Real estate investment professionals are increasingly road blocked by shrinking financing options for construction and real estate acquisition projects caused by tarnished credit profiles, new banking legislation and increased federal oversight and regulation. The intense financial scrutiny and lengthy loan-approval processes of traditional lenders hamper the speed and flexibility required when opportunity knocks. Seasoned investors turn to a reliable and secure alternative source of funding for promising projects – Endeavor Capital.
Endeavor is New England’s largest private real estate lender and offers nonconventional lending options to builders, developers and investors needing quick access to cash when traditional lending sources are unwilling to extend credit. The asset-based lender funds projects such as real estate owned (REO) and short-sale properties with bridge loans, asset-based working capital, construction financing and real estate note acquisitions.
Banker & Tradesman once again ranked Endeavor among the top producers of the lending industry in its “2012 Top Lenders List” in the March 11, 2013 issue. This list ranks leading banks, credit unions and mortgage companies by loan category in both number of loans and dollar volume. Endeavor made the list in the commercial-retail, residential-jumbo and multi-family-home loans categories, joining Citicorp, Credit Suisse First Boston, GE Capital and Morgan Stanley on the “2012 Top Lenders List.”
Principal Tony Borghi credits Endeavor’s success to his business-savvy customers. “Our clients understand the benefits of working with a private lender to quickly obtain short-term capital for projects that might otherwise ‘go away,’” he said. “They have a clear vision of where they want to be and rely on Endeavor to deliver the means to get them there.”
Alternative lenders such as Endeavor serve a growing need for businesses looking for creative, situational financing within a tight time frame. Unlike commercial banks, Endeavor makes asset-based lending decisions that focus on the underlying value of the collateral that secures the loan, and not on the credit history of the applicant. Loans typically range from six to 24 months in length and amounts of between $100,000 and $10 million. Lending decisions are often made within 24 hours of application.
Endeavor Capital was formed in a 2010 merger of finance companies Endeavor and Capital Trust and brought about the alliance of industry veterans Tony Borghi of Endeavor and Kurt Stenhouse and Chris Anderson of Capital Trust. The principals bring to the table a combined experience of more than 50 years in the business and have transacted more than a billion dollars in financing for developers and investors throughout New England and Florida.
Anderson describes how Endeavor simplifies the lending process: “We don’t require fancy PowerPoint presentations. Just bring us the deal.” Stenhouse adds, “Our success draws upon the strength of our relationships with a vast network of clients, banks, brokers, accountants and insurance companies developed over the course of 25 years.”
