Oak Grove Capital sees 16 percent hike in lending
- Blog Post by: Janet Moore
- January 21, 2014 - 11:47 AM
St. Paul-based Oak Grove Capital, a national provider of real estate financial services, said it provided $1.7 billion of affordable market-rate and senior housing financing last year, a 16 percent increase over the previous year.
Both Freddie Mac and FHA financing volumes during the year increased 150 percent, while all Fannie Mae business remained strong with $700 million in volume.
Oak Grove said that it closed on $800 million in affordable housing loans in 2013, a 44 percent increase over the prior year, and, as such, is one of the top affordable housing lenders in the nation.
The firm also expanded its bridge lending capabilities and broadened its reach nationwide, closing loans in 46 states and serving a commercial real estate loan portfolio of about $9 billion.
Last year “was a great year for us by any measure, and we foresee 2014 as being equally successful. Being the largest is not our goal; however, being the best is,” said Dave Williams, co-founder and CEO of Oak Grove Capital, in a statement.
He noted that 80 percent of Oak Grove’s business comes from returning customers.
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