Civic Financial Services, a private money lender that focuses on loans for property investors, is expanding its offerings.
Civic announced Tuesday that is launching a correspondent lending channel, allowing lenders to close real estate investor loans in their own names and access warehouse lines.
“Simply put, we understand the needs of our partners,” Civic President William Tessar said. “In the wholesale arena, private money products were only available through the broker vein, which meant less revenue for the mortgage banker. In the private money arena, lenders were previously limited by the amount of capital they could raise.”
Now, lenders that want to make loans to real estate investors can tap Civic for their funding.
Civic's correspondent platform is led by Zeenat Zonte, who brings more than 20 years of experience in the mortgage business and held leadership positions with NewRez, Stearns Lending, and Ditech Home Loans.
“Creating a correspondent channel was a natural progression for our company, whose roots lie in the fix-and-flip space as well as 30 years of experience in institutional lending,” Zonte said.
“This is a win-win for mortgage partners and investors alike,” Zonte added. “With Civic correspondent loan programs, our partners can offer a unique product in high demand for acquisition, rehab and rental scenarios.”