Harvest Small Business Finance, LLC — $95.2 Million of Offered Notes Rated by Morningstar DBRS
Summary
A Business Wire press release dated December 5, 2024, announcing that Harvest Small Business Finance, LLC (HSBF) closed its fifth securitization of the unguaranteed portions of primarily first-lien SBA 7(a) CRE loans, the $95.2 million Harvest SBA Loan Trust 2024-1 transaction. It states that Performance Trust Capital Partners, LLC acted as sole structuring agent and East West Markets, LLC as co-manager, and that Morningstar DBRS assigned ratings to the Class A, Class B, and Class C Notes. The release says the transaction includes a 90-day prefunding period for up to an additional 20% of collateral. As of the October 31, 2024 cut-off date, it says the collateral consisted of the unguaranteed portions of 361 SBA 7(a) loans with an unguaranteed principal balance of $86.24 million.
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Dec 5, 2024 11:00 AM Eastern Standard Time
# **Harvest Small Business Finance, LLC Closes Its Fifth Securitization of Owner-Occupied First-Lien SBA 7(a) Unguaranteed Portions - $95.2 Million of Offered Notes Rated by Morningstar DBRS**
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LAGUNA HILLS, Calif.--([BUSINESS WIRE](https://www.businesswire.com/))--Harvest Small Business Finance, LLC (“HSBF”) (**[http://www.harvestsbf.com](https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.harvestsbf.com&esheet=54162213&newsitemid=20241205419427&lan=en-US&anchor=http%3A%2F%2Fwww.harvestsbf.com&index=1&md5=83ddf60d0bb3bd4ec0cccdff3221ad71)**), one of the top non-bank originators of SBA 7(a) loans, closed its fifth securitization of the unguaranteed portions of primarily first-lien SBA 7(a) CRE loans. Performance Trust Capital Partners, LLC acted as sole structuring agent and East West Markets, LLC acted as co-manager for the $95.2 million Harvest SBA Loan Trust 2024-1 transaction (“HSLT 2024-1”).
HSLT 2024-1 is only the second REMIC structured securitization to be issued in the SBA space. Harvest utilized Morningstar DBRS, which assigned the ratings of A(low)(sf), BBB(low)(sf), and BB(sf) to the Class A, Class B, and Class C Notes, respectively.
HSBF leaders Adam Seery, Todd Massas and Jason Raefski stated the same message, “HSBF continues to outperform other lenders in its space. We owe this success to our commitment to making high quality commercial real estate loans to sound, well vetted businesses. Moreover, we pride ourselves on setting the standard for performance, pricing and creativity in the SBA securitization market.”
**Deal Characteristics**
Harvest SBA Loan Trust 2024-1 is Harvest‘s fifth SBA 7(a) securitization and the eighth Harvest issuance overall, including Harvest Commercial Capital. The deal structure features pro-rata payments to the Class A, Class B, and Class C Notes.
The transaction includes a 90-day prefunding period for up to an additional 20% of collateral. Once the 90-day prefunding period is complete, the transaction will have a static collateral pool. As of the October 31, 2024 cut-off date, the collateral consisted of the unguaranteed portions of 361 SBA 7(a) loans with an unguaranteed principal balance of $86.24 million, which represents approximately 25% of the full outstanding principal balance of the SBA 7(a) loans. The collateral pool has an average full loan balance of approximately $1.01 million and a weighted average remaining term of 271 months. The majority of the loans are monthly pay, with an adjustable interest rate based on the Prime Rate, and most of the pool consists of 25-year, fully-amortizing loans. The obligors have a weighted average FICO of 729 and the properties used to collateralize the loans are all commercial real estate with a weighted average original LTV of 77.3%. The weighted average time in business of the underlying businesses is approximately 18 years.
**Harvest Small Business Finance, LLC**
Harvest Small Business Finance, LLC, a California limited liability company, was created to originate and service loans backed by owner-occupied, multi-purpose real estate, in accordance with the Small Business Administration’s ("SBA") 7(a) loan program. The Company is a significant originator in a number of major markets throughout the United States, pursuant to the authority of a Small Business Lending Company (“SBLC”) license that it acquired in March of 2016. HSBF is majority owned by an affiliate of Medalist Partners, LP, an SEC registered investment manager with approximately $1.8 billion of net assets under management as of November 30, 2024 across strategies in structured credit and asset-based private credit. HSBF was founded in February 2016 and is based in Laguna Hills, CA.
