PCMA GENERATES $220MM IN PRIVATE CLIENT MORTGAGE APPLICATIONS IN THE MONTH OF AUGUST
jason jepson - September 8, 2020
PCMA ‘s $220MM in First Month of Reboot Since Covid Shutdown Demonstrates Private Client Lending Opportunity
Irvine, CA – September 8, 2020 — PCMA, the pioneer and category leader in Non-Bank Private Client Lending, announced in the first month since the reboot of OMEGA and ZENITH; PCMA has generated $219,872,457.00 in purchase and refinance applications for our exclusive expanded prime product catalogue.
“The volume of requests from our private clients is very exciting and has put pressure on us to hire staff as quickly as we can in order to keep up with the demand,” said John Lynch, CEO and founder of PCMA. “Our Client Engagement team is working tirelessly to keep up with the requests and our credit team is constantly developing new products for our product catalogue to meet the ever-changing needs of the accomplished and experienced clientele we serve.”
Direct Consumer Originations exceeded all expectations with application volume of $219,872,457.00, an average residence value of $2,008,187.00, average loan amount of $951,828.00, average LTV of 47.4%, average FICO of 739, average household reserves of $154,352.00 and lastly an average age of 57 years old.
“In a market where institutional investors are starving for yield, the Expanded Prime Credit markets are expected to grow at records levels in the coming months due to the high credit quality, payment performance and return on capital and PCMA is positioned very well to become a major conduit to the investor community,” said Lynch.
PCMA expects continued loan volume growth as the firm reconstitutes itself for scale in key markets throughout California and continued expansion into high concentration communities of high capacity households around the nation.
“To say that the last 6 months have been some of the most stressful and trying at PCMA would be an understatement. However, I am so proud of how my team stepped up to repair infrastructure damaged by the shutdown and hit the ground running like they have in the last 30 days makes me so proud to lead such an awesome team. I expect to have our firm back to Pre-Covid levels by October,’ said Lynch
PCMA is the leading non-bank private client lending organization serving the needs of their mass affluent and high net worth clientele. PCMA offers qualified individuals and institutions bespoke lending solutions across all major residential asset classes. PCMA is a diversified financial enterprise offering private client solutions through a direct and indirect to consumer business model. PCMA strives to build trusting and enduring relationships by putting clients and professional partners at the center of all they do. PCMA is headquartered in Orange County, CA. Additional information is available at www.pcma.us.com