New lending arm expands company's mortgage offerings
Direct mortgage lender Geneva Financial has launched an in-house portfolio lending division, expanding its loan options.
According to its release, the investor-focused private lending division taps into Geneva’s capital with $55 million in managed funds. The new unit will offer fix-and-flip loans, ground-up construction loans, bridge loans for investors, and a signature bridge loan called the “Transition” that allows borrowers to purchase a new home before their existing one is sold.
Geneva has appointed industry veteran Morgan Smith (pictured) to head the new unit.
“This new division is an exciting addition to our already robust offering,” Geneva Financial CEO Aaron VanTrojen said. “More than that, we are delighted to have Morgan Smith and his incredible expertise join the company.”
Read more: Private loan products are in high demand as housing is in short supply
“I could not be more pleased than to come home to Geneva Financial and partner with my closest friends and the other good humans that make this company so special,” Smith said.
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