Grandbridge Loan Origination Up 64 percent at Mid-Year
CHARLOTTE, N.C., Aug. 6, 2015 /PRNewswire/ — During the first six months of 2015 Grandbridge Real Estate Capital originated and closed 338 loans secured by multifamily and commercial real estate properties throughout the country. Same time comparisons from 2014 show 223 closed.
“We finished the second quarter with more than $3.26 billion in closed loan originations, which compared to the same period last year, is an increase of 64 percent. In addition to an increase in loan originations, we’re seeing significant increases in our pipeline, with applications tracking 65 percent higher than the same period last year,” Grandbridge Chairman of the Board and CEO Thomas S. Dennard said. “At mid-year 2014 our average loan size was $8.9 million. As of June 30 this year, our average loan size has increased almost 8 percent to $9.6 million.”
“This is shaping up to be a banner year. Multifamily transactions represented 59 percent of our closings for the first two quarters of 2015 – up 105 percent from same time comparisons for 2014,” Executive Vice President and National Production Manager Matthew Rocco said. “Our commercial transactions are also up, showing a 28 percent increase compared to the same period last year.”
Headquartered in Charlotte, N.C., Grandbridge Real Estate Capital, a subsidiary of Branch Banking and Trust Company (BB&T), arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management through its broad investor base that includes insurance companies, CMBS investors, pension fund advisors, commercial banks and capital markets investors, as well as its proprietary lending platform, BB&T Real Estate Funding.
The company is a Fannie Mae DUS® lender, a Freddie Mac Program® Plus Seller/Servicer, and an approved FHA MAP and LEAN healthcare lender. With a current servicing portfolio of more than $28.8 billion, Grandbridge, an S&P “Strong” rated servicer, services loan portfolios and provides asset and portfolio management nationwide for all capital providers including Fannie Mae, Freddie Mac, Ginnie Mae, insurance companies, banks and more than 250 securitizations. More information about the company is available at Grandbridge.com.
As of June 30, 2015, BB&T is one of the largest financial services holding companies in the U.S. with $191 billion in assets and market capitalization of $29.6 billion. Based in Winston-Salem, N.C., the company operates 1,903 financial centers in 13 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. More information about BB&T and its full line of products and services is available at BBT.com.
SOURCE Grandbridge Real Estate Capital LLC