LOS ANGELES--(BUSINESS WIRE)--AssetAvenue, the leading online lender for real estate investment properties, announced today that its Board of Directors has named Varun Pathria as its new CEO. Co-founder David Manshoory will shift his role from CEO to assume the role of President.
As CEO, David Manshoory seeded the initial development and growth of the company’s vision and team with Co-founder Kevin Arrabaca. David raised $15M in investor funding since its inception, including securing the company’s $11M Series A funding led by global venture capital firm DCM Ventures, and developed a strategic partnership with the National Association of Realtors (NAR) through its REach program to educate its member base of 1.2M real estate professionals about AssetAvenue’s loan products. The co-founders also expanded the senior leadership team with several strategic hires that included recruiting Varun Pathria, a former colleague of Kevin Arrabaca, from Colony Capital to join the company as Chief Investment Officer.
“As Co-founders of the company, our job is to always think about the future of AssetAvenue and how to move it forward. After raising our last financing round, putting a core management team in place, and building out the fundamentals of the business, the company has now reached an inflection point to best position the business for maximum growth,” said David Manshoory, President of AssetAvenue.
In his initial role as Chief Investment Officer, Varun helped the company secure additional institutional capital commitments, but his role quickly expanded into developing credit guidelines, mortgage processes and procedures, and its asset management infrastructure. “In a very short amount of time, Varun has had a dramatic impact on the development of the company. His valuable combination of deep real estate knowledge, operating experience, and capital markets expertise makes him best suited as CEO to take the company to the next level of growth,” added David Manshoory.
Prior to AssetAvenue, Mr. Pathria was Senior Vice President at Colony Capital, a global real estate private equity firm headquartered in Los Angeles, California. During his eleven-year tenure at Colony, Mr. Pathria closed on transactions valued in excess of $20B focused on high yield debt originations and acquisitions and opportunistic equity acquisitions. He also worked on several restructurings of corporate platform investments where he gained significant operating experience. As a former lawyer, Mr. Pathria is very knowledgeable about risk management and mitigation and has seen several real estate market cycles, providing the company with key insights into managing its lending strategy.
“I believe we are still in the early stages of building this company and the opportunity in front of us is simply huge. David and I share the same vision for the company, and I am excited about the opportunity to work in partnership with him. Our combined forces will provide the company with the additional firepower needed to reach our next stage of growth,” said Varun Pathria, CEO of AssetAvenue.
AssetAvenue is an online lender that is using technology to improve the way people borrow money for real estate investment properties. Our innovative online platform and proprietary data models enable us to deliver new benchmarks for speed, transparency and flexibility to borrowers and brokers that traditional banks can't compete with. We partner with institutional capital providers to offer competitive rates and flexible loan terms that allow us to fund loans in a matter of days. The company is a proud partner of the National Association of REALTORS® through its REach program to offer its loan solutions to brokers and agents nationwide seeking financing for their clients’ investment properties. AssetAvenue was named as one of the nation’s top 10 lending start-ups to watch and has been featured in numerous publications including the Wall Street Journal, Entrepreneur, Inc. and Forbes. Learn more about investing and borrowing at www.assetavenue.com.