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Renaissance Community Loan Fund and Tax & Homes, LLC - Mortgage Package Sales

Success Story
Asset ClassConsumer Mortgage
CityGulfport, MS
Interest Areas

Renaissance Community Loan Fund wanted to sell its performing second mortgage loans in order to recapitalize its loan fund. This sale would allow the organization to continue to lend to their client base. Most of the properties of these mortgages were located in low-income census tracts in Mississippi. Originally formed as the Gulf Coast Renaissance Corporation in 2006 after Hurricane Katrina, the Loan Fund aims to help rebuild the Mississippi Gulf Coast by bridging the gap in the need for safe and affordable workforce housing. Their posting on CapNexus attracted multiple responses and resulted in three separate sales facilitated by a broker and fellow CapNexus user, Tax and Homes, LLC. As Renaissance CFO, Chuck Wall, says, “The posting presented more selling opportunities and enabled our for sale mortgage package to get out to more qualified buyers. The completed sales allowed us to loan out more capital to low-to-moderate income borrowers.” Since 2006, Renaissance has funded over 800 homes in the Gulf Coast region and is able to continue this important work in part because of CapNexus’s project-matching services.