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Alternative Lenders Take Big Chunk of L.A. Lending Pie

Led by Bank of America, the top commercial mortgage loan originator in Los Angeles in the first six months of this year, U.S. national lenders were responsible for half the loans originated by the market’s top 20 originators, CrediFi found in its Los Angeles Lending Spotlight for H1 2017.

At first glance, that doesn’t look much different from other top markets, like New York and Chicago, where national banks also led the league tables. But what’s interesting is that in L.A. the national lenders were followed by alternative lenders, defined here as non-bank lenders excluding insurance and pension companies.

 

 

These non-bank lenders were led by CRE finance company Walker & Dunlop, followed by commercial mortgage financing provider Ladder Capital and North America Sekisui (NASH Financing), a Virginia-based subsidiary of Japanese builder and developer Sekisui House. The alternative lenders were responsible for 17% of the loans originated by L.A.’s top 20 originators.

Compare that to other major markets, where the second-largest lending groups had shares of over 20%. That didn’t leave much pie to split among the rest, which largely claimed shares under 10%.

In the City of Angels, however, the remaining lender groups each got a pretty respectable piece of the H1 business originated by the largest lenders. And those pieces were pretty evenly cut: Out-of-state-regional banks had 11%, and California banks and foreign banks each had 10%.

While pension and insurance companies played a big role in Boston lending in the first half of the year, they took just 2% of the pie in Los Angeles, due to lending by the Teachers Insurance & Annuities Association of America, or TIAA.

To download the full Los Angeles Lending Spotlight for H1 2017, click here.

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Alex Veksler

Head of Content

Alex Veksler has 16 years of finance, data analysis and project management experience. He is a former vice president at Morgan Stanley, where he worked on product control of equity and fixed-income derivatives products as well as various projects involving finance and technology, such as revamping risk attribution and balance-sheet systems for profits and losses. Alex has previously worked at hedge funds, most recently as a director at Exigent Capital. He has a bachelor’s in computer science from Yeshiva University and an MBA from New York University.

Ely Razin

CEO

Ely Razin founded CrediFi in 2014 with Battery Ventures. A rare combination of seasoned corporate executive and technology entrepreneur, Ely previously served as global head of board governance for Thomson Reuters Accelus and head of business law for Thomson Reuters, after the software company he founded was acquired in 2004. The company, Expert Ease Software, developed AI-based software that automatically summarizes key deal terms for transactions in fields including capital markets, M&A and real estate. Ely began his career as a corporate and securities lawyer, and holds an LLB and MBA from York University.

Frank Muhlon

Head of Transactions

Frank Muhlon oversees CredifX, the commercial real estate financing marketplace that mines the CrediFi database at its core. Prior to joining CrediFi, Frank served as vice president of Northeast region business operations for online CRE property trading platform Ten-X, which has closed over $40 billion in transactions since its inception. He has also held key positions at Orix USA/Houlihan Lokey, Silverstein Properties and Trammell Crow Company. Frank received his master’s degree in real estate finance from New York University and his bachelor’s in finance from Rutgers University.

Charles Mctiernan

Head of Sales

Charles Mctiernan comes to CrediFi from Ned Davis Research Group and Roubini Global Economics, where he was the global head of sales. He also spent more than 10 years at Reuters America Holdings, where he held a number of senior sales leadership roles, including head of solutions sales and head of global accounts. Charles, who received his bachelor’s in economics from East Carolina University, has more than 25 years of experience in technology, data and research sales.

Amichai Levy

VP R&D

Amichai Levy is the former VP of R&D at Israeli high-tech firm Payoneer, where he developed its signature cross-border payment platform and integrated it with existing bank technology. In his prior role at Ness Technologies, Amichai was a key player in developing an electronic case filing system for Israel’s courts. He has over 20 years of experience in software engineering.

David Fajgman

Head of Finance

David Fajgman brings over 14 years of financial and managerial experience to CrediFi. Prior to joining the CrediFi team, he served as finance director of Bioness Neuromodulation Ltd., which develops and manufactures medical devices involved in neurological rehabilitation. He has previously worked in multiple finance roles at Thomson Reuters and as an accounting and consulting manager at Ernst & Young, where he was responsible for a wide range of clients, including companies listed on the Nasdaq and privately held high-tech companies. David is an Israel-licensed certified public accountant and has a bachelor’s degree in business and accounting.

Liat Bar David

Head of Human Resources

Liat Bar David has over nine years of human resources experience, primarily focused on the high-tech industry. She is a former HR business partner at semiconductor solutions provider Broadcom, where she was responsible for onboarding processes, benefits, policies, training and development, performance management and employee retention. Liat holds a bachelor’s in communication and human services and a master’s in human resources and services, both from the University of Haifa.