Chicago-based real estate private equity lender Renovo Financial has opened its first Texas location in Frisco. Industry veteran Jon Shipley will head up the Texas office.
Texas’ “stable economy, job growth, [and] stability in the real estate markets that presents a lot of opportunity with real estate investors that need our products,” made the Lone Star state an appealing choice, according to Shipley.
“We plan on expanding to all metropolitan statistical areas,” Shipley said. “But DFW will be where our main Texas office is located.”
He says Austin, San Antoni0, and Houston, will be next, though a timeline has yet to be determined for those additions.
“The metroplex as a whole is large with diverse real estate investing opportunities that meshed well with our product set,” Shipley said. “Frisco was a good initial fit for our office because of location primarily: We want to be accessible to both clients and future employees.”
Shipley joins the Renovo Financial team after more than ten years in the industry, previously the senior vice president of sales and marketing at Longhorn III Investments.
“Jon’s wealth of knowledge and experience in real estate finance and markets in Texas, makes him the ideal executive to lead our new operation there,” said Kevin Werner, CEO of Renovo, in a release.
Renovo has partnered with Cadence Bank—an Alabama-based bank with branch locations in Texas—to supply capital for local real estate investments. Cadence Bank has more than ten locations across the state, including an investment banking location in DFW. Excited by the fast-growing state market, Shipley believes Renovo will add a well-rounded lending package to Texas’ real estate sector.
“The market needs a private lender that can offer the whole package to local real estate investors—product depth, capital stability, some of the best pricing in the market, and exceptional service,” Shipley said.