Civic Financial Services

Civic Financial Services, LLC operates as an institutional private money lender focused on financing non-owner-occupied residential investment properties. The company was established in 2014 through a strategic partnership between the real estate investment firm Wedgewood, Inc. and its subsidiary, HMC Assets. This venture was designed to cater to real estate investors whose financing needs fall outside the criteria of traditional lending institutions.

The company's business model is centered on providing capital directly to real estate investors, mortgage brokers, and agents for the acquisition and refinancing of investment properties. Civic manages all its operations in-house, which allows for a more controlled, rapid, and efficient loan management process. Its revenue is generated through the origination of business-purpose loans. The product portfolio is extensive, featuring short- and long-term financing solutions. These include bridge loans, fix-and-flip financing, buy-and-hold loans, cash-out refinancing, and financing for rental portfolios and multifamily properties.

William J. Tessar was appointed President and CEO in 2017, bringing three decades of mortgage industry experience. His prior experience includes founding lending companies like New Freedom Financial and Capital Line Financial and serving as President at Skyline Home Loans, where he significantly scaled annual funding. One of the original founders, Whit McCarthy, has been integral to the company's growth and manages the correspondent lending division.

Significant milestones punctuate the company's history. By June 2018, Civic had securitized $190 million in investor property loans, a landmark for non-aggregated bridge-only loans from a single private lender at the time. The company surpassed $4 billion in total loan originations by September 2020 and funded over 10,000 loans by November of the same year. In February 2021, Pacific Western Bank, a subsidiary of PacWest Bancorp, acquired Civic Financial Services, which then began operating as a wholly-owned subsidiary. This acquisition provided Civic with a more substantial capital base, enabling expansion into new markets and more competitive financing solutions. Subsequently, in May 2023, PacWest sold Civic's origination business assets, including its brand and intellectual property, to real estate loan originator Roc360. Following this transition, many former team members, led by William Tessar, launched a new business-purpose lender named CV3 Financial Services.

Keywords: private money lender, real estate investment financing, business purpose loans, residential investment properties, bridge loans, fix and flip loans, rental property financing, rehab financing, multifamily loans, direct lender, non-owner occupied, hard money loans, correspondent lending, wholesale lending, real estate capital, property investment loans, non-QM lender, investor financing, asset-based lending, Wedgewood Inc., PacWest Bancorp, Roc360