## Contacts
Adam Seery
[Aseery@harvestsbf.com](mailto:Aseery@harvestsbf.com)
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### Harvest Small Business Finance, LLC
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[English](https://www.businesswire.com/news/home/20241205419427/en/Harvest-Small-Business-Finance-LLC-Closes-Its-Fifth-Securitization-of-Owner-Occupied-First-Lien-SBA-7a-Unguaranteed-Portions---%2495.2-Million-of-Offered-Notes-Rated-by-Morningstar-DBRS)
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### Contacts
Adam Seery
[Aseery@harvestsbf.com](mailto:Aseery@harvestsbf.com)
Social Media Profiles
[Medalist Partners](https://www.linkedin.com/company/medalist-partners)
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## [Harvest Commercial Capital Merges with Crossroads Impact Corp. to Expand Small Business and Community Lending](https://www.businesswire.com/news/home/20260223317928/en/Harvest-Commercial-Capital-Merges-with-Crossroads-Impact-Corp.-to-Expand-Small-Business-and-Community-Lending)
LAGUNA HILLS, Calif.--([BUSINESS WIRE](https://www.businesswire.com/))--Harvest Commercial Capital, LLC (HCC), a leading nationwide originator of owner-occupied small business real estate loans, today announced its merger with Crossroads Impact Corp (CRSS). This strategic merger combines HCC’s commercial lending expertise with Crossroads’ residential lending success through its operating certified Community Development Financial Institution (CDFI) subsidiary. The merger significantly expands their collective ability to provide...
## [Harvest Small Business Finance, LLC Closes Its Sixth Securitization of Owner-Occupied SBA 7(a) Unguaranteed Portions - $87.8 Million of Offered Notes Rated by Morningstar DBRS](https://www.businesswire.com/news/home/20251010014964/en/Harvest-Small-Business-Finance-LLC-Closes-Its-Sixth-Securitization-of-Owner-Occupied-SBA-7a-Unguaranteed-Portions---%2487.8-Million-of-Offered-Notes-Rated-by-Morningstar-DBRS)
LAGUNA HILLS, Calif.--([BUSINESS WIRE](https://www.businesswire.com/))--Harvest Small Business Finance, LLC (“HSBF”, “Harvest”) (http://www.harvestsbf.com), one of the top non-bank originators of SBA 7(a) loans, closed its sixth securitization of SBA 7(a) unguaranteed portions, consisting of primarily first-lien CRE loans. Performance Trust Capital Partners, LLC acted as sole structuring agent and bookrunner and East West Markets, LLC acted as co-manager for the $87.8 million Harvest SBA Loan Trust 2025-1 transaction (“HSLT 20...
## [Harvest Commercial Capital, LLC Closes Its Fourth Securitization of First-Lien SBA 504 Loans and Conventional Real Estate Loans - $264.6 Million of Offered Securities Rated by DBRS, Inc](https://www.businesswire.com/news/home/20250220252236/en/Harvest-Commercial-Capital-LLC-Closes-Its-Fourth-Securitization-of-First-Lien-SBA-504-Loans-and-Conventional-Real-Estate-Loans---%24264.6-Million-of-Offered-Securities-Rated-by-DBRS-Inc)
LAGUNA HILLS, Calif.--([BUSINESS WIRE](https://www.businesswire.com/))--Harvest Commercial Capital, LLC (“HCC”) (http://www.harvestsbf.com), the nationwide non-bank leader in owner-occupied small balance commercial real estate loans, securitized $264.6 million of first-lien, SBA 504 and conventional fixed rate commercial real estate loans that the company references as HCCLT 2025-1. The transaction was led by Mizuho Securities USA, LLC with Performance Trust Capital Partners serving as Joint Bookrunner. DBRS, Inc assigned a “A...
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### Harvest Small Business Finance, LLC
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Release Versions
[English](https://www.businesswire.com/news/home/20241205419427/en/Harvest-Small-Business-Finance-LLC-Closes-Its-Fifth-Securitization-of-Owner-Occupied-First-Lien-SBA-7a-Unguaranteed-Portions---%2495.2-Million-of-Offered-Notes-Rated-by-Morningstar-DBRS)
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### Contacts
Adam Seery
[Aseery@harvestsbf.com](mailto:Aseery@harvestsbf.com)
Social Media Profiles
[Medalist Partners](https://www.linkedin.com/company/medalist-partners)
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