You’ve played a critical role in supporting small businesses through PPP lending. It’s time to liberate yourself and get back to banking. Northeast Bank’s recent sale of $457.6 million in PPP loans to ACAP & The Loan Source immediately off-loaded the servicing responsibility and forgiveness process, allowing the Bank to accelerate its PPP income.
Better Service for Your PPP Customers
Ever-changing SBA rules make PPP servicing and forgiveness a moving target for banks. Why risk it? Northeast Bank eliminated risk while ensuring their customers received white-glove loan servicing with ACAP and The Loan Source. Simply selling and outsourcing PPP servicing, lenders can stop worrying about navigating the forgiveness process, and get back to the business of banking.
Accelerate Your PPP Loan Income
Since most PPP loans have two-year terms, borrowers who fail to qualify for forgiveness could force a delay in revenue recognition for banks seeking significant fee amounts. After selling its PPP portfolio, Northeast Bank immediately recognized a gain of $9.7 million. No longer distracted by the forgiveness process, lenders who work with PPP servicing experts like ACAP + The Loan Source enjoy ongoing support and peace-of-mind.
Close Quickly & Keep Your Customers
Without an SBA department, banks can struggle to meet the demands of servicing PPP loans and helping their borrowers achieve forgiveness. Northeast Bank’s decision to sell its PPP loans resulted in a seamless transaction, with ACAP + The Loan Source providing outstanding customer care while exclusively servicing the PPP loans.
Start the loan buying process and protect your PPP customers with us today!