Private money lender hits industry milestone at record pace for business purpose loan space
Civic Financial Services, a leading institutional private money lender, announced that it has surpassed $5 billion in loan originations and 12,000 funded loans since the company was founded six years ago.
CIVIC funds exclusively business purpose loans for real estate investors, making this milestone the first for any company in the private lending industry.
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CIVIC topped the $4 billion milestone on Sept 30, 2020. “We could never have imagined what the road from $4 billion to $5 billion would be amidst the pandemic, yet we reached it at record pace.” CIVIC President William Tessar said. “Reaching $5 billion was six years in the making, and now – with virtually unlimited access to capital – our current pace and trajectory will lead us to $10 billion in just two years.”
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CIVIC was acquired by Pacific West Bancorp in February 2021. This move has given the company the ability to lend at a lower cost, enabling CIVIC’s customers to benefit from considerably improved terms and lower interest rates. The company has also expanded its footprint, now lending in 25 states plus the District of Columbia.
“We’re so proud to emerge from a tumultuous year in the strongest position possible to deliver the best loan products, support and service available in the institutional private lending industry and help our customers capitalize on today’s real estate opportunities,” Tessar continued. “While low inventory has plagued the housing market, the brevity in which CIVIC achieved this milestone is just one indicator that real estate investors are finding properties and scaling at a rapid pace.”
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