Excelsior Management Group of Oregon hopes to attract more investors to a fund dedicated to making private money loans.
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Managed by industry veteran Rick Baldwin who used to run Meritage Mortgage of Lake Oswego, the company is making private money or "hard money" loans to borrowers who cannot get financing in the conventional market.
EMG's first fund, which had $50 million, is winding down. "We have a second fund going and some of the investors in the first fund, about 25%, are now coming into the second one," he said in an interview with National Mortgage News.
Baldwin said the quality of hard-money loans out there today "is excellent."
EMG's maximum LTV is 65% and many borrowers have FICOs in the 700 range.
