Angel Oak Commercial Lending Announces Acquisition of Cherrywood Mortgage
ATLANTA--(BUSINESS WIRE)--Jun 5, 2018--Angel Oak Commercial Lending, LLC (AOCL) has acquired a controlling interest in Cherrywood Mortgage, LLC (Cherrywood), a national small-balance commercial mortgage lender based in Los Angeles County, Calif.
Cherrywood will serve as the wholesale small-balance commercial lending arm of AOCL. It is led by Chief Executive Officer Bill Komperda and President Ed Resendez. Respectively, Komperda and Resendez have 32 and 40 years of experience in the mortgage industry.
“With this strategic acquisition, we are adding both a great business and a tremendous group of people to the AOCL team. The experience that Bill, Ed and the Cherrywood team possess is unrivaled in the commercial lending industry. Cherrywood has long been regarded as a top firm in the space with an extensive network of brokers throughout the country,” said Ben Easterlin, Managing Director of AOCL.
Cherrywood’s specialty is originating loans with balances of $5 million or less, typically on stabilized or value-add properties for all major commercial property classes, with various lending approaches including “lite doc,” “market rent,” “near-bank quality” and “bank quality” loan programs. The recently launched AOCL, part of Angel Oak Companies, also originates loans of similar size for commercial real estate projects, one- to four-family income-producing rental properties, and bridge financing. Adding Cherrywood to the AOCL platform marks the next evolutionary step for Angel Oak Companies, as it broadens its leadership position in the residential non-QM lending business by extending into this area of commercial lending.
Loans of the size that Cherrywood and AOCL originate have traditionally been originated by community banks; however, tightened regulations around commercial lending at financial institutions has limited their lending ability, resulting in a financing challenge for smaller commercial real estate owners, developers and investors.
“Cherrywood is thrilled to join the Angel Oak team. It is an ideal match, as we both realize the need in the marketplace for the commercial real estate loans that Cherrywood will offer. Many individuals and companies with great ideas for commercial real estate projects often find themselves stuck because of limited financing options. Both Cherrywood and Angel Oak understand this problem, as well as its solution,” Komperda said.
About Angel Oak Commercial Lending, LLC
Angel Oak Commercial Lending is a specialty finance company providing solutions to meet the underserved financing needs of commercial real estate owners, developers and investors. The company provides access to debt markets for value-add transitional and stabilized projects quickly and efficiently. Angel Oak Commercial Lending offers senior mortgage loans, mezzanine loans, and bridge loans on all commercial asset classes throughout the United States.
For more information, please visit: www.angeloakcl.com.
About Cherrywood Mortgage, LLC
Cherrywood Mortgage is a small-balance commercial real estate loan origination and servicing company, providing qualified borrowers with financing for the acquisition or refinancing of small-cap commercial properties, on a nationwide basis.
For more information, please visit: www.cherrywood.com.
About Angel Oak Companies, LLC
Angel Oak Companies is an industry leader in delivering innovative mortgage credit solutions. Through its integrated credit and investment platform, Angel Oak Companies delivers solutions across asset management, lending and capital markets.
For more information, please visit: www.angeloakcompanies.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180605005519/en/
CONTACT: Media Contact:
Gregory FCAforAngel Oak Companies
Alex Nye, 610-228-2287
Angel Oak Companies
Steven Winokur, 404-637-0393
Chief Marketing Officer
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA GEORGIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING CONSULTING FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
SOURCE: Angel Oak Commercial Lending, LLC
Copyright Business Wire 2018.
PUB: 06/05/2018 10:00 AM/DISC: 06/05/2018 10:01 AM