1 00:00:00.585 --> 00:00:01.125 Hey everyone. 2 00:00:01.125 --> 00:00:03.645 Alison Berger here at Broker Fair, 2024. 3 00:00:03.885 --> 00:00:06.725 I am now joined with Josh Villa from Ulto Group. 4 00:00:07.155 --> 00:00:08.285 Tell me about Ulto. 5 00:00:08.755 --> 00:00:10.165 Yeah, uh, thanks for having me. 6 00:00:10.225 --> 00:00:13.405 Um, Ulto Group is a lender service provider primarily 7 00:00:13.405 --> 00:00:15.965 helping, uh, credit unions get into SBA lending. 8 00:00:16.505 --> 00:00:18.285 Uh, so we work directly with credit unions. 9 00:00:18.285 --> 00:00:20.525 We also, uh, can help place loans 10 00:00:20.525 --> 00:00:22.925 with those credit unions on a nationwide basis, 11 00:00:23.185 --> 00:00:24.685 uh, specifically with seven, eight. 12 00:00:25.065 --> 00:00:26.205 And what makes you different 13 00:00:26.205 --> 00:00:27.485 than everyone else in the industry? 14 00:00:28.065 --> 00:00:29.645 Uh, we work with credit unions. 15 00:00:29.645 --> 00:00:31.845 Uh, there aren't many credit unions in commercial lending 16 00:00:32.025 --> 00:00:35.405 or credit, uh, credit unions in, uh, SBA specifically. 17 00:00:35.785 --> 00:00:37.045 Uh, so in 2022, 18 00:00:37.075 --> 00:00:40.125 only 38 credit unions did 10 or more SBA loans. 19 00:00:40.125 --> 00:00:41.125 And we're trying to change that. 20 00:00:41.125 --> 00:00:44.205 There's a huge untapped market of credit unions who want 21 00:00:44.205 --> 00:00:45.245 to get into commercial lending. 22 00:00:45.245 --> 00:00:47.205 They want to get into SBA, um, 23 00:00:47.545 --> 00:00:49.845 and, uh, we're trying to bridge that gap and, 24 00:00:50.065 --> 00:00:52.085 and help get those, uh, borrowers funded. 25 00:00:52.665 --> 00:00:54.285 And why do you think that's been a new 26 00:00:54.285 --> 00:00:56.605 change in the industry? Why do people want that? 27 00:00:57.465 --> 00:00:59.485 Uh, well, credit unions wanna diversify 28 00:00:59.665 --> 00:01:01.725 and primarily they're consumer driven. 29 00:01:02.065 --> 00:01:04.205 Um, and so they wanna get into commercial, 30 00:01:04.205 --> 00:01:05.645 they wanna serve their members better. 31 00:01:05.905 --> 00:01:09.005 Um, SBA is just such a wonderful fit for credit unions 32 00:01:09.005 --> 00:01:11.085 because it's, uh, they're small business loans 33 00:01:11.085 --> 00:01:12.605 where you can't get financing elsewhere. 34 00:01:12.985 --> 00:01:14.925 Um, and credit unions wanna help their members, 35 00:01:15.065 --> 00:01:17.005 so it's a really, really natural fit. 36 00:01:17.465 --> 00:01:20.045 Um, for borrowers it just means more options. 37 00:01:20.065 --> 00:01:21.765 And for brokers it means more options. 38 00:01:21.865 --> 00:01:24.165 Uh, there's a lot of, uh, non-bank lenders. 39 00:01:24.165 --> 00:01:26.965 There's a lot of banks, uh, credit unions, not 40 00:01:26.965 --> 00:01:28.685 so much an SBA, so it's giving our borrowers 41 00:01:28.685 --> 00:01:29.845 and brokers more options as well. 42 00:01:30.145 --> 00:01:31.605 We love having plenty of options. 43 00:01:31.675 --> 00:01:33.685 Sometimes too many options isn't good. 44 00:01:35.115 --> 00:01:36.965 Well, we, we wanna make sure we have good options 45 00:01:37.595 --> 00:01:38.595 Without a doubt. 