BayFirst adds new SBA product, hires mortgage team

BayFirst Financial in St. Petersburg, Fla., is seeing early traction from the launch of a Small Business Administration product. 

The $922-million asset company said in a press release that it debuted Bolt, a 7(a) product designed to quickly originate loans of $150,000 or less, during the second quarter.

BayFirst said that, through July 22, about 350 loans have been made or are in process, totaling $46.5 million. 

The company plans to deploy new automation to the program through its proprietary loan origination system and incorporate open API integration with marketplace lending partners. The goal is to increase volume and speed of delivery while limiting the need for more staffing. 

BayFirst also said it hired a big mortgage team located in Las Vegas, Nev., in early July.

The moves are the latest in a series of changes in BayFirst's SBA and mortgage operations. 

BayFirst closed three mortgage offices and laid off 62 mortgage employees earlier this year. The company launched its a national SBA platform during the first quarter after hiring six lenders.