BOCA RATON, Fla., Nov. 16, 2015 /PRNewswire/ -- Crestar Group of Companies announced today that it has changed the name of its private real estate lending business, Crestar Funding, to LendingOne.
Bill Green, Chief Executive Officer, commented, "When we started Crestar Funding we set out to build a business that leveraged the knowledge, experience and infrastructure of our other Crestar real estate related businesses. It has become clear that this business is a greater opportunity than what we had initially envisioned."
Matthew Neisser, LendingOne's Chief Operating Officer, commented, "By using our proprietary technology, we've significantly improved the underwriting process, reduced closing times and enhanced the borrower experience. This approach has led to the company's rapid growth and need for its own identity separate from Crestar as it builds itself into a national platform."
The company also announced today that Richard Vague and Stanley Middleman have joined LendingOne's Board of Advisors. Mr. Vague is co-founder and CEO of two credit card companies: First USA, which grew to be the largest Visa issuer in the industry and was sold to BankOne in 1997, and Juniper Financial, the fastest growing credit card issuer of the past decade that was sold to Barclays PLC in 2004. Mr. Vague is also a minority investor in LendingOne. Additionally, Stanley Middleman, the Founder and CEO of Freedom Mortgage Corp, a top 10 mortgage originator in the nation, has joined LendingOne's Board of Advisors.
About Crestar Group of Companies:
Crestar Group of companies is comprised of real estate, private equity and specialty finance businesses. The companies make investments in privately held businesses, municipal tax liens, single family rental homes and marketplace consumer and small business loans.
LendingOne is a financial technology company focused on providing creative financing to professional real estate investors. The company originates fix/flip bridge loans for investment properties and term financing for rental properties. LendingOne differentiates itself by harnessing its proprietary technology, real estate operating experience and operational expertise.