HousingWireHousingWire
Legacy Group Capital on Tuesday at HousingWire’s The Gathering announced the expansion of its suite of consumer financing solutions.
Legacy, one of the few private lenders focused on Residential Transition Loans (RTL) for both business-purpose real estate investors and consumers, is offering flexible financing for homebuyers and homeowners to help them move quickly in the housing market.
The Bellevue, Wash.-based company operates in eight states: Arizona, Colorado, Idaho, Montana, Oregon, Texas, Utah and Washington. Its expanded solutions include:
- Buy-Before-You-Sell: Enables homeowners to purchase a new home before selling their current one, with flexible bridge financing that removes timing pressure.
- Custom construction: Financing for second homes, investment properties, or fully custom builds.
- Renovation and remodeling: Fast, flexible funding for upgrades that boost resale potential or enhance day-to-day living.
“In this tight housing market, homebuyers and homeowners need flexible, agile financing solutions that allow them to move quickly and leverage scenarios like ‘Buy-Before-You-Sell’ in a dynamic housing market,” Legacy CEO Scott Rerucha shared. “Legacy was built on this customer-centric, common-sense approach to lending, which adapts to changing market conditions in the geographies in which we do business,” he added.
Ed Messman, Legacy’s chief investment officer, says that the mission to drive consumer solutions was in development even before Legacy acquired his company, Rook Capital, last year.
“We were trying to attack the problem of home affordability on the financing side, and Legacy was trying to do it on homebuilders side to help create supply. We were helping create financing, and together, that was the vision,” he said. “Legacy was born out of consumer mortgage banking so, from the very beginning, they always had a consumer license, and then they started to get into this private lending. So they’ve always had a kind of a penchant for helping consumers with a variety of different products.”
Messman said that the solutions aren’t just for seasoned homebuyers and homeowners, but for first-time homebuyers, too. He envisions that the buy-before-you-sell solution and the renovation solution will be most popular as borrowers try to sell and get the most for their buck.
“It’s really important [that we can offer these solutions] because a lot of a lot of the business purpose lenders that you see in the market today, they don’t want to touch consumer because it’s highly regulatory, and you have a massive compliance obligation, and so we have maintained that since the very beginning,” Messman shared.
