Posts Tagged ‘residential rehab’

Victory Park Capital Expands into Real Estate Sector with Investment in Renovo Financial | Business Wire

CHICAGO–(BUSINESS WIRE)–Victory

Park Capital (VPC), an asset management firm focused on middle

market debt and equity investments, announced today that it will make a

$50 million investment, with a $100 million potential upsize, in Renovo

Financial, a Chicago-based private lending company that assists

rehabilitation investors in acquiring, renovating and selling/renting

residential properties. The investment will refinance Renovo’s existing

portfolio, finance loan portfolio growth and support expansion into new

markets outside of the Chicagoland counties.

“Renovo’s market leadership in the Chicagoland area, experienced

management team and industry knowledge are exceptional,” said Tom

Affolter, partner at VPC. “We believe this is an opportunistic time to

partner with Renovo to help provide loans in the underserved residential

rehab lending space and expand into new markets.”

Founded in 2011 by Kevin Werner, CEO of Renovo, and Granite Creek

Partners, a Chicago-based private equity firm, Renovo originates

short-term rehab loans and long-term landlord loans to creditworthy and

experienced residential rehab investors enabling them to reduce their

cost of capital as well as efficiently acquire and sell properties at

highly attractive rates of return. After building a robust

infrastructure and experienced management team over the last three

years, Renovo will use the funding to accelerate growth initiatives and

diversify its product offerings to better serve its customers.

Werner said, “Our goal for Renovo is to play an active role in

addressing the funding needs of the residential rehab community. The

massive dislocation in the credit markets during the recession provided

an opportunity for a specialized finance company, like Renovo, to

provide capital to creditworthy residential rehabbers. In partnering

with VPC, we are pleased to have secured a large amount of capital to

fulfill the needs of our borrowers as they continue to enjoy success in

their businesses.”

“We are excited to team up with a firm as knowledgeable and experienced

in the specialty lending industry as VPC to continue to scale our

business,” added Mark Radzik, partner at Granite Creek. “With our

seasoned leadership and VPC’s expertise, we are confident Renovo is well

positioned to drive future growth.”

About Victory Park Capital

Victory Park Capital (VPC) is a privately held registered investment

advisor dedicated to alternative investing through the management of its

investment funds. As specialists in credit and private equity

investments, VPC focuses on middle market companies across a diversified

range of industries. Whether as a lender or a control investor, VPC

seeks to identify opportunities where it believes the potential for

reward outweighs the risks entailed. Founded in 2007, VPC is

headquartered in Chicago with additional resources in Los Angeles, New

York and San Francisco. For more information visit: http://www.victoryparkcapital.com.

About Renovo Financial

Renovo is a rapidly growing specialty finance business designed to

capitalize on the significant market opportunity in providing capital to

residential real estate investors. Founded in 2011, Chicago-based Renovo

is the premier provider of financial and strategic support for real

estate investors and property rehabbers who invest in and rehab

single-family and small multi-family properties. Renovo powers the

growth of its customers’ businesses and the communities they serve by

providing timely capital, responsive customer service, and assistance in

all phases of a project for its clients. Renovo’s clients are

experienced rehab investors and project managers, whose goals are to

redevelop properties to buy, fix, and flip for a short-term profit or

buy, fix and hold as a part of a long-term portfolio. Renovo’s

high-touch service, expert advice, and speed combined with flexible and

innovative loan products allow its borrowers to commit to and undertake

projects with confidence. Renovo typically funds small to mid-sized

projects up to $1 million. For more information visit: http://www.renovofinancial.com.

About Granite Creek Partners

Granite Creek Partners is a Chicago-based investment firm founded in

2005 that provides equity and debt capital to public and private

companies and innovative specialty finance for underserved industries.

Granite Creek pursues situations where a flexible investment approach

can deliver unique and highly customized solutions across an array of

investment types. With a focus on investing in fundamentally sound

U.S.-based middle market companies, Granite Creek looks to accelerate

the building of its portfolio companies through global expansion, add on

acquisitions and access to growth capital. For more information visit http://www.granitecreek.com.

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