• 7(a) and 504 lending and True Sale Accounting
• Premium Sales and FAS 166
• What is the appropriate amount of servicing?
• Warranties and True Sale Accounting
• Implications for lender balance sheets
• FAS 159 alternative
• Implication for the secondary market

• Where are the secondary markets headed?
• Will 504 pooling affect 7(a) pooling?
• What will the secondary markets look like in 2011?

Vasu Srinivasan is currently the Chief Operating Officer of Thomas USAF Group, LLC. He was the COO and CFO of USAF II, LLC until May 2009. He was instrumental in the execution of the USAF concept for the last 8 years. Prior to that as COO and CFO of B&I Lending, LLC, the nation's largest lender in the USDA B&I program, he handled the secondary market sales of government guaranteed loans.

His 30 year banking career includes stints as a bond trader, making government guaranteed loans, heading a company that specialized in conduit loans securitized by Wall Street, CFO of a residential mortgage company, Chief Credit Officer and member of global credit committee of a global investment bank, head of a trade finance company in New York. He has worked in markets around the globe. He started his career with Citibank and was trained by them in Greece, Philippines and India.

He has represented investors on the Board of Hamilton Savings Bank in San Francisco and Summit National Bank, GA. Mr. Srinivasan is a Rotary Scholar and has a M.S (Lehigh University), B.S (Mechanical Engineering) and an MBA from one of the premier institutes of management in India-IIMA (set up by Harvard).

Mike Rozman
Executive Vice President
Boefly, LLC

Mike Rozman is the Executive Vice President of Boefly, LLC. BoeFly is America's one-stop-shop for commercial transactions. As the only online marketplace using next-generation compatibility scoring technology, BoeFly connects all stakeholders along the deal continuum--from origination to sale. BoeFly provides access to professional services, industry analytics, settlement tools, and management software, making it easy to get a deal done at a fraction of the cost. By broadening access to capital and streamlining deal flow, BoeFly creates never-before-seen efficiency increasing profitability and promoting growth in every industry nationwide.

Jon Winick is President of Clark Street Capital. Clark Street Capital is a full-service bank advisory, disposition, and asset management firm specializing in real estate loans. Managed by seasoned professionals with extensive "buy-side" experience, Clark Street Capital offers intrinsic knowledge and expertise on a wide range of assets from bank portfolio loans to securitized assets.

Prior to founding Clark Street Capital, Mr. Winick was National Marketing Director for Zions Bank, a $53 billion bank headquartered in Salt Lake City. Working for the Zions National Real Estate division, a wholesale acquirer of commercial real estate mortgages primarily from financial institutions, Mr. Winick was responsible for acquisitions in the Midwest and national marketing efforts. In 2007, Zions National Real Estate funded over 1,400 transactions totaling $1.3 billion in new originations.

is a partner of Government Loan Solutions, which provides valuation services, prepayment analytics, and operational support for the SBA marketplace. He is the editor of The CPR Report. Mr. Judge has 25 years of experience in the fixed income markets. He holds a BA in Economics from Vassar College and an MBA in Finance from NYU Stern School of Business.



Jordan Blanchard has been involved in SBA 504 lending for the last 20 years. Jordan started his banking career at Wells Fargo Bank in 1990. In 1994, he moved to CDC Small Business Finance Corp (CDC) as a loan officer, becoming versed in all aspects of 504 lending. Jordan returned to banking after joining Borrego Springs Bank, a prominent SBA 7(a) lender, in 1997. During this time of employment, he developed the concept of opening a separate department to focus solely on SBA 504 first mortgage loans with an emphasis on sale to the secondary market. In 2002 Jordan joined Community National Bank (CNB) to develop a start-up SBA 504 department. During the year prior to Jordan's employment, CNB funded 4 SBA 504 transactions. By 2004, that number had increased to 78, making CNB the 6th largest 504 lender in the nation. Currently, Jordan is executive vice president and manager of CDC Direct Capital, a wholly owned subsidiary of CDC Small Business Finance Corp. His focus is providing liquidity solutions to 504 first mortgage lenders as well as developing strategic partnerships for traditional and non-traditional lenders interested in offering 504 first mortgage loan options. For the past year, Jordan has been dedicating significant time and resources to the pending SBA First Lien Mortgage Pool guarantee program. He is currently working with Pool Originators, Sellers, Investors, and SBA to develop an active market once the guarantee program becomes effective. He is one of the founders of Secondary Market Access (SMA), a consortium of CDC's and financial companies that have organized to source 504 first mortgages, then package, underwrite and facilitate funding through Pool Originators. SMA will be offering a number of ancillary services related to the guarantee program such as valuation, settlement, identification of investors, and the purchase and sale of residual loan interests. Jordan graduated from San Diego State University with a BS in Business Administration with an emphasis in Finance.

