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2/02/16
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Eagle Group Finance, a direct lender specializing in asset-based commercial real estate loans throughout the Western United States, has changed its name to iBorrow. The company believes the new name better communicates the activities of the company, and more accurately reflects the updated approach to loan origination that facilitates more efficient and quicker deal closings.
“We believe that private lending transactions are a large, growing and increasingly mainstream activity within the capital markets ecosystem. We have established a meaningful foothold in this growth area and believe that the iBorrow name will enable us to better position our company in this emerging space,” says Brian Good, CEO of iBorrow.
Headquartered in Los Angeles, and with offices in San Francisco and New York, iBorrow will retain its current locations and intends to announce growth plans in additional markets primarily in the Western United States to facilitate its loan transactions. The company was founded in 2000.
iBorrow expects to more than double its loan origination volume in 2016. The company will continue its focus on short-term bridge financing for commercial property owners, handling a multitude of loans ranging from $1 mil - $20 mil, with a fixed yield which currently ranges between 8-12%.
“When we started the business, our average loan size was $1 mil,” notes Good. “Today, average balances on our loans are trending towards $6 mil and we expect both the size and quantity of our loans to increase as investors interested in yield and borrowers interested in capital contribute to a more robust opportunity.”
In addition to Brian Good and Andrew Peltz, the team includes: Co-Executive Chairman, Harlan Peltz; VP Origination, Lucas Allen; and Investment Associate, Will McCabe.
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