- 2015 total production was $5.02 billion up 33% from 2014’s $3.719 billion.
- This was our best year since 2007’s $5.541 Billion.
- Total number of loans closed for the year was 690 up from 535 in 2014.
- Q4 was up about 3.5% over Q4 of 2014 in dollar volume.
- Average loan size for 2015 was $7.174 million up from $6.951 in 2014
- Life company production was $2.715 Billion with 400 loans or 55% of the total dollar volume followed by conduit at $906 Million or 18% of production and banks at $591 Million or 12% of the total.
- The majority of this year’s increase came from life company lending (up $848 million from 2014 and Fannie/Freddie up $288 Million).
Q10 KDH and Q10 Lutz Financial Services have successfully arranged the refinancing of a regional mall for approximately $35 million in a tertiary market in the Southwestern United States. Alan Warren, Q10 KDH Vice President based in the company’s San Antonio office, facilitated the refinancing with an institutional portfolio lender. The property is a stabilized asset with good sales and anchors including JC Penny’s, Sears and Dillard’s.
“Regional malls are challenging property types to finance in today’s lending environment and we were able to utilize one of our many portfolio lenders. As with many of our portfolio financings, the borrower was able to obtain a loan that was not available in the CMBS market. This financing is an excellent example of the Q10 difference: We make it happen when others just try!” – Alan Warren
Q10 Capital affiliates saw a record increase in loan production in 2013 of 38% to $3.829 billion from $2.772 billion in 2012. In announcing the results, Bob Stout, CEO of Q10 Capital said, “we are pleased with this substantial increase in business and know it is a direct result of the continued commitment of our affiliates to be the best in class commercial and multifamily mortgage bankers in each of their markets.” Loan origination results for the commercial and multifamily markets as a whole were up 7% in 2013.
Atlanta based affiliate Q10 | iCap Realty Advisors lead the affiliates with production of $580 million. Q10 | Lutz Financial Services in Birmingham, MI was second with $546 million followed by Q10 | Triad Capital Advisors with $464 million. David Collie, principal with Q10 | iCap Realty Advisors was awarded the Chairman’s Award for top production company wide.
Loans were placed with 130 different capital sources with life insurance companies representing the largest investor segment followed by CMBS and banks. Loan sizes ranged from just under $1 million to $100 million. As of December 31, 2013 the Q10 member affiliates were servicing 3,915 loans with an aggregate principal balance of $11.475 billion.
Q10 Capital is an affiliation of 16 independently owned commercial and multifamily mortgage banking companies operating in 23 markets coast-to-coast. The company is built around the belief that local market expertise is the foundation of superior solutions for the commercial financing goals of property owners all the while leveraging the collective knowledge of a national organization. For more information explore our website at www.q10capital.com.
Q10 Capital is proud to announce that two of its board members, Eric Lutz and Joe Monteleone were inducted into the Midwest Real Estate Finance News Hall of Fame for 2013. In announcing the 2013 recipients, Dan Rafter the Editor of Midwest Real Estate News said, “The professionals we’ve chosen this year are true leaders in the field…They’re each committed to the needs of their clients. They never stop educating themselves on their industry. And they each know their personal markets intimately…But even the busiest of our Hall of Fame Inductees manages to find time to devote to both their communities and their industry.”
Eric Lutz is a principal with Q10 | Lutz Financial Services in Birmingham, Michigan. In Eric’s fifty year career he has been an innovator in commercial real estate development, redevelopment and investment. Eric currently serves on the board of managers of Q10 Capital. Four of Q10 | Lutz Financial Services’ producers received the Q10 Capital President’s Club award for 2013 for production in excess of $100 million.
Joe Monteleone is Executive Vice President and principal of Q10 | Triad Capital Advisors, managing their St. Louis office. In Joe’s 28 years in the industry he has distinguished himself as a top producer working tirelessly for his clients to find the best loan products to achieve their goals. Joe serves as one of the four members of Q10 Capital’s executive committee and is a member of the board of managers. Additionally, Joe received the Q10 Capital President’s Club award for 2013 production exceeding $100 million.
Congratulation to Eric and Joe for this prestigious recommendation!
Locally based Q10|Lutz Financial Services has secured $108 million in financing for a portfolio of 47 manufactured housing properties and three apartments in Wisconsin, Minnesota, Michigan, Ohio and Maryland.
The unnamed, Midwest-based private investor gained $99 million for the manufactured housing sites and $9 million for the multifamily properties. Adam Lutz, managing principal at Q10|Lutz, said the borrower was able to refinance a conduit loan that encumbered all of its assets in one cross-collateralized, cross defaulted pool. The terms of the manufactured housing property pools were 75 percent loan to value, 10-year, non-recourse loans with 30-year amortization schedules at an interest rate of 4.4 percent.
“This transaction reflects a positive trend in the manufactured housing industry,” Lutz said in a statement. “As the overall economy and housing market continue to improve, more financing options are available for tenants who want to reside in manufactured housing communities. As occupancy rates have increased nationwide, the cap rates have continued to decline.”