NORTHRIDGE, Calif., October 27, 2020 (Newswire.com) – Extensia Financial is making huge strides with the first three quarters of 2020, nearly surpassing all funding for the entire year of 2019 with more than $137 million in funding with 27 individual participating credit unions. The company’s third quarter alone saw $79 million in participation lending.
As a commitment in the “new normal,” Extensia is sourcing and funding these loans in a responsible manner during the COVID-19 era and has continued to structure company-originated participation opportunities to be more conservative and responsive to the ongoing challenges of this current economic climate.
Extensia Third Quarter Loans:
- July 2020: 11 loans for a total of $34,324,500
- August 2020: Five loans for a total of $10,757,500
- September 2020: Six loans for a total of $34,033,000
Extensia Financial would like to thank its credit union partners as this historic achievement for the company could not have happened without their active engagement and partnership.
As one of the nation’s most seasoned credit union service organizations (CUSO), Extensia is focused on commercial real estate lending, judiciously closing over $137 million in commercial real estate loans the third quarter of 2020, nearly surpassing all of 2019. Extensia’s prudent decision-making and more conservatively adjusted loan production metrics not only represent Extensia’s experience and expertise in the industry, but it is also a testimony to the incredibly strong and engaged partnerships Extensia shares with its lead lenders and credit union participants.
In consideration of the current commercial lending environment, Extensia restructured loans to lower the loan-to-value ratios, increase debt service coverage ratios, and increase holdbacks when deemed necessary or appropriate.
“To remain true to our mission of being the most trusted commercial loan servicer, Extensia adjusted its lending guidelines to address both the actual and potential effects of COVID-19 while delivering the loan production our lenders and borrowers are counting on. Even with our more conservative measures to mitigate unnecessary exposure to our credit union partners, Extensia was able to close over $137 million in loan production in the third quarter of 2020. More conservative underwriting guidelines have given us the assurance that we can achieve continued volume while maintaining the confidence and support of our credit union partners, for whom we are so grateful,” said Craig Page, CEO, Extensia Financial.
Natalie Yanez, CUDE Extensia Financial
d 818.836.6337 m 619.208.8224
9301 Corbin Ave. Suite 2100
Northridge, California 91324
Source: Extensia Financial