Las Vegas-based Alterra Home Loans LLC, an independent mortgage bank, recently announced the closing on a deal to bring the firm more capital and an equity investment commitment from Omaha, Nebraska-based Panorama Point Partners.
“We look forward to the new partnership with Panorama and the accelerated growth it will bring to our business” said Felix DeHerrera, chairman and co-founder of Alterra and past president of the National Association of Hispanic Real Estate Professionals.
Alterra is a Hispanic-owned lender and has been targeting the Hispanic marketplace since 2010.
Its retail loan production has tripled in the past three years, resulting in $1 billion in mortgage loan closings in 2015, according to a release from Alterra.
“The results we’ve been able to achieve over the last few years have exceeded most industry metrics and have positioned Alterra as one of the largest independent mortgage banks devoted to the Hispanic borrower,” said Jason Madiedo, CEO and co-founder of Alterra. “Hispanics are the fastest and largest growing household market in the U.S.”
Madiedo said last year, 67 percent of its loan purchases were by Hispanic borrowers, and 56 percent were first-time homebuyers.
Report: Small, middle-market
companies anticipate growth
Owners of small and middle-market companies across the U.S. are on the hunt for further growth, according to results of the American Express Business Growth Pulse survey.
According to the report, 92 percent of middle market firms — companies with $10 million to $1 billion in revenue —indicated that growth is the top priority for the company. More than one in five also reported an expected growth by “leaps and bounds.”
On the side of small businesses — firms with less than 100 employees and at least $250,000 in revenue — 80 percent were primarily seeking growth, with 7 percent expecting to expand by “leaps and bounds” in the third quarter of 2016.
Smaller firms and middle-market firms each applied different tactics to growth. Among smaller firms, 22 percent said the biggest hurdle was finding new clients. Middle-market companies reported being challenged by managing rising cost and increasing competition at 14 percent each.
The solution to these gaps was also different for each entity type.
“Small enterprises will look to grow by acquiring new customers, while middle-market companies will look to expand by both acquiring new customers as well as making infrastructure and equipment investments in their business,” said Susan Sobbott, president of American Express Global Commercial Payments.
LVGEA continues partnership with
bipartisan government affairs firm
The Las Vegas Global Economic Alliance recently announced its continued relationship with government affairs firm The McMullen Strategic Group.
“Our partnership with The McMullen Strategic Group has proven to be an essential part of our growing policy and strategy efforts,” said Jonas Peterson, chief executive of the LVGEA. “We look forward to working together to help local, state and federal policy leaders create an even stronger operating environment for Southern Nevada businesses.”
The firm provides an integral line of communication with Nevada legislators and members of the administration.
“I could not be more excited about helping the LVGEA as it brings these incredible opportunities in economic vitality to Southern Nevada,” said Samuel McMullen, founder and chief strategic officer at McMullen Strategic Group.
The LVGEA is a 501(c)(6) membership organization that is dedicated to growing the economy in Southern Nevada.
Local HVAC company
Las Vegas-based Silver State Refrigeration &HVAC made a move that could allow the company to increase its footprint in the valley, by purchasing a building at 4535 Copper Sage St. near North Lamb Boulevard and East Craig Road.
The purchase “will allow for expansion and ultimate(ly) improve the company’s bottom line,” according to a recent press release from Nevada State Development Corp., a nonprofit SBA 504 lender with offices in Las Vegas and Reno.
Nevada State Development and Western Alliance Bank provided assistance in obtaining funding for the $1.14 million asset.
“Either you catch the fever to open your own business and have that dream of being your own boss, or you look at all the headaches and you take a pass,” said Shane Thompson, co-founder of Silver State Refrigeration.
“In our case, we were never afraid to do the extra work and found we both had good customer relationship skills. This exciting move underscores the idea that we made the right decision.”
Silver State began in 2003 and carries licenses in Nevada, Arizona and California. It works on refrigeration and HVAC new unit installation and repairs and ongoing maintenance of existing units.