EXTENSIA FINANCIAL ACHIEVES LARGEST AND SAFEST MONTH OF FUNDING SINCE COVID: OVER $34 MILLION!
Extensia Financial made “new normal” company history in July with more than $34 million in funding while continuing to structure company-originated participation opportunities to be more conservative and responsive to the challenges of the current economic climate.
Extensia Financial, one of the nation’s most seasoned credit union service organizations (CUSO) focused on commercial real estate lending, judiciously closed over $34 million in commercial real estate loans in July. Extensia’s prudent decision-making and more conservatively adjusted loan production metrics not only represent Extensia’s experience and expertise in the industry, but it is also a testimony to the incredibly strong and engaged partnerships Extensia shares with their lead lenders and credit union participants.
In consideration of the current commercial lending environment, Extensia restructured loans to lower the loan-to-value ratios, increase debt service coverage ratios, and increase holdbacks when deemed necessary or appropriate.
Extensia would like to thank our credit union partners as this hallmark for the company could not have happened without their active engagement and partnership.
“In our ongoing effort to remain true to our mission of being the most trusted commercial loan servicer, Extensia adjusted its lending guidelines to address both the actual and potential effects of COVID-19 while delivering the loan production our lenders and borrowers are counting on. Even with our more conservative measures to mitigate unnecessary exposure to our credit union partners, Extensia was able to close over $34MM in loan production in July. Extensia Financial continues to maintain a robust production pipeline. Utilizing more conservative underwriting guidelines gives us the assurance that we can not only look forward to achieving continued volume, but that we will do so while maintaining the confidence and support of our credit union partners, for whom we are so grateful.”
— Craig Page, CEO Extensia Financial