SAN FRANCISCO, CA -- (Marketwire) -- 10/30/12 -- For the second straight year, Bay Equity Home Loans has earned a spot on the San Francisco Business Times list of the "Top 100 Fastest-Growing Private Companies" in the Bay Area.
Bay Equity was among a select group of financial firms to make the list, which ranks independent and privately held organizations according to their 2009-11 revenue growth, as certified by PricewaterhouseCoopers.
"We are pleased to be in the top 100 fastest-growing private companies for the second consecutive year," said Brett McGovern, president of Bay Equity. "Our team has made significant progress in setting the table for long-term, sustainable growth. Building a solid, well-capitalized company that provides revenue and job growth for the Bay Area is something we all take pride in."
Bay Equity's 400-plus employees work in 35 retail offices in 12 western states.
Brett McGovern and his brothers Jon and Casey launched the company in 2007 with $1.75 million in capital they raised from friends and family. Starting a residential mortgage business at the beginning of the housing crisis was a huge gamble, but the McGoverns' timing, it turned out, worked in their favor.
As Brett McGovern told the Business Times in 2011: "The competitive landscape had basically been wiped clean, and there had been over 400 lenders that had gone out of business in the previous three years. We started with a clean balance sheet and no legacy loan issues, which was key."
In 2008, its first full year of operation, Bay Equity reported just under $1.1 million in revenues. Revenues in 2009 increased more than 500 percent, to almost $6.5 million. Revenue in 2010 grew to more than $17 million.
Today, Bay Equity draws capital from warehouse lines and sells its mortgages to large banks such as Wells Fargo.
About Bay Equity
Bay Equity is a full-service wholesale and retail mortgage lending institution founded in June 2007 and headquartered in the heart of San Francisco's Financial District, one of the very few mortgage lenders actually located in the City by the Bay. Bay Equity also has operations centers in Concord, California, Portland, Oregon, Tacoma, WA and Everett, WA and more than 35 retail branch offices on the West Coast. In addition, Bay Equity has wholesale account executives covering the 10 Western States. To date the firm has funded more than 9,000 home loans totaling more than $3 billion and has grown to more than 400 employees. To learn more about Bay Equity, please visit our Web site at www.bayeq.com.
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