NEW YORK (11/1/13)--Newtek Business Services Inc., The Small Business Authority, has exceeded the $1 billion milestone in its loan serving portfolio.
Newtek Business Services is a CUNA Strategic Services provider.
The $1 billion milestone was achieved when Newtek subsidiary and Small Business Administration-licensed 7(a) non-bank lender, Newtek Small Business Finance Inc., was selected to service a $400 million portfolio of SBA 7(a) loans for a large institutional client.
The servicing has transferred and is currently part of Newtek's loan servicing portfolio.
The milestone is "a level that not only represents a milestone in the company's operating history, but also exceeds our previously stated expectation, of at least $700 million for 2013, by a meaningful margin," said Barry Sloane, Newtek Business Services chairman, president and CEO.
"Our ability to add this $400 million in loan servicing further demonstrates our industry-recognized expertise as a Standard and Poor's select-rated small-balance commercial loan servicer," Sloane added.
Newtek expects to grow the loan servicing aspect of its business across all 50 states through a combination of organic growth in loan origination volume and disciplined acquisition of third-party loan servicing opportunities, Sloane said. The company will update its servicing portfolio guidance for 2013, based on the recent addition of $400 million in loan servicing, and issue new guidance for 2014.