Tessar joined Civic in 2017, three years after founding the company. One of his first tasks was to build a team of 18 trusted professionals with whom he previously worked on the traditional side. “As a result, we got a huge boost from the first quarter of 2017. That was roughly $ 1 billion in the first three and a half years, and then $ 4 billion over the next three. This is important not only for Civic, but for the industry as a whole, ”he said, noting that the company has a“ real chance ”to add another $ 5 billion over the next three years.
Civic’s success may be partly due to the fact that commercial and industrial business loans hit an all-time high of $ 3.04 billion in May 2020, according to the Federal Reserve’s economic data (Fred). And even as the country recovers from the pandemic, the numbers show that more than $ 2.5 billion in business loans were approved last May.
Tessar said Civic’s growth was also driven by the fact that it avoided being a “jack of all trades” and was instead “focused” on lending for a business purpose — a niche segment that the company has mastered particularly well. “When I spent 30 years on the traditional side, we had about 150 different loan products,” he said. “There are about six or seven products here – and we are very good at them.”
Among Civic’s portfolio of various non-proprietary industrial products, the company offers single and multi-family homes ranging from five to 100-plus units, as well as fixed and reverse loans.
Tessar noted that the impact on business development has also had a positive impact on society as a whole. “It serves a purpose. You know you decorate the neighborhoods, he said.