Jack Laughlin | Investment Associate
October 28, 2020
We like to think Winston Churchhill would have said the same about lenders. Seven months into the global pandemic, we at Pangea Mortgage Capital (“PMC”) are proud to say that we don’t have any loans in default because of Covid. While our originations team may like to attribute part of this to conservative underwriting (and rightly so), it’s our in-house asset management that is ultimately responsible for this success.
Within hours of the realization that a macroeconomic contraction was imminent, our servicing team had a plan in place to contact borrowers and develop contingency plans based on the likelihood of the market affecting their respective asset class. Being part of the same greater team, our asset managers, originators, and underwriters entered into a virtual “war room” and quickly responded to our clients’ needs. This responsiveness, coupled with our on-balance sheet capital, provided the flexibility necessary for our borrowers to weather the storm.
This benefit of “retailoring” loans allows us to instill confidence in our borrowers that we can adapt alongside their business plans. In short, we strive to provide a user-friendly experience from term sheet through maturity. Working with the same deal team that originated the transaction, there is no waiting on hold, no transferring to a third party, no middleman – no headaches. Whether it’s responding to an economic crisis or simply establishing an efficient construction draw process, constant contact between our decision makers and borrowers is paramount to everyone’s success.
All of us at Pangea Mortgage Capital extend our sympathies to those affected by COVID-19. In times of extreme market volatility, PMC remains a reliable financing partner. Our family of companies maintains significant balance sheet liquidity, which we continue to make available to borrowers without interruption. We strive to be your lender of choice in all market conditions.