Renovo Financial Boosts Lending Platform with Additional $25 million Investment from Victory Park Capital
Chicago-based Renovo Financial, a residential real estate investment lender, announced it has closed an incremental $25 million commitment from Victory Park Capital (VPC), an investment firm focused on private middle-market debt and equity investments. This latest commitment brings VPC’s total investment in Renovo Financial to $75 million since 2015.
Founded in 2011 in partnership with Chicago-based private equity firm Granite Creek Partners, Renovo Financial is one of the nation’s fastest-growing private lenders, increasing its volume from $500,000 in lending in 2011 to a projected $150 million for 2016. Unlike traditional lenders that can take up to 60 days to close, Renovo Financial’s structure enables it to deliver a 10-day-closing guarantee on short-term acquisition and construction loans, as well as long-term financing for rental properties.
“The additional $25 million investment from VPC strengthens our ability to service what continues to be an underserved market of real estate investors,” said Kevin Werner, CEO at Renovo Financial. “We’ve demonstrated to our partners at VPC and Granite Creek that our hands-on approach to lending is an effective way to achieve long-term success.”
Renovo Financial provides loans up to $2 million to experienced investors who acquire, renovate and manage residential properties. Its staff holds expertise across all disciplines, including financing, renovation and property management, and is nimble enough to provide tailored customer service throughout the life of the loan. A team is assembled for each project loan to include third-party professionals such as attorneys, property managers, general contractors and Realtors. Renovo Financial specializes in the Chicago market, and has an expanding network of capabilities in other major cities.
“Our team’s ability to identify market opportunities and shepherd our clients through every stage of the process is the foundation of our success,” said Werner. “With funding partners like VPC and Granite Creek supporting that strategy, we’re positioned for exceptional growth in the months and years ahead.”
About Renovo Financial
Renovo is a rapidly-growing specialty finance business 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 in 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 support in all stages of a project. Renovo’s clients are experienced investors and project managers who pursue a buy-fix-flip strategy for short-term profit or a buy-fix-hold approach to build 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. For more information, visit renovofinancial.com.