This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

VantageSouth Launches Builder Finance Division To Service The Carolinas And Virginia

Stocks in this article: CRFN

VantageSouth Bank has expanded to include a Builder Finance Division that will focus on the financing needs of residential builders and developers in the Carolinas and Virginia.

“Adding this new division aligns with our strategy to be the bank for businesses and business owners,” said Steve Jones, president of VantageSouth Bank. “As the housing market rebounds, we are in an excellent position to provide financing for well-qualified builders and developers.”

Bill Bickett will lead the group, and he is joined by relationship managers Clark W. Gregory and Jay Hall. All of the team members worked together at PNC, formerly RBC, for 11 years.

“The VantageSouth Bank Builder Finance Division will meet a need in the market by servicing small- to medium-sized builders who have been abandoned by larger lenders,” said Bickett. “Larger developers and builders can self-finance, but smaller organizations do not have that luxury.”

Bickett says it’s a good time for banks to focus on financing for builders and developers. He points to positive trends in the housing markets in the Carolinas and Virginia, saying that new home permits are up significantly in all three states. As of January 2013, all three states have seen double-digit increases in residential building permits from 2011 to 2012, according to statistics from the National Association of Home Builders.

Alan Banks, the 2013 president of the Homebuilders Association of Charlotte, says that the demand and sales of new homes increased throughout 2012.

“Our current member builders have proven themselves as survivors, become more efficient in their operations and are now well positioned to grow in 2013,” he said. “One significant inhibitor to that growth has been the lack of available financing. During the downturn, many key lenders withdrew from the market and have not returned. We welcome VantageSouth Bank and look forward to a long and mutually profitable relationship.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,296.92 -119.93 -0.69%
S&P 500 2,005.97 -15.28 -0.76%
NASDAQ 4,658.2880 -25.1190 -0.54%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs