Direct mortgage lender Geneva Financial has launched an in-house Portfolio Lending Division.
The division is starting out with $55 million in managed funds available to assist investors, builders, and clients of their real estate agents. It will offer ground-up or Fix and Flip loans, plus bridge loans for investors of between six months and three years.
Its signature bridge loan, “Transition,” allows borrowers to buy a new home before their current home is sold.
Portfolio Lending will also offer long-term financing to owner-occupied borrowers who don’t currently fit into Geneva’s existing guidelines.
“This new division is an exciting addition to our already robust offering,” Geneva Financial CEO Aaron VanTrojen stated about the announcement. “More than that, we are delighted to have Morgan Smith and his incredible expertise join the company.”
Industry leader Morgan Smith will lead the new division. A veteran bringing decades of industry experience to the position, Smith ran his own mortgage company for twelve years. Prior to Geneva, he served as Managing Director of Alternative Investments at Community First Bank.
“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.
Geneva is an Arizona-based direct mortgage lender with 130 branches operating in 47 states. It was ranked Best Arizona Mortgage Lender for three consecutive years.