First Tennessee Bank, Memphis, ended June with $2.7 billion of warehouse lending commitments on its books, an all-time high for the bank.
“There’s a lot of good business out there right now,” said Robert Garrett, executive vice president and manager of warehouse lending for the bank. “And we’re continuing to grow our volumes. The loan quality is great. It’s all government cheese.”
Compared to March 31, First Tennessee grew its commitments by 13%.
Like other financiers of nonbanks, the company is starting to gain new business thanks to Ally Financial exiting the market.
But it also increased production by hiking the maximum loan amount it will fund to its client base: $50 million compared to $30 million previously.
“We think our numbers will continue to grow,” Garrett told National Mortgage News. “We have a lot of deals in the pipeline.”
