NEWT - Newtek's NBL unit gets $100M credit facility to grow SBA 504 loan business

Newtek (NEWT) Business Lending LLC, which originates and funds SBA 504 loans, closes a $100M credit facility that will be used to fund SBA 504 loans.The facility with Deutsche Bank (DB) has an initial two-year term."Combining this facility with NBL’s existing $75M credit facility with Capital One Bank will leave NBL well positioned to grow its SBA 504 business," said Newtek Business Services Chairman, President, and CEO Barry Sloane. "NBL’s SBA 504 lending opportunities are attractive in that NBL is able to sell the 504 loan and book gain-on-sale income."Sloane also said he expects that NEWT's NBL unit We anticipate that NBL can be a material contributor to the BDC’s dividend on a regular basis.

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Newtek's NBL unit gets $100M credit facility to grow SBA 504 loan business