News


News

San Diego-based provider of jumbo, non-Qualified Mortgages (non-QM) well positioned for growth in primary and secondary mortgage markets

SAN DIEGO, Calif., September 30, 2017 (Businesswire) – 5th Street Capital, Inc., a groundbreaking mortgage lender that has been bringing a new perspective to the marketplace for more than two years, today announced that its Board of Directors has approved a strategic initiative intended to open its products and services to new clients. These expansions plans solidify 5th Street Capital’s position as a major provider of jumbo, non-Qualified Mortgage (non-QM) to aggregator business partners, and as a wholesale resource for approved brokers.

“During our first two years of operations, we worked with a select group of business partners and the response has been overwhelmingly positive,” said President and Chief Operating Officer Leigh Porter. “Our highly successful participation in several mortgage securitization offerings over the last year have made it clear that it is a great time to open our products and services to additional clients.”

Loans originated through 5th Street Capital have an average FICO score of 732 and an average debt-to-income ratio of 36%. The company makes loans up to $10 million and the average loan amount is for $800,000.

“We are very excited about our growth and plans for expansion that allow us to meet the needs of new and existing business partners and their clients,” said Executive Vice President of Business Development Maurice Totry. “Our strategic initiative will create opportunities for more brokers, and their borrowers whose circumstances call for nonconforming, jumbo and super jumbo financing programs. We are determined to provide superior service as we continue to offer products that are not well represented in today’s wholesale mortgage channel.”

The Company works closely with mortgage brokers to serve well-qualified clients purchasing or refinancing properties in Arizona, California, Colorado and Oregon. Expansion and a larger footprint are 5th Street Capital’s key strategic initiatives for 2017. The Company is on track to provide lending services in Florida, Nevada, New York and Washington over the coming months.

To inquire about becoming an approved partner or find more information about 5th Street Capital, Inc., visit www.5thstcap.com.

The team at 5th Street Capital is committed to helping brokers offer solutions to buyers of investment properties, second homes, and primary residences in high-cost housing markets. Timely decisions and a commitment to quick closings complement the Company’s flexible underwriting philosophy. The Company strives to provide superior service levels to brokers with whom 5th Street has relationships and to their clients.

San Diego-based lender ranks No. 1 among contributors to recent nonprime mortgage-backed security (MBS) offering

SAN DIEGO, Calif., April 04, 2017 (Businesswire) – 5th Street Capital, Inc., a groundbreaking mortgage lender that has been bringing a new perspective to the marketplace over the course of the last 2 years, today affirmed its position as a major provider of jumbo, non-Qualified Mortgage (non-QM) to its aggregator business partners.

Earning the spot of top contributor, 5th Street Capital provided approximately 20 percent of mortgage loans aggregated in a $119.87 nonprime mortgage-backed security (MBS) offering late in March 2017. In a previous offering by in October 2016, 5th Street Capital was the third largest contributor.

“Over the last two years, we’ve built the company into a regional powerhouse, and we are proud to be a trusted source for our aggregator business partners,” said President and Chief Operating Officer Leigh Porter. “Our solid track record as a trusted source for jumbo, superjumbo and other non-QM mortgage loans puts us among the leading players in today’s niche product lending space – in both the primary and secondary mortgage market.”

The Company works closely with mortgage brokers to serve well-qualified clients purchasing or refinancing properties in Arizona, California, Colorado and Oregon. Expansion and a larger footprint are 5th Street Capital’s key strategic initiatives for 2017. The Company is on track to provide lending services in Florida, Nevada, New York and Washington over the coming months.

Loans originated through 5th Street Capital have an average FICO score of 732 and an average debt-to-income ratio of 36%. The company makes loans up to $10 million and the average loan amount is for $900,000.

“We’ve been a key player in meeting a very real need that traditional mortgage lenders do not fulfill. For borrowers who require alternative documentation or other special circumstances that place them in the category of prime mortgage fallout, we offer solutions,” said Executive Vice President of Business Development Maurice Totry. “Best of all, on average we close loans 12 days after an application is received. There is no decision-by-committee or other impediments to delivering the home financing that well-qualified clients need.”

