September 17, 2021

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Mortgage News

Civic CEO Bill Tessar unfazed by downbeat aspects of MBA survey

Reiterating the view that the sector has remained stable, Tessar told MPA that his company, which is a non-bank multi-family bridging lender, had “best performed in the last six months” among other loan options, suggesting that Civic had successfully negotiated the COVID storm since the beginning of the year.

California-based Civic Financial Services recently reached a milestone when it exceeded $ 5 billion in lifetime business production – a first for a business lender.

However, closer examination of the MBA numbers showed that overdue retail loan balances were up 0.5%, while 3.5% of office home loan balances were long-term – up from 2.4% in May.

Additionally, 2.1% of multi-family balances were long-term, up 1.8% from May. Long-term assets are long-term investments that cannot easily be converted into cash.

Regarding this aspect of the survey, Tessar said the data does not reflect his company’s own performance. “We only had one multi-family loan that was not fulfilled, and that was through business liquidation and litigation between the owners,” he said.