Tessar, a 30-year industry veteran, founded Capital Line, which merged with Skyline Home Loans in 2007. He served as Skyline’s president of retail lending before joining CIVIC. Under his guidance, the company became a multi-channel originator with $3.5 billion in mortgages funded annually.
Wedgewood and HMC Assets are CIVIC’s parent companies, which caters to investors that do not fall under the traditional lending criteria. Tessar said this helped him in deciding to join CIVIC.
“The combination of Wedgewood’s vertically-integrated fix and flip business and HMC’s prowess in non-performing loan acquisition makes CIVIC the biggest mortgage opportunity I’ve seen in the last 30 years of lending,” Tessar said. “CIVIC has access to some of the lowest cost of capital in the industry due to the fact that we de-lever risk in a unique, proprietary way while being best-in-class on valuation as well as a market leader in default resolution.”
“Bill’s leadership, talent and history of success has already made him a key addition to the CIVIC family,” said Jim Helfrich, co-founder and partner of CIVIC. “His vision and execution track record is exactly what CIVIC needs as we enter our next chapter. His appointment is a sign of our commitment to being the leading company in our industry.”
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California-based CIVIC Financial Services has announced William J. Tessar as its new president and CEO, according to a news release.