46 00:01:38.825 --> 00:01:40.685 So how's the year been going for you so far? 47 00:01:41.105 --> 00:01:44.085 Uh, very well. We, uh, we are in the process of, uh, 48 00:01:44.085 --> 00:01:46.805 helping two new credit unions get into SBA, um, 49 00:01:46.825 --> 00:01:48.605 and signing, uh, LSP agreements with them. 50 00:01:48.985 --> 00:01:52.605 Um, we also, uh, we're seeing a very healthy pipeline 51 00:01:52.605 --> 00:01:54.885 with our existing, uh, our existing, uh, 52 00:01:54.885 --> 00:01:58.165 partners originating new loans, closing new loans, um, 53 00:01:58.385 --> 00:02:00.925 and, um, and so far, uh, defaults 54 00:02:00.925 --> 00:02:02.525 and delinquencies are holding really 55 00:02:02.525 --> 00:02:03.605 steady, which is very low. 56 00:02:03.785 --> 00:02:06.125 So, um, it's been a very, very positive year 57 00:02:06.125 --> 00:02:07.245 so far. Even with higher rates. 58 00:02:07.995 --> 00:02:09.005 What a shock. Yeah. 59 00:02:09.785 --> 00:02:12.005 So you think it's gonna continue for the rest of the year? 60 00:02:12.485 --> 00:02:14.125 I think so. It, I see no signs 61 00:02:14.125 --> 00:02:15.525 of slowing down. At least on our end. 62 00:02:15.905 --> 00:02:16.925 We don't want that to happen. 63 00:02:17.525 --> 00:02:20.485 Absolutely not. And what have you been seeing? 64 00:02:20.485 --> 00:02:22.325 Any changes, any trends going on? 65 00:02:23.265 --> 00:02:25.725 Um, I have seen that, uh, 66 00:02:25.725 --> 00:02:27.565 there was maybe a little when rates started to go up, 67 00:02:27.565 --> 00:02:31.005 I've seen a little bit of hesitation, uh, people concerned 68 00:02:31.005 --> 00:02:33.045 that maybe they wouldn't be able to, uh, you know, 69 00:02:33.045 --> 00:02:34.765 make the numbers work for profitability. 70 00:02:35.145 --> 00:02:36.365 Um, they're concerned 71 00:02:36.365 --> 00:02:38.485 that they're paying too much in interest, et cetera. 72 00:02:38.785 --> 00:02:40.485 Um, I've really seen 73 00:02:41.805 --> 00:02:43.765 business owners identify the opportunity cost 74 00:02:43.765 --> 00:02:46.285 of not growing their business, not starting their business, 75 00:02:46.285 --> 00:02:47.365 not acquiring their business. 76 00:02:47.745 --> 00:02:49.605 And so I think there's a general sense 77 00:02:49.605 --> 00:02:51.325 that rates will remain about the same, 78 00:02:51.535 --> 00:02:52.845 maybe decline a little bit. 79 00:02:53.225 --> 00:02:56.245 Um, and so there's been a little bit more movement, 80 00:02:56.385 --> 00:02:58.125 at least again, that I've been seeing, uh, 81 00:02:58.125 --> 00:03:00.205 where borrowers are okay with those rates 82 00:03:00.205 --> 00:03:03.525 where they're at now and pursuing their project. So. 83 00:03:03.915 --> 00:03:07.405 Fantastic. So I want you to give me a 32nd broker bite. 84 00:03:07.435 --> 00:03:09.045 What are you looking forward to most today? 85 00:03:09.735 --> 00:03:12.965 Networking. I don't even need 30 seconds networking. 86 00:03:13.795 --> 00:03:15.725 It's been wonderful. This is my first time attending. 87 00:03:16.065 --> 00:03:18.245 Uh, there is, uh, there are a ton of people here. 88 00:03:18.425 --> 00:03:20.565 Uh, it's been great meeting people last night and today, 89 00:03:20.665 --> 00:03:22.525 and we still have half the day left, so it's great. 90 00:03:22.675 --> 00:03:24.205 Well, I'll let you go. Enjoy it. 91 00:03:24.205 --> 00:03:26.965 Thank you so much for joining me, and we'll be right back.