Overture Technologies Closes $6 Million Series C Funding Led by Capital Trust Ventures

Bethesda, MD (PRWEB) December 19, 2008

Overture Technologies, the leading provider of decisioning software solutions that enable transparent, accurate and responsive lending processes, announced it has closed $ 6 million in Series C funding led by Capital Trust Ventures with continuing participation from CNF Investments, New Markets Growth Fund and other existing investors. Financing will be used to support market expansion to meet urgent and increasing demand for the company’s financial decisioning solutions serving the mortgage and education lending industries. In conjunction with the funding, Tim Meyers, Managing Partner at Capital Trust Ventures, has joined Overture’s board of directors.

“Today’s mortgage and student loan industries require consistent application of complex lending and pricing guidelines and thorough evaluation of ever-changing risk and asset valuation data to meet current and future regulatory requirements,” said Bill Kelvie, CEO, Overture Technologies. “This growth funding from experienced investors during a challenging time further validates our approach and will help us accelerate our reach for the markets we serve.”

Overture enables market efficiency and improves risk management in underwriting, pricing, servicing and valuing mortgage loans and assets with its Mozart suite of solutions, industry-leading automated decisioning software for originations and acquisitions, servicing, secondary marketing and the capital markets. In addition to Overture’s advanced FHA lending decisioning capabilities, its groundbreaking solution uses rules-driven decisioning for loan modifications to keep borrowers in their homes.
Overture’s education finance solutions empower colleges and universities, lenders, guarantors and other service providers to help students intelligently navigate the process of funding their education with Conductor, the leading online financial aid portal, the Student Loan Marketplace loan comparison tool and Amadeus, the premier student loan pricing and underwriting solution.
“Overture is providing business rules management systems for lending processes that can restore confidence in the credit markets and prevent the current crises in mortgage and education lending from happening again,” said Tim Meyers, Managing Partner, Capital Trust Ventures. “We’re pleased to invest in a company led by industry veterans and technology thought leaders who are enabling greater accuracy, transparency and efficiency for this significant and essential segment of the financial services sector.”

About Capital Trust Ventures:

Capital Trust Ventures provides growth-stage venture capital financing for information technology companies. We work closely to form a strong partnership with proven entrepreneurial leaders with the vision and spirit to build market-leading companies, help them to achieve scale and exit successfully. Our team of partners has extensive investing and entrepreneurial experience in multiple sectors including application software, emerging technologies, vertical software, new media, internet content, e-commerce and infrastructure software. Capital Trust Ventures is a member of the Capital Trust Group, a leading private equity and advisory firm. For additional information, visit http://www.capitaltrustventures.com.

About Overture Technologies:

Founded in 2000, Overture Technologies is the leading provider of decisioning software solutions that enable transparent, accurate and responsive lending processes for the mortgage and higher education lending industries. Overture’s customers are dedicated to providing superior mortgage underwriting, servicing and securitization services and to increasing students’ access to higher education financing alternatives. Overture’s leadership team applies decades of experience from leading financial services and technology firms including Fannie Mae, Freddie Mac, Goldman Sachs, IBM and KPMG to help our customers achieve their goals. For further information, call (301) 492-2155 or visit http://www.overturecorp.com.


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Hackman Capital Affiliate Closes On $5 Million CMBS Loan

Culver City, CA (Vocus/PRWEB) January 26, 2011

Hackman Capital, a privately-held industrial and commercial real estate investment firm, announced today, on behalf of its affiliate, the closing of a $ 5 million loan to permanently finance the acquisition of three creative office buildings in Culver City, California. The office, recording and production studios, totaling 32,248 square feet, are 100% leased by Westwood One. Inc., the country’s largest independent provider of network radio programming and traffic information. The Hackman Capital affiliate acquired the portfolio in an all-cash, sale-leaseback transaction in December 2009.

The non-recourse financing was arranged by Los Angeles based capital markets advisor, Verona Capital Markets(VCM), who obtained the loan from a major Wall Street investment bank. The loan provided 10-year, fixed-rate financing with a 30-year amortization period and a 5.99% coupon. The proceeds of the loan were used to repatriate equity to the sponsor and its investors.

VCM was able to mitigate the risk associated with a single, non-investment grade tenant by highlighting the superior sponsorship behind the transaction, including its track record of operational excellence across its portfolio and its extensive experience in the Culver City submarket, said Eliav Dan, VCM’s managing principal. In addition to highlighting Westwood Ones longstanding occupancy of the buildings and the financial commitment of its majority equity stakeholder, local private equity firm The Gores Group, Dan noted that VCM assuaged the lenders concern regarding a downside scenario by emphasizing the location of the project in reinvigorated downtown Culver City, the fungibility of the buildings, the loan amount relative to land value and the go-dark value of the buildings.

According to Michael Hackman, founder and CEO of Hackman Capital, this deal is yet another example of the the vitality of the Culver City submarket. “One of the west side’s most progressive and rapidly growing areas, and a destination for creative businesses, Culver City is a vibrant community, ” said Hackman. “We are expanding our footprint here for good reasons.”

Hackman Capital, which is based in Los Angeles, has been investing in industrial and office properties since 1986. Although the company and its affiliates have a large national presence, with an existing portfolio including more than 56 buildings and 16 million square feet in markets across the country, the company is proceeding with investment strategies focusing on Southern California and the West Coast.

Of the 13 properties Hackman Capital affiliates already own in Southern California, five are in Culver City. The three Westwood One Studios are located in the Hayden-Higuera district at 8960 Washington (9,668 square feet), 8966 Washington Boulevard (14,780 square feet) and 8944 Lindblade Street (7,980 square feet).

More about Hackman Capital

Hackman Capital specializes in the acquisition, management, redevelopment and adaptive re-use of industrial and office real estate. Founded in 1986, Hackman Capital has acquired or developed more than a billion dollars of property on behalf of the company, various investment funds and institutional clients. The company manages all aspects of the real estate process, from acquisition through asset management and disposition, and offers services including property and asset management, construction management, marketing and leasing, finance and administrative functions, legal, compliance and investor relations. Hackman Capital currently manages for its affiliates a portfolio of more than 16 million square feet, including 56 buildings and 750 acres of developable land. The

company is based in Los Angeles, California.

For more information about the company, please visit http://www.hackmancapital.com

More about Verona Capital Markets Inc.

Verona Capital Markets Inc. is a full service real estate investment banking and capital markets advisory firm based in Los Angeles. VCM specializes in arranging structured debt and equity financing for all types of commercial real estate investments throughout the country and represents financial institutions in connection with the disposition of performing and non-performing notes and REO. In their previous capacities as lenders and lenders counsel, respectively, our principals have been involved in virtually every facet of the securitized lending process, including loan origination, structuring, underwriting and documentation.

For more information about VCM, please visit http://www.veronacapitalmarkets.com.

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