IRVINE, Calif.--(BUSINESS WIRE)--Bellwether Enterprise Real Estate Capital LLC (Bellwether Enterprise), the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc. (Enterprise), announces the extensive expansion of its West Coast platform, with 22 new hires joining the newly-formed Los Angeles and San Diego offices and existing Irvine office. After a record year in 2016, the growth of Bellwether Enterprise’s presence in Southern California reflects strong regional demand and aligns with the company’s long-term strategy of expanding its robust reach on a national scale.
“Our latest expansion really has to do with the people. We are fortunate to bring on a highly experienced group of people who have long-standing relationships in the region and have been working together in Southern California for the past 20 years,” said Ned Huffman, president of Bellwether Enterprise. “The extensive expansion will provide Bellwether Enterprise a full service approach in Southern California resulting in arguably the most comprehensive set of permanent loan financing options for clients in that region.”
Bellwether Enterprise’s West Coast expansion is expected to add more than $1 billion in annual loan volume, bringing the total of anticipated loan volume to $6 billion in 2017. The expansion includes nine additional producers, four servicing staff and nine support staff. Thirteen people will be based in a newly formed Los Angeles office, six will be joining the current Irvine office, and three will work in the new San Diego location. Bellwether Enterprise also has a Northern California office located in San Francisco.
“By adding additional expertise to the market and expanding upon our product offerings, Bellwether Enterprise has become a true full-service platform in Southern California,” said Todd Harrop, executive vice president, national director of capital markets.
Bellwether Enterprise offers borrowers a full-spectrum of financing options including Life Insurance Company, Fannie Mae, Freddie Mac, FHA, CMBS, and other proprietary lending products. The company currently has an annual servicing portfolio of over $14 billion.
“The wide array of lending products, competitive options, and ability to work at a quick pace, without a lot of red tape is a key factor in competing in today’s fast-paced commercial mortgage banking industry. Bellwether Enterprise’s boutique style, high-touch approach to commercial mortgage banking is an added benefit to Southern California borrowers,” said Shelley Magoffin, new executive vice president of the Los Angeles office. The company’s end to end, full-service platform will allow our customers to receive the highest quality customer service from application to closing and servicing to loan payoff.”
Bellwether Enterprise will also maintain a servicing office in Los Angeles headed by Shelley Hasskamp. Shelley and her team will oversee all asset management, property inspections, property financials, loan surveillance functions as well as serve as the primary servicing contact for the West Coast borrowers. All payment processing, treasury management, cashiering functions, and escrow administration will be consolidated into Bellwether Enterprise’s Cleveland-based servicing center.
“The combination of our existing correspondent life company relationships and Bellwether Enterprise’s strong local agency lending platform will enable our firm to be a true leader in the region,” said Tom Kenny, new executive vice president in the Irvine office.
The expansion is one of many major growth endeavors for Bellwether Enterprise across the country. A recent expansion of its affordable lending group in New York City and the acquisition of Capital Advisors in the Southeast build on previous company expansions, including a new office opening in the New England area and the 2015 merger with Towle Financial Services in the Upper Midwest.
“It’s an added benefit to be a part of an organization that supports a mission of advocating for and creating affordable and workforce housing in the U.S.,” said Nicholas Alston, the new senior vice president in the San Diego office. “We truly are Capital on a Mission.”
The U.S. is in the midst of a broad housing insecurity crisis that is affecting nearly 19 million low-income families who are homeless or paying more than half of their monthly income on housing. Enterprise’s goal is to end housing insecurity in the U.S within a generation. As part of the Enterprise family of companies, Bellwether Enterprise is committed to tapping its expertise and nationwide network to help achieve this goal.
For more information on Bellwether Enterprise and its services, visit us at: www.BellwetherEnterprise.com.
Bellwether Enterprise is a national, full-service commercial and multifamily mortgage banking company. As a subsidiary of Enterprise Community Investment, Bellwether Enterprise has production offices across the country and an integrated servicing platform based in Cleveland. With local market expertise, national lending relationships and financing structure experience, Bellwether Enterprise provides competitive, creative solutions to complex financing needs. Bellwether Enterprise has a wide variety of lending resources, including life insurance companies, pension funds, commercial banks and CMBS lenders and is a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, Freddie Mac Multifamily Licensed Seller/ Servicer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.