Wells Fargo (WFC) has formed a group dedicated to serving residential developer customers on the East Coast, Texas and in the Midwest.
The homebuilder banking group is made up of 14 bankers located throughout the country that will provide a range of products, including project and corporate financing facilities, and a referral network to treasury management, insurance, mortgage and capital markets products, the San Francisco company said Wednesday.
The team will serve existing customers while also looking for new business within its coverage area. Wells Fargo's existing homebuilder customers in the West will continue to be served by local bankers.
Wells Fargo is beginning to see "modest signs of increased demand in the homebuilding sector in many markets" and homebuilder customers will benefit from a group of bankers focused on this specific industry, Bird Anderson, who is based in Charlotte and will lead the team, said in a news release.
Anderson began working for Wachovia in 1985, which was acquired by Wells Fargo in 2009. He has more than 25 years of experience in commercial real estate and most recently managed homebuilder relationships with Wells Fargo's former special situations group.
Dan Sullivan will lead credit supervision. He has more than 25 years of experience in commercial real estate finance and is also currently head of credit management for the company’s hospitality finance group.