LOS ANGELES, Jan. 06, 2017 (GLOBE NEWSWIRE) -- Genesis Capital, LLC, a private specialty finance company providing bridge loans to professional developers focused on the rehab and resale of single-family and multi-unit residential real estate, today announced it has achieved record loan originations exceeding $1 billion for 2016.
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“Today Genesis Capital has achieved an important milestone in our industry,” said Robert Wasmund, co-Chief Executive Officer of Genesis Capital. “We have demonstrated our ability to achieve national scale in the residential rehab and renovate sector, which has traditionally been highly fragmented and served by local lenders. It has been exciting to build and prove out our team and model, where we retain the speed, service, and flexibility our customers' businesses require while safely expanding the business in multiple geographies nationwide.”
Funds managed by Genesis Capital provide short-term commercial bridge loans to professional developers active in the rehab, resale, and construction of single family and multi-unit residential real estate. The firm’s borrowers are well capitalized with a proven track record and expertise in the purchase, renovation and sale of single-family and multi-unit assets. The firm has been an active lender since 2007.
“This is a proud day indeed for our incredibly committed group of employees, shareholders, and partners. Although lending origination growth can sometimes be achieved at the expense of credit quality or returns, Genesis has achieved this record growth while also expanding our senior debt financing facilities to over $700 million in available capacity, achieving record returns and operating leverage, and with zero credit losses to date,” said Rayman Mathoda, co-Chief Executive Officer of Genesis Capital.
“Our team is looking forward to continuing to collaborate with our strategic and capital partners to build a world class company focused on this $50+ billion dollar annual industry where we are now able to deliver finance company yields with bank like assets and advance rates in the 70 percent loan to value range,” finished Wasmund and Mathoda.
About The Genesis Family of Companies:
Genesis Capital is a high growth specialty commercial lender focused on residential real estate markets - we provide financing for highly qualified and experienced real estate operators who fix and flip homes and apartment buildings focused on both standard and luxury buyers. Genesis Capital is backed by certain investment funds managed by Oaktree Capital Management, L.P., a leader among global investment managers specializing in alternative investments. Privately held, Genesis Capital is headquartered in Los Angeles, CA. Visit Genesis Capital at www.genesiscapital.com.