This document proposes a new algorithm called Fast Factorized Backprojection (BiFFBP) for reconstructing images from ultra-wideband (UWB) bistatic synthetic aperture radar (SAR) data. BiFFBP is derived from the existing Global Backprojection (BiGBP) algorithm for bistatic SAR by introducing additional factorization steps to reduce computational cost. Simulations show BiFFBP works for various bistatic configurations including quasi-monostatic, azimuth-invariant, and general bistatic cases. Compared to BiGBP, BiFFBP has lower computational cost while introducing a small phase error that can be minimized by selecting optimal subaperture and subimage sizes.