The team at 5th Street Capital brings more than 60 years of combined experience to their responsibilities as decision makers who take an approach that’s innovative and uses a common sense to underwriting mortgage loans.

Ms. Porter has held senior level positions at several of the top mortgage banking firms, including BofI Federal Bank, where she served as Director of Credit and helped to launch the jumbo loan program for high-net-worth customers. She is widely recognized as a mortgage industry expert in credit evaluation and risk. Earlier in her career, she served as Vice President of Wholesale Underwriting at Thornburg.

Mr. Totry brings more than 20 years of experience in the wholesale mortgage lending channel to 5th Street Capital. He has served as a wholesale representative for mortgage brokers, mortgage bankers, credit unions, financial institutions and consumers at firms that include IndyMac Bank and BofI Federal Bank.

The company is committed to helping brokers offer solutions to buyers of investment properties, second homes, and primary residences in high-cost housing markets. Timely decisions and a commitment to

quick closings complement the flexible underwriting philosophy at 5th Street Capital. The Company strives to provide superior service levels to brokers with whom 5th Street has relationships and to their clients. For more information about 5th Street Capital, Inc., contact investor.relations@5thstcap.com or visit www.5thstcap.com.

Newly formed, San Diego-based Company offers innovative, common sense options for buyers of single family, condominium and multifamily properties

SAN DIEGO, Calif., May 17, 2016 (Businesswire) – Leading experts in the residential real estate development and financing industry today announced the formal launch of the new company, 5th Street Capital, Inc. – a groundbreaking firm that brings a “new perspective on lending” to buyers of single family, condominium and multifamily residential real estate.

The Company works closely with mortgage brokers to serve well qualified clients, with a special focus on the jumbo and super jumbo mortgages, in the California and Arizona with expansion plans to other key markets.

The Founder and Chief Executive Officer of the new Company is Christian Salceda, a mortgage lending expert, developer and financier renowned as the leader of Silicon Bay Development, the full service luxury home builder and developer based in Manhattan Beach, Calif.

“In today’s residential real estate financing environment, there’s a narrow methodology for evaluating credit risk. We’ve launched 5th Street Capital because we believe this methodology can be restrictive and exclude well qualified borrowers from being approved for mortgage loans,” said Salceda. “At 5th Street, we’re saying, ‘Well qualified buyers should be able to obtain well deserved financing.’ “

Joining Salceda on the executive leadership team at 5th Street Capital are President and Chief Operating Officer Leigh Porter, Director of Operations Camarin Sablan, and Executive Vice President of Business Development Maurice Totry. This team brings more than 60 years of combined experience to their responsibilities as decision makers who take an approach that’s innovative and uses a common sense to underwriting mortgage loans.

  • Company President Porter has held senior level positions at several of the top mortgage banking firms, including BofI Federal Bank where she served as Director of Credit and helped to launch the jumbo loan program for high-net-worth customers.
  • Director of Operations Sablan served as Multifamily Underwriter and Portfolio Analyst during her tenure at BofI Federal Bank. Her areas of expertise also include credit and portfolio risk management, and credit administration.
  • Executive Vice President Totry brings more than 20 years of experience in wholesale mortgage lending to 5th Street Capital. He has served as a wholesale representative for mortgage brokers, mortgage bankers, credit unions, financial institutions and consumers at firms that include IndyMac Bank and BofI Federal Bank.
  • Timely decisions and a commitment to quick closings complement the flexible underwriting philosophy at 5th Street Capital. The Company strives to provide superior service levels to home-buying clients, as well as the brokers with whom 5th Street has relationships.

    For more information about 5th Street Capital, Inc., call (888) 702-3385 or visit www.5thstcap.com.

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    About 5th Street Capital

    Founded in 2016 and based in San Diego, California, 5th Street Capital, Inc. is a privately held residential real estate financing company specializing in lending to high net worth and other well-qualified borrowers sourced through its wholesale mortgage channel. The company is licensed by the California Department of Business Oversight, (NMLS #1436495).