Velocity Mortgage Capital, a direct portfolio lender that focuses on investment property loans for residential 1-4, multi-family, mixed-use and small balance commercial properties, has expanded its operations.
The firm, which operates nationwide, is headquartered in California and its new office in Austin, TX, will serve the central time zone.
“The market for residential 1-4, multi-family, mixed-use and small balance commercial properties is strong all across the country,” said Velocity Mortgage Capital CEO Chris Farrar. “Opening our Austin office provides us with the opportunity to work with brokers in Texas and other states in the central region of the U.S. to provide capital to self-employed real estate investors who might not qualify for traditional bank loans.”
The firm has funded over $2.4 billion in investment and commercial property loans.
Heading the new Austin office as regional sales manager is commercial mortgage industry veteran Stan Salter. He has been with Velocity in California since 2013 and previously worked with other mortgage firms in the state.
“Our goal is to increase the footprint in Texas and surrounding states,” Salter said. “We have an opportunity to build something here.”