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| John Omori |
Omori will be tasked with launching the company’s construction financing division.
“With traditional banks being capital
constrained especially for construction lending, it’s important that we provide
a platform to our clients to alleviate those pressures,” stated David Frosh,
CEO of Fidelity Bancorp Funding. “We are confident that John will be a
great asset to our clients and team as we continue to expand our business.”
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| David Frosh |
Frosh added, “John understands the architectural, development and construction process as well as the lending business. Because he can put himself in the shoes of both builders and lenders, he knows how to successfully put complex deals together.”
“Despite all the concerns with the economy there continues to be a housing shortage,” stated Omori. “MLS resale listings are at 20-year lows. Rental occupancy is still strong in many markets, especially California.
"First time buyers need housing. Current
homeowners are not moving because they do not want to part with their 2-3%
interest rate loans.
"Local small to mid-size scale developers
producing rental inventory or speculative housing have had their typical
capital financing resources withdrawn from the market.
"We believe the construction business will remain strong despite an uncertain economy, and are expanding our focus to provide capital to developers to execute their plans.”
CONTACT:
David Ebeling
Ebeling Communications
949.861.8351
949.278.7851 (Cell)
Member of the National Association
of Real Estate Editors (NAREE)
“PR Strategist for the Commercial Real Estate
Industry: I do what I love and love what I do.”
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