NewtekOne Expands Warehouse Capacity for ALP Growth Strategy
New Expansion of Warehouse Facility by NewtekOne, Inc.
NewtekOne, Inc. (NASDAQ: NEWT), a prominent financial holding company, has made a significant announcement regarding the expansion of its warehouse capacity to accelerate the growth of its Alternative Loan Program (ALP). This strategic move is aimed at enhancing the support for ALP loans before they are transitioned into securitizations. The company’s consolidated subsidiary, Newtek ALP Holdings, has amended and upsized its revolving credit facility with Deutsche Bank AG to a substantial $170 million.
Significance of the Warehouse Facility Upsize
This increase in the credit facility marks a vital step for NewtekOne as it continues to solidify its position in the financial market. Barry Sloane, the company’s Chairman, President, and Chief Executive Officer, expressed gratitude toward Deutsche Bank for their enduring support. He emphasized the pivotal role that their collaboration has played in the company’s success, noting that Deutsche Bank has led NewtekOne’s last ten securitizations, reaffirming their reliability as a partner in the financial sector.
The Financial Landscape
The financial support through this increased credit facility will enable NewtekOne to manage the origination of ALP loans effectively. Recently, the company reported the successful closing of a $184 million securitization backed by $216 million of ALP loans, highlighting its continued strength and innovation in the securitization market. This particular securitization is the company’s third asset-backed offering secured by ALP loans and marks a noteworthy achievement as their 16th rated securitization overall.
About NewtekOne, Inc.
Founded in 1999, NewtekOne is committed to providing independent business owners with exceptional financial solutions under the Newtek® brand. The company offers a diverse array of services ranging from banking, business lending, and electronic payment processing to payroll and benefits solutions. Its mission is to help business owners navigate the complex challenges of managing and growing their businesses while maintaining cost efficiency and reducing risks.
Comprehensive Financial Solutions
NewtekOne’s services extend to its bank and non-bank subsidiaries, which include Newtek Bank, N.A. Clients can benefit from tailored solutions such as SBA lending, accounts receivable financing, and technology solutions like cloud computing and IT consulting offered through Intelligent Protection Management Corp.
Contacting NewtekOne
For inquiries or more information on NewtekOne’s financial offerings, interested individuals can reach out to investor relations. Bryce Rowe can be contacted at (212) 273-8292, or via email at browe@newtekone.com.
Frequently Asked Questions
What is the purpose of NewtekOne's warehouse facility expansion?
The expansion aims to support the growth of NewtekOne's Alternative Loan Program by increasing its capacity to manage and securitize more loans efficiently.
How much has NewtekOne increased its revolving credit facility with Deutsche Bank?
The revolving credit facility has been increased to a total of $170 million, providing significant financial support for the company's loan origination efforts.
What recent financial achievement has NewtekOne accomplished?
NewtekOne recently closed a $184 million securitization backed by $216 million of ALP loans, marking its 16th rated securitization.
What services does NewtekOne provide?
NewtekOne offers a range of financial solutions, including banking, business lending, electronic payment processing, and technology solutions aimed at independent business owners.
How can I contact NewtekOne for more information?
For inquiries, you may contact Bryce Rowe at (212) 273-8292 or email him at browe@newtekone.com.
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