SHORT HILLS, NJ–Investors Bank, a lender based here, reports it has had a remarkable growth surge in the last few quarters, and originated nearly $357 million in multi-family housing and commercial real estate loans during the first three months of 2013.
“We achieved record levels of loan production in the first quarter, and we are forecasting strong demand for multi-family and CRE financing in the second quarter and beyond,” the community bank's president and CEO Kevin Cummings tells GlobeSt.com.
As of March 31, the bank's commercial real estate finance group originated $227.3 million in multi-family loans, compared to $142.3 million in the first quarter of 2012.
It originated $129.6 million in CRE loans, compared to $97.8 million in Q1 2012.
“We had a huge third and fourth quarter last year as well,” Cummings says. “The multi-family market is staying extremely hot. We don't expect any changes in the forseeable future.”
Today, over 50% of the bank's portfolio consists of commercial loans.
Cummings says the bank will continue an effort to diversify its loan portfolio by generating new multi-family and CRE financing.
The $10.6 billion loan portfolio includes $3.10 billion in multi-family, $2.01 billion in commercial real estate loans, and $230.7 million in construction loans.
Investors' pending acquisition of Roma Bank in Robbinsville will increase its emphasis on originating loans in the southern New Jersey and Eastern Pennsylvania markets, Cummings says.
The bank has an office in Manhattan that helped fuel its expansion into urban markets, he says. The bank finances properties in New York City and Delaware, in addition to New Jersey and Pennsylvania. It has offices in downtown Brooklyn and Astoria, Queens, as well as CRE financing units in Short Hills, Robbinsville, and Spring Lake Heights.
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