BOCA RATON, Fla., Jan. 28, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that Newtek Conventional Lending LLC (“NCL”), a Newtek joint venture, closed its conventional commercial loan securitization with the sale of $56.3 million Class A Notes (“Notes”), NCL Business Loan Trust 2022-1, Business Loan-Backed Notes, Series 2022-1, secured by a segregated asset pool consisting primarily of conventional commercial business loans (“Business Loans”), including Business Loans secured by liens on commercial or residential mortgaged properties, originated by NCL and Newtek Business Lending, LLC. The Notes were rated “A” (sf) by DBRS Morningstar. The Notes had a 65.0% advance rate, and were priced at a yield of 3.209%.
Newtek Conventional Lending LLC Closes its Securitization with the Sale of $56.3 Million of Notes Backed by Conventional Commercial Loans
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