Renovo Financial announces increased investment from Victory Park Capital to $75 million
Press Release
May 16, 2016
CHICAGO – MAY 16, 2016 – Renovo Financial, a Chicago-based private lender that assists real estate investors who acquire, renovate and manage residential properties, announced today that it has closed an incremental $25 million commitment from Victory Park Capital (VPC), an investment firm focused on private middle market debt and equity investments. VPC’s total investment now reaches $75 million following an existing $50 million investment which VPC closed with Renovo in March 2015.
“We’ve been impressed with Renovo’s underwriting and asset management over the past year,” said Tom Affolter, partner at VPC. “We’re pleased to reaffirm our partnership with Renovo’s experienced leadership team, and are excited to help catalyze accelerated growth as the company expands its lending activities.”
Renovo will use the additional funding to continue to aggressively grow its lending platform to provide best-in-class service to investors in this underserved marketplace. Founded in 2011 by its CEO Kevin Werner, Head of Lending Daniel Rosen and Granite Creek Partners, a Chicago-based private equity firm, Renovo offers short-term acquisition-and-construction loans as well as long-term financing for rental property investors.
Werner said, “VPC has been an invaluable partner for our business and we’re delighted to have their increased support to extend our lending activities into new markets. As we approach our fifth anniversary, we continue to be committed to serving the unique needs of residential real estate investors with tailored products, innovative technology solutions and world-class service.”
Mark Radzik, partner at Granite Creek, added, “We’re privileged to have overseen the rapid growth of Renovo’s business. VPC’s renewed commitment aligns with our belief that Renovo is uniquely positioned to further extend its market-leading position.”
About Renovo Financial
Renovo is a rapidly growing specialty finance business designed to capitalize on the significant market opportunity in providing capital to residential real estate investors. Founded in 2011, Chicago-based Renovo is the premier provider of financial and strategic support for real estate investors and property rehabbers who invest in and rehab single-family and small multi-family properties. Renovo powers the growth of its customers’ businesses and the communities they serve by providing timely capital, responsive customer service, and assistance in all phases of a project for its clients. Renovo’s clients are experienced rehab investors and project managers, whose goals are to redevelop properties to buy, fix, and flip for a short-term profit or buy, fix and hold as a part of a long-term portfolio. Renovo’s high-touch service, expert advice, and speed combined with flexible and innovative loan products allow its borrowers to commit to and undertake projects with confidence. Renovo typically funds small to mid-sized projects up to $1 million. For more information visit: www.renovofinancial.com.
About Granite Creek Partners
Granite Creek Partners is a Chicago-based investment firm founded in 2005 that provides equity and debt capital to public and private companies and innovative specialty finance for underserved industries. Granite Creek pursues situations where a flexible investment approach can deliver unique and highly customized solutions across an array of investment types. With a focus on investing in fundamentally sound U.S.-based middle market companies, Granite Creek looks to accelerate the building of its portfolio companies through global expansion, add on acquisitions and access to growth capital. For more information visit www.granitecreek.com.