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NewtekOne, Inc. Begins 2024 with Strong January Loan Pipeline Growth
BOCA RATON, Fla., Feb. 05, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (the “Company”) (NASDAQ: NEWT), announced today strong growth in its total loan pipeline,
About this update from Newtekone, Inc.
[{"type":"text","content":"BOCA RATON, Fla., Feb. 05, 2024 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (the “Company”) (NASDAQ: NEWT), announced today strong growth in its total loan pipeline, across all lending products, year-to-date through January 31, 2024, compared to the same period last year. The total pipeline consists of loans that are in the Company’s three lending stages: prequalification, underwriting and approved pending closing. NewtekOne’s loan programs include SBA 7(a) loans, SBA 504 loans, alternative loan financing program (formerly referred to as our non-conforming conventional loan program), conforming C&I loans and conforming CRE loans. Newtek Bank’s flagship loan program, SBA 7(a) lending, and the Company’s alternative loan finance program, led the year-over-year pipeline growth for January. The following summarize the year-over-year pipeline growth year-to-date through January 31, 2024: The total loan pipeline across all loan products year-to-date through January 31, 2024 reached $1.4 billion; a 24.0% increase over the same period in 2023.The total pipeline for the alternative loan finance program year-to-date through January 31, 2024 reached $183.2 million; an increase of 38.2% over the same period last year.The total pipeline for SBA 7(a) loans year-to-date through January 31, 2024 reached $771.6 million; an increase of 17.8% over the same period last year. Total Loans Across All ProductsYear-to-Date ThroughYear-Over-Year % Change1/31/20231/31/2024 Prequalified$821,887,327$915,679,60911.4%Underwriting$120,185,150$262,712,303118.6%Approved Pending Closing$178,506,934$211,478,03018.5%Total$1,120,579,411$1,389,869,94224.0% Alternative Loan ProgramYear-to-Date ThroughYear-Over-Year % Change1/31/20231/31/2024 Prequalified$96,652,000$131,691,52036.3%Underwriting$15,597,000$21,550,00038.2%Approved Pending Closing$20,340,000$29,928,00047.1%Total$132,589,000$183,169,52038.2% SBA 7(a)Year-to-Date ThroughYear-Over-Year % Change1/31/20231/31/2024 Prequalified$461,572,249$425,397,560-7.8%Underwriting$81,973,900$207,727,503153.4%Approved Pending Closing$111,433,900$138,484,30024.3%Total$654,980,049$771,609,36317.8% Barry Sloane, Chairman, President and Chief Executive Officer said, “We couldn’t be more pleased with the performance of our lending business in the month of January 2024. We anticipate that getting off to such a great start in 2024, will be ...