Finance of America, a diversified national lender, announced that it has launched Finance of America Commercial, a new business unit designed to serve real estate investors.
The business unit was established following Finance of America Holdings’ investment in B2R Finance and B2R’s simultaneous acquisition of certain assets from private money lender Jordan Capital Finance. Under the terms of the transactions, B2R Finance will operate under a new name, Finance of America Commercial LLC, and joins Finance of America’s leading portfolio of brands. Jordan Capital Finance CEO Mark Filler will serve as president of the new business unit. Jordan Capital SVP Ben Fertig and B2R SVPs Joe Hullinger and Matt Soto will continue to lead sales efforts and oversee operations for the organization.
“The addition of commercial loans to our existing suite of products is a natural progression for us and we continue to execute against our vision of becoming a leading diversified national lender with the launch of this new business unit,” said Brian Libman, executive chairman, Finance of America Holdings LLC. “The launch of Finance of America Commercial enables us to reach new borrowers and will help us continue to strengthen awareness of the Finance of America brand.”
Finance of America Commercial will continue to serve borrowers from both Charlotte, NC and Chicago, IL as well as from regional offices throughout the country. In addition to maintaining direct relationships with real estate investors, Finance of America Commercial will expand its focus on independent mortgage brokers and will also leverage opportunities to work with mortgage advisors within the Finance of America family of companies.
“With nearly 16 million rental units in the United States and residential purchase-rehab-resale transactions reaching new highs, the real estate investment opportunity is clear and we believe that Finance of America Commercial will continue to be a leader in the space,” said Mark Filler, president, Finance of America Commercial. “I am excited to be leading this business and am very much looking forward to expanding our distribution channels, continuing to improve upon our products and to providing an excellent experience for our borrowers.”
The transactions closed in mid-February and terms were not disclosed.