Commercial Bancorp Looks to Hedge Funds for Long Term Success -- - 05/30/01
COLUMBUS, Ohio--(BUSINESS WIRE)--May 30, 2001--Commercial Bancorp LLC, a commercial financing consulting firm, announced today that the overwhelming success of their web site (http://www.commercialbancorp.com/) and continued product flow from traditional sources has them looking for additional sources of capital, particularly hedge funds.
Earlier this month Commercial Bancorp announced that financing requests rose above the $3 billion dollar mark for the 30-day period ending May 15th 2001.
"We are currently in somewhat of a quandary in that we have exceeded our projections to the point that we have overwhelmed our funding sources," said President Jerry Cummings Jr. "The truth of the matter is there are lenders that claim the economy has slowed down. In reality, it is a direct result of those same lenders tightening their lending criteria." He continues? "and it is obviously not the interest rate market."
Growth of Hedge Funds
"The hedge fund markets in Europe are exploding and Commercial Bancorp expects the growth pattern in the US based hedge funds to follow suit. Evidence of this can be seen in many sectors of investment banking. This being the case, Commercial Bancorp will seek to reopen and build new relationships with European and American based hedge funds. Our current market calls for short-term (2-3 years) floaters in the $10 to $60 million dollar range. We are currently negotiating with several hedge funds to establish Commercial Bancorp as the feeder for dollars that have yet to come to market," Cummings stated.
Hotel Financing a Tough Find
"The occupancy rates have not fallen that much recently but the hotel financing lenders can't run fast enough to get out of town. Commercial Bancorp is getting about twenty to thirty hotel financing requests a month. We are talking flag, upscale hotels that are having difficulty gaining financing. This is yet another area the hedge funds can help in relieving the congestion," said Cummings.
Commercial Bancorp LLC is a Columbus, Ohio based commercial financing consulting firm. The company is led by CEO Steve Mooney, formerly CEO of Finance Development Corporation, President Jerry R. Cummings Jr.-Founder, Senior vice-president Harold Levin, formerly CFO of Value City Stores and former President of Wexner Investment Corporation.
CONTACT: Commercial Bancorp LLC, Westerville, Ohio Jerry Cummings Jr., 614/865-4640 614-865-4658 Cummings@commercialbancorp.com http://www.commercialbancorp.com/
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