as well. Does anyone have any other express SBA programs that are similair?

I'm testing out iBusiness Funding right now.

Check Shoreham Bank - https://www.shoreham.bank/small-sba-loans

[Incbiz440]

Use LoanBud, white-label and automate it, get paid your 1 point and focus on the deals that pay better. Email me and I can introduce you.

Wanna squeeze that top level 2 bb. Weren't they just running Bolt anyway? Do they still have an express program?

[Incbiz440]

Check Shoreham Bank - https://www.shoreham.bank/small-sba-loans

I took a look at what they have targeted at brokers and sounded like CRE only to me? May just be confusing layout. https://www.shoreham.bank/brokers-overview

[Incbiz440]

We would like to inform you that effective immediately, the BayFirst Bolt loan product will be suspended until further notice.

Sheesh, I got the news on yesterday as well. Does anyone have any other express SBA programs that are similair?

I'm testing out iBusiness Funding right now.

Thought they wanted some guarantee of volume.

[RightC]

We initially partnered with Ready Capital for SBA 7A in 2023, but they referred us to iBusiness Funding to handle our smaller SBA deals. There was no guaranee of volume was required at the time.

Previous contacts

Ready Capital
Brett Hucka
Vice President, Senior Business Development
Office: (218) 409-8066
Mobile: (612) 267-8019


Grant Hovland - SBA Sales Manager
iBusiness Funding

| T: (954) 678-0477
| F: (866) 293-8143

[RightC]

Cheap money isn’t fast, and fast money isn’t cheap is a timeless business maxim. It will be interesting to see how much AI and new tech can narrow that gap in the future

[etci]

Newity has been pretty good for deals under $150k for me. Most have been through Northeast Bank. A couple deals that I submitted and funded through Newity I had originally submitted through BayFirst. One was very slow so I pulled the app and moved it. The other was declined through Bolt but Newity got it done, think it was $134k.

[Incbiz440]

Newity has been pretty good for deals under $150k for me. Most have been through Northeast Bank. A couple deals that I submitted and funded through Newity I had originally submitted through BayFirst. One was very slow so I pulled the app and moved it. The other was declined through Bolt but Newity got it done, think it was $134k.

Have had success with Celtic but the client is paying the fee. Although they roll it in as a disbursement from proceeds so it hasn't been as much of an obstacle as it has with a fee agreement.

[etci]

Have had success with Celtic but the client is paying the fee. Although they roll it in as a disbursement from proceeds so it hasn't been as much of an obstacle as it has with a fee agreement.

Yeah, I am signed up with Celtic and have used them on 504 deals. I don't like the "we don't pay under $300k" so I don't send those deals over. Good to know that if I need to use them they will pay out of disbursement so I don't have to chase money. Thanks for that feedback.

[Steven_O]

NEWS FLASH: they are emailing clients in the BOLT pipeline, to call them directly for other funding options.

I just got cc'd on the email.

[CRElender]

If you need a direct, national SBA PLP lender for CRE secured deals, I can help. We are usually top 15 or 20 in the country, which is impressive since we only focus on CRE secured deals. My floor for deals is $250,000, and they need to be for CRE purchase, refinance of purchase, ground up construction, or CRE expansion. We pay our fees outside of closing within 10 days. Your fee doesn't show up on the settlement statement.

As for speed, I just closed a $3M CRE purchase last month in under 45 days. I could have gone faster but we got hung up on an insurance issue.

If you need a fast SBA CRE alternative, hit me up!

[Incbiz440]

NEWS FLASH: they are emailing clients in the BOLT pipeline, to call them directly for other funding options.

I just got cc'd on the email.

To run non-express (whatever their other program is called), or they're shopping them out elsewhere?

[PreferredFundingGroup]

I agree, Grey over there is great. We're a solid option for anything under 200k but some of the clients we work with still want that SBA name

[Crookedferret]

It surprised me too. Bolt usually scales back slowly, not all at once. The timing lines up with the June SOP shift so your guess makes sense. If other mid tier shops start tightening files in the same way we will know this was industry driven and not just a Bolt decision.