Los Angeles, CA (PRWEB) June 28, 2013
Athas Capital Group, the nation’s leading hard money direct lender, is proud to announce its entry into the subprime market. Athas Capital will bring the same kind of innovative business strategies that has made it one of the most successful direct lenders in the hard money space. Since the company’s inception in 2007, Athas Capital has been on the leading edge of innovation in the hard money world and the underlying principles of the company have never wavered: be the best at what you do, work harder than the competition, and never write a loan you don’t believe in. It is with these thoughts in mind that Athas has created its premier subprime product which is destined to become the industry standard.
Why is now the right time for Athas to step into subprime lending? Brian O’Shaughnessy, Athas Capital’s CEO, explains “Well, truthfully, I got tired of waiting for subprime to come back on its own.” Given the fact that conventional lenders have restricted lending practices and guidelines so much so that home ownership is at a 19 year low, right now seems to be the perfect time for Athas to enter the market. “There is a tragically underserved segment of the mortgage market that exists between the conventional market and the hard money market,” O’Shaughnessy continues, “Here at Athas, we want to bridge that gap but we want to do it the right way. We have a long-term business model we are following that has led us to the top of the hard money market as a direct lender. We didn’t get to where we are by deviating from our lending philosophy.”
Is there an appetite for subprime lending after what the market experienced for the past six years? Alim Kassam, President of Athas Capital, thinks so. “We are beginning to see signs of life in the secondary market – resuscitation begins with a heartbeat and we have detected a pulse. However, since we have the luxury of being a direct lender, we are moving forward on our own as we aim to solidify our position at the forefront of the industry.” Over the past four and a half years, institutional and private investors alike have placed their faith in The Rama Fund, LLC, Athas Capital’s in house mortgage fund. That faith has been rewarded with average annual returns 29.4% higher than the average annual return of the S&P 500. Being innovative means constantly surveying the market for new opportunities and subprime is one area that stands out as an underserved area. In 2012, the mortgage market was over one trillion dollars and subprime represented less than 0.05% of that business. Historically, subprime has represented 8% of the market and that rose to 20% in the mid-2000’s. The recent mortgage crisis, along with the economic downturn of the US economy, has made the need for subprime lending even greater. Athas Capital sees this as the exactly the right time for bold, innovative leadership in subprime lending.