Record Loan Closings by Phoenix Lender Services
Phoenix Lender Services, a proud subsidiary of Community Bankshares Inc., has had an impressive start since its inception. In its very first full year of operations, the company successfully facilitated over $325 million in SBA and USDA loan closings. This remarkable achievement marks one of the most successful debut years in the field of government-backed lending.
Partnerships Leading to Success
Through strategic partnerships, especially with Community Bank and Trust - WGA, Phoenix has been able to achieve outstanding results. The team originated and underwrote $210 million in SBA 7(a) approvals. In addition, they funded loans totaling $156.8 million, which propelled Phoenix to an impressive #34 national ranking among all SBA lenders.
Impact on Rural Development
In tandem, Phoenix facilitated another $168.2 million in USDA-guaranteed financing. These funds are crucial for high-impact projects that aim to uplift rural communities, focus on renewable energy infrastructure, enhance hospitality ventures, and support logistics operations across multiple states. This effort aims to drive job creation and stimulate investment in previously underserved markets.
Managing a Diverse Loan Portfolio
As Phoenix Lender Services continues to evolve, it effectively manages a substantial $901 million servicing portfolio. This includes all aspects of loan management and investor relations. The platform's dedicated Construction Servicing Department is currently overseeing $95 million in active projects nationwide, while the Payment Operations team is diligently working on $240 million in investor balances and reporting. Moreover, they maintain traditional servicing management for more than $638 million in SBA and USDA assets.
Commitment to Efficiency and Growth
Jeremy Gilpin, Chairman of Community Bankshares Inc., emphasized the effectiveness of Phoenix's innovative model: "These results prove that Phoenix's innovative model works to help more businesses and people across the country. Phoenix was built to be a best-in-class SBA, USDA and servicing engine — combining speed, precision, and regulatory confidence. Our results have gone beyond every expectation within just ten months."
Strong Performance and Teamwork
In its inaugural year, Phoenix demonstrated exceptional productivity, achieving $4.35 million in production per FTE across its dedicated 36-person SBA and USDA team. This performance surpassed the industry standards for both sales and credit efficiency, highlighting the team’s commitment to excellence.
Leadership and Passion
Gilpin noted that the team's focus on efficiency and the pursuit of exceeding national benchmarks directly contributes to their success. With an experienced group of professionals driving the operation, there is a shared vision dedicated to empowering small businesses and enhancing rural and underserved communities. Gilpin aptly remarked, "I feel we are just getting started."
Future Growth Prospects
With a promising start already visible in the first quarter pipeline, Phoenix is projecting between $250 million and $300 million in new SBA and USDA loan production for the financial year ahead. This positions the company well for further growth and strengthens its servicing division. In addition, the company plans to expand its network of Lender Service Provider partnerships to assist more banks across the nation.
About Phoenix Lender Services
Phoenix Lender Services is a premier Lender Service Provider specializing in the origination, underwriting, and servicing of SBA and USDA loans. Part of the Community Bankshares Inc. family, Phoenix is committed to enhancing the capabilities of banks to scale their government-guaranteed lending efforts with cutting-edge efficiency, technology, and compliance standards.
About Community Bank & Trust
Community Bank & Trust is a prominent community-focused financial entity dedicated to offering innovative lending solutions and fostering important banking relationships that drive growth for businesses and communities. As a subsidiary of Community Bankshares, Inc., it embodies the spirit of community-oriented finance.
About Community Bankshares Inc
Community Bankshares, Inc. serves as the holding entity for Community Bank & Trust, Thomas Financial Group, and Phoenix Lender Services. The organization is dedicated to building a network of financial solutions across the country and promotes innovative banking practices, SBA and USDA lending, along with structured finance strategies focused on driving growth in diverse industries.
Frequently Asked Questions
What is the achievement of Phoenix Lender Services in its first year?
In its first full year of operations, Phoenix Lender Services facilitated over $325 million in SBA and USDA loan closings.
Who is Jeremy Gilpin?
Jeremy Gilpin is the Chairman of Community Bankshares Inc., overseeing the operations and strategic direction of Phoenix Lender Services.
What does Phoenix Lender Services specialize in?
Phoenix Lender Services specializes in SBA and USDA loan origination, underwriting, and servicing, helping banks effectively engage in government-backed lending.
What impact does Phoenix have on rural communities?
Phoenix is dedicated to funding projects that support rural community development, drive job creation, and enhance local economies.
How is Phoenix managing its loan portfolio?
Phoenix manages a diverse $901 million servicing portfolio, handling all facets of loan and investor relationships efficiently.
