Today is an exciting day for us, as we have formally announced that we are combining our business with Trinity Merger Corp., and becoming a public company, listed on the New York Stock Exchange. As of today, we are now Broadmark Realty Capital Inc.
This change will allow us to lend on a national basis for the first time and will also allow our customers across all our markets to access our full range of loan products, as well as loan amounts of up to $50 million.
While our name and website have changed, I want to personally assure you that our lending operations, including originating, underwriting, and funding loans, will remain substantially the same. Our management team will also remain in place. You’ll receive the same industry-leading service, from the same best-in-class team you’ve grown to rely on in the past.
Jeffrey B. Pyatt, CEO
Jordan Siao, EVP, Southeast
Strong fundamentals such as population and household growth, at twice the national average, in addition to overall rent growth outpacing the country, encourage investors to keep Atlanta as a top target for the remainder of the year. The focus has been on taking advantage of the large rent delta between Class A and Class B assets. The rent difference between Class A and Class B properties is currently sitting near $500 per month.
Charlotte is one of the fastest growing cities in the country, and more and more companies like Honeywell and Lowe’s are bringing jobs to the region, adding more residents. New construction is not keeping up with the influx of people looking for homes. Housing construction of new homes is down 4% year-over-year. The lower interest rates have also been driving sales. The average 30-year fixed-rate mortgage is 3.57% according to Freddie Mac, down from 4.9% a year ago.
Transaction activity in the first half of 2019 remain on pace to match the volume and velocity recorded last year. Positive outlook on rents and demand have allowed for hopeful underwriting assumptions, which created a solid downward pressure on cap rates. With growing investor confidence, the Orlando market has started to post yields that match those of South Florida.