By Joshua Burd
A growing residential real estate investment lender has expanded into New Jersey, while announcing the hiring of an executive to lead the new office.
The Chicago-based firm, Renovo Financial, said it has tapped Alex McKinley as a senior vice president of lending and as its leader of New Jersey operations. He will operate from the company’s new Woodbridge office, bringing eight years of experience across positions including commercial mortgage broker, mortgage and credit analyst, managing principal of a debt and equity brokerage and sales manager for a private lender in the state.
Renova Financial noted that McKinley is well-versed in the New Jersey real estate market, with a specialty in deal analysis and negotiation, financial risk management, non-owner-occupied financing, commercial mortgage-backed securities and multifamily financing for properties of up to 50 units.
“Alex has amassed a wealth of knowledge and experience across all facets of the New Jersey real estate market, making him uniquely qualified to kick off our operations there,” said Kevin Werner, CEO of Renovo Financial. “As Renovo emerges from the past year on an impressive growth trajectory, our philosophy continues to be that local market knowledge will always win out over national platforms. We’re thrilled that Alex and his team offer their local and longstanding expertise to this new and important client base.”
The 10-year-old real estate lender said it offers investors a range of options, including financing for single-family and multifamily rehab and new construction, along with 30-year fixed rental loans and in-house underwriting and servicing. The company grew faster in 2020 than in any 12-month period in its 10-year history, it said, while it expects to reach $1 billion in loans since inception by the second quarter of this year.
“I’m thrilled to be part of one of the most innovative residential lending companies in the industry,” McKinley said. “Renovo differentiates itself by taking a truly localized approach in the markets where we work, and offering an unmatched suite of products and flexibility, while demonstrating a relentless commitment to client satisfaction, from origination to servicing. I’m excited to revitalize the overcrowded private lending industry by offering our customers a truly unique experience and product suite.”
McKinley majored in finance at Temple University’s Fox School of Business and completed courses for property and casualty insurance, real estate sales and mortgage loan originator prequalifications.