Firm Extends Warehouse Credit Lines for AMC Clients
Jaymes Financial, the Virginia-based adviser for real estate and consumer loans, recently opened three warehouse lines of credits totaling more than $100m to fund mortgage originations. The three lenders involved are all clients of Coester Appraisal Group, an appraisal management company (AMC). Coester will act in a referral capacity, as a stepping stone in its strategy to expand beyond its appraisal, broker-price opinion (BPO) and automated valuation model (AVM) services. “When reviewing our client's appraisal needs, we often uncover other areas where we can add value,” said the firm’s sales director, Brian King. “Clients are often surprised to hear of our range of expertise.” Those expansion plans, CEO Brian Coester said, include growing beyond appraisals to help clients with mortgage and banking operations. While Coester Appraisal Group specializes in appraisal valuations, any capital markets initiatives are handled through the Jaymes Financial. The firms are starting off slow, only offering the expanded services to limited clients. “We have clients of all sizes with various business models. In some form we are able to help them, not just with appraisals, but also with their actual mortgage and banking operation,” Coester said. “We have had success helping clients align themselves with banks, sell off buybacks and coordinate bulk purchases on REO properties.” Write to Austin Kilgore.