Chris LaPorte is the Chairman of the Board of Coastal Financial Holdings, Inc., the holding company for Coastal Securities, Inc. Mr. LaPorte co-founded Government Securities Corporation in 1979, and served as President and Chairman of the Board until 1996. GSC, a full-service government securities broker/dealer firm, consolidated most of its brokerage business and assets with Coastal Securities in July of 1996. LaPorte's involvement with the government guaranteed loan operations has facilitated Coastal in becoming the largest volume issuer of Small Business Administration guaranteed loan pools in the nation for the past five years. Mr. LaPorte has been extensively involved with the financial services industry through CITCO Bancshares, a bank holding company in Tennessee, owned by the LaPorte family, GSC and Coastal over the last 25 years. He is also actively involved in the day-to-day operations of Coastal and devotes a great deal of time to monitoring corporate growth initiatives. His banking background gives him excellent insight into the many concerns and objectives of Coastal's customers and he is always available to answer questions or discuss current market information. A native of Tennessee, Mr. LaPorte holds a B.S. degree from the University of Tennessee and a J.D. degree from the University of Tennessee Law School. He is a member of the Tennessee Bar and has served on the Board of Directors of the National Association of Government Guaranteed Lenders, the national trade association for government guaranteed lenders across the country. He continues to serve on the Association's Secondary Market Committee today. He also is a member of the University of Tennessee Development Council and on the Board of the University of Tennessee Foundation.

 Matthew Hunt is Senior Vice President and Manager of Zions Bank's National Real Estate Department, a nationwide program dedicated to originating and purchasing commercial real estate secured first mortgage loans in conjunction with the SBA 504 loan program and other similar conventional mortgages. The Department, created in 1992, currently employs over 100 individuals including 10 sales officers spread throughout the country. Over the past 18 years, the Department has originated or purchased over $9.0 billion in first mortgage loans, including $3.9 billion in 504first mortgage loans. Today the Department has a $5.0 billion portfolio under management and is the nation's largest secondary market maker for SBA 504 first mortgage loans. Matt has worked at Zions Bank in the National Real Estate Department for the past 11 years. He is a graduate of the Pacific Coast Banking School, holds a Finance degree as well as a Masters in Business Administration degree from the University of Utah.

Bill McGaughey is the Executive Vice President and Director of Capital Markets at Excel National Bank. Bill is the author of Accounting for SBA Loans Sold in the Secondary Market, published by NAGGL in 2008. He has experience originating, purchasing, selling and securitizing SBA 7(a) and 504 loans. He is on NAGGL's Secondary Market Committee and is a former member of NAGGL's board of directors. He has a B.S. in accounting from the University of Northern Colorado, holds a State of Colorado CPA certificate, holds the designation of CFA, and is a graduate of Pacific Coast Banking School.



Bob Coleman is the Founder of Coleman Publishing, an online media company covering the small business banking industry. He is the nationally recognized expert on small business banking. He has appeared on Fox Business News and CNN. He has been quoted by most major financial media outlets including the Wall Street Journal, New York Times and Bloomberg. He has spoken at numerous small business banking events across the United States, including international engagements in England and Germany. Coleman started in 1993 with the Coleman Report, a newsletter covering the Small Business Administration's lending programs. Today, his website attracts over 4,000 small business lending professionals a day. Coleman has a B.A. in Medieval History from the University of Southern California and a M.B.A. in Real Estate Finance from the University of Southern California.


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2010 SBA Secondary Market Forum

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