Renovo Financial Forges $5 Million Multi-unit Property Deal with SpringView Investments
CHICAGO—March 30, 2022
Renovo Financial, one of the country’s largest residential real estate investment lenders headquartered in Chicago, today announced it has closed a nearly $5 million deal with longtime client SpringView Investments.
The deal, which closed at the end of February, comprised 9 buildings containing 42 units in Lansing, IL and 4 buildings containing 24 units in Alsip, IL. The buildings include 16 three-bedroom, one-bath units; 37 two-bedroom, one-bath units; and 13 one-bedroom, one-bath units.
The loan was a refinance of a portfolio aggregated in a series of transactions between 2018 and 2020, and provides for five years of interest only, after which it transitions to an adjustable rate mortgage that will amortize fully over the remaining 25 years of the loan.
“Renovo has been a key partner over the years,” said Harold Willig, SpringView’s Founder and Manager. “We began our relationship when they financed the purchase of a number of individual single-family rental properties when long-term financing was not yet readily available. We saw a significant increase in the value of these properties and seized the opportunity to refinance prior to the interest rate increases anticipated for 2022. Renovo provided the best process and product for us to execute in a timely manner, which is why they continue to be part of our key transactions.”
Renovo Financial, a private residential investment lender, operates on pillars of reliability, flexibility, speed, efficiency, and local team expertise. Employing a one-stop shop model, Renovo offers residential real estate investors a full suite of loan programs, including single family and multi-family rehab, new construction, and 30-year fixed rental loans, as well as in-house underwriting and servicing. Renovo’s commitment to building local long-term client partnerships, combined with its end-to-end product suite, means clients experience the best products and pricing of a national financial institution, but with the attention and service of a nimble local startup.
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“Harold and his team are exceptional operators; they always go the extra mile to ensure their assets are top quality, which in turn attracts great tenants. From a lending standpoint, it’s a great comfort knowing your collateral is highly marketable, incurs little deferred maintenance, and that the management platform is best in class.” said Eric Workman, Managing Director of Renovo’s Chicago office. “It’s these factors – and the fact that Renovo keeps a hyper-local focus on each of our markets, closely watching and and sharing our knowledge with our clients – that makes deals like this one such a win-win.”
About SpringView Investments
Harold Willig established SpringView Investment Management, LLC in 2012 with the objective of creating a stable income stream in a risk-mitigated environment, by aggregating non-institutional assets to create institutional opportunities for its investors.
Today, SpringView provides investors attractive current yield through acquiring, renovating, leasing, and operating affordable single-family and multi-family dwellings in the United States, and currently owns/manages or is in contract on 225 single family rental units and 367 multi-family dwelling units in 42 buildings. The portfolio is managed by SpringView Property Management LLC, which manages over 600 units in the Chicagoland area from its office in Oak Forest, IL. SpringView Property Management was launched in 2017 to manage properties owned by the SpringView partnerships.
About Renovo Financial
Founded in 2011, Renovo Financial is a fast-growing residential real estate investment lender for entrepreneurs who rehab or build investment properties. Renovo uses local market expertise, real-world underwriting, and a service-driven approach to create financing relationships that deliver more than just simple working capital. Cofounded by Kevin Werner, Daniel Rosen, and Granite Creek Capital Partners, Renovo has become one of the largest residential real estate investment lenders serving the surrounding Chicagoland area, Dallas, Houston, San Antonio, Boston, Miami, Phoenix, San Diego, Denver, New York, New Jersey, Rhode Island, St. Louis, Connecticut, and Raleigh, NC. Renovo Financial was recently recognized by Crain’s Chicago Business as a FAST 50 company, a compilation of the region’s fastest-growing private residential real estate lenders.
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