Serrus Capital Partners Receives $10 Million Upgrade In Line Of Credit
March 2, 2012
Innovative Greenville, SC, Real Estate Firm Helps People During Distressed Times
GREENVILLE, SC – February 27, 2012 – Serrus Capital Partners, an investment firm in Carolina real estate, has received a $10 million upgrade of its credit (LOC) in recognition of its significant accomplishments and business model.
Serrus Capital Partners, which has designed a systemic asset-management process that is measurable, scalable and repeatable, will use the line of credit to make further investments in real estate, to support rehabilitation, and to expand its residential activities.
“Serrus Capital will use the LOC to help good people during these distressed times,” Leighton Cubbage, Serrus co-founder and chairman of Serrus Capital Partners. “We will continue to buy properties from individuals and banks, hire people, support local vendors and contractors, pay commissions to real estate folks, and improve neighbourhoods throughout South Carolina.”
Sunwest Bank is providing Serrus with the $10 million upgrade to its line of credit. Sunwest Bank, headquartered in Tustin, California, is the premier small- and middle-market business bank in Southern California.
“When I think about Serrus, I think about families. Not just the families that you try to help, but the way in which you run your business like a family. It takes integrity, hard work and commitment to what is best for all to be a success,” John R. Houten, executive vice president of Sunwest, told Serrus executives. “As Serrus grows and is able to spread out and do more business, I am confident that Serrus will continue to be successful. I am just proud to be a part of the team.
“Serrus Capital’s business model is really a good news model. Many people are skeptical of distressed acquisitions because they do not understand the economic impact they create. A home in distress is detrimental to a neighborhood. It hurts the value of all of the homes surrounding it,” Houten said. “By acquiring the home, fixing it up and leasing/selling to folks who want to better their lives, it makes the community better. I have been most impressed by the commitment to Serrus’ community that it continually has displayed.”
Houten’s comments reflect the atypical corporate philosophy of social responsibility of Serrus Capital, which strives to provide jobs and housing that will advance people and communities across South Carolina.
“We appreciate not only the investment from Sunwest but also the recognition of the successes of our business model,” Cubbage, a successful serial entrepreneur in telecommunications, technology and real estate, said. “We have strong goals for future growth, and the additional Sunwest funding will help achieve these.”
Cubbage envisions continued acquisitions in the Upstate and expanded real estate activities in Asheville, Columbia and Charleston.
“We look with great promise to expand into these communities,” Cubbage said. “Real estate is all local, and the future looks opportune all along the interstate corridors of I-85 and I-26.”
Serrus Capital Partners makes acquisitions of undervalued and non-traditional housing. The goal of the business model, which blends expertise, scalable processes and technology into a powerful investment tool, is to purchase and rehabilitate properties that have had prices depressed by the Recession. Serrus then sells the properties or holds them as rentals. Serrus, which started with properties in primarily in Greenville, Spartanburg, Anderson, and Pickens counties, initially acquired almost 130 residences through individual and block investments.
Through another investment, Serrus Partners also purchased a block of 29 high-rise, luxury condominiums in Columbia’s prestigious Carolina Walk, stutter steps away from tailgating and thrilling football at the University of South Carolina.
Serrus co-founder and CEO Steve Mudge, a veteran executive from Marriott International, Ritz-Carlton and Centex Homes, said the recognition of the Company’s successful business model.
““Serrus Capital was able to catch the early wave of real estate investment trusts in January 2009 and become one of the successful ones that became one of the most successful models for transforming undervalued properties into high-value investment opportunities,” Mudge said. “Sound due diligence and tasteful renovation substantially increased home values. Serrus Capital Partners has given new life to these properties and to their new owners, many of which might not qualify for traditional housing loans in this economy.”
In another contribution to local economies, he added: “Banks have also benefitted from Serrus Capital, which has removed bankrupt, foreclosed properties from their non-performing real-estate portfolio.”
Cubbage and Mudge recently worked with Clemson University to create the highly successful Ecoplosion, a summit designed to focus on ways the Upstate can build an entrepreneurial culture. More than 300 business leaders, entrepreneurs and the community explored entrepreneurship, economic development and real estate at the first Ecoplosion. This now will be an annual event in Greenville. More information about this latest Serrus transaction in available at www.serruscapitalcom, and a video news release is available at http://www.youtube/5zlMtyTAKhs
About Serrus Capital Partners
Serrus Capital Partners is a real estate investment firm has designed a systemic asset-management process that is measurable, scalable and repeatable. The Greenville, SC-based Serrus Partners uses proprietary software to track each step in due diligence and then renovates its ac
quired properties. It adheres to the highest restoration standards in its efforts to re-develop properties and raise community values. In many cases, Serrus strives to pay cash for properties in order to complete acquisitions within a week. For more information, please visit www.serruscapitalpartners.com.
