[Yankeeman07]

https://www.bizjournals.com/tampabay...VQSHm5uimxJTkQ

[etci]

I guess the suspension of Bolt loans makes a lot more sense now.

[Yankeeman07]

I guess the suspension of Bolt loans makes a lot more sense now.

Yes - sad news.

[Sean Cash]

interesting

[B2 Systems]

The loan amounts they were giving, relative to annual revenue, and the speed they were giving them (7 - 10 days), was definitely very ambitious.





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B2 Systems
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David Tan
(321) 800-2304
Cocoa Beach, Florida

[thorn89]

Cancelling apps to selling the portfolio in ~10 days. They were always fast but never that fast

[Incbiz440]

Cancelling apps to selling the portfolio in ~10 days. They were always fast but never that fast

Turns out not just selling their portfolio of small dollar 7a loans but all of their 7a loans, and exiting the program completely.

Article - https://archive.is/PHSg8

It's interesting to me that a small regional bank can build out a national program, jump up to 20th in national 7a lending, tank it, and dump their portfolio all in a (sort of) short time period. And that they seem to be blaming it mostly on clients not being able to manage interest rate adjustments on their variable rate loans, which one would think would be a consideration considering interest rate changes occur eventually, they kept the loans on their books, and thats the standard structure across the industry for sba express loans.

Says Banesco is buying their portfolio/program because they want to duplicate BayFirst's foray into high volume national SBA lending. Bolt 2.0 coming soon?