INNOVATIVE COMPANY FEATURE
The CIVIC Difference INSTITUTIONAL BACKING, PRIVATE MONEY STRATEGIC EDGE By Charles Peckman, Contributing Writer for Originate Report
C
IVIC Financial Services, based
“The
the
that institutional backing provided.
in Redondo Beach, California,
challenge of having to cater to
The most essential element for any
may
Wall
multiple take-outs,” Rommel said.
successful lender, she said, is their
Street, but unlike other hard-money
“We now have the ability to balance
access to and management of capital.
lenders that rely on finite resources,
sheet most of our paper, which
CIVIC’s private money is there when
enables us to make quicker, more
“We were never put in the position
its customers need it. Funding more
critical decisions on what we are
of having repo or warehouse lines
than $100 million a month – and
willing and able to finance; I think it
getting
growing – Originate Report sat down
empowers us.”
have great capital partners that
be
backed
by
acquisition
eliminates
with Kendra Rommel, Director of
maxed
out
because
we
honored the commitments we had
Regional Sales, to discuss the ‘CIVIC
“It is important to note,” Rommel
in place pre-pandemic,” explained
Difference,’ the hard money space,
added, “that the PWB relationship
Rommel. Fortunately, we were also
and the Company’s recent acquisition
does
having
in a position to keep loans on our
by Pacific West Bank.
additional
This
balance sheet, and not sell at a loss.
flexibility is what makes CIVIC the
That stability encouraged additional
“CIVIC was recently acquired by
ideal partner for so many borrowers
capital partners to look at us, what
Pacific West Bank (PWB), a publicly
and lenders.” Additionally, Rommel
we’ve been doing, and how we
traded institution. What this did for
points out that this partnership does
underwrite deals. This gave us the
the hard-money lender,” Rommel
not ‘bankify’ CIVIC; instead, it serves
time and opportunity to determine
said, “is significantly lower our cost
as the culmination of a years’ long
who would make the best partner for
of capital, which enables CIVIC to
pre-existing strategic relationship.
CIVIC long term.”
products.” PWB had been a strategic
Turning to how CIVIC rapidly adapted
From an organizational perspective,
partner of CIVIC long before the
during the coronavirus pandemic
Rommel said, she could not be
acquisition,
– Rommel said that she has been
happier with the team that is in place
grateful for the competitive edge
at CIVIC. As the Company continues
not
preclude credit
us
partners.
extend more competitively priced
therefore
the
partnership was a “natural fit”.
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