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twitterVegas lender in Texas deal
Tuesday, June 25, 2002 | 11:05 a.m.
Vestin Group Inc. of Las Vegas, which operates commercial lending firm Vestin Mortgage, has formed a strategic alliance with Houston-based Advantage Capital Funding.
Under the agreement, Vestin Mortgage has the right of first refusal on funding loans that Advantage Capital originates. Advantage Capital will receive an origination fee in exchange for that right of first refusal.
Mike Shustek, Vestin's chairman and chief executive, said the alliance is part of a Vestin strategy that involves partnering with mortgage brokers in other states in an effort to "become a national company."
Vestin, which currently has $455 million in loans outstanding nationwide, financed $118 million in loans in May. Shustek said Advantage Capital originated more than $18 million of that total.
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