FOR IMMEDIATE RELEASE
Contact: Herman Bulls, President & CEO
+1 (202) 256-1814
herman.bulls@bullscapitalpartners.com

Bulls Capital Partners Turns Three; Lender Invests Over $364Million in Apartment Loans in 19 States and the District of Columbia since Inception

2007 Production of $127.5 million achieved in challenging capital markets environment

Vienna, Virginia, January 26, 2008 -- Bulls Capital Partners, LLC, a multifamily financial service provider and Fannie Mae Delegated Underwriting & Servicing (DUS®) lender, announced today that it has completed loan transactions totaling $364 million since its inception three years ago.

Formed January 28, 2005, Bulls Capital Partners enjoyed strong success in its first two years, closing just over $239 million in loans. This trend continued in 2007 despite one of the most challenging capital markets environments in commercial real estate history.  The Bulls Capital Partners team closed $127.5 million in transactions through December 31, 2007, bringing the three-year total to $364 million.

“The collapse of the sub-prime mortgage business and the historic losses by major Wall Street mortgage lenders made 2007 an extremely difficult climate for mortgage lending,” said Herman Bulls, President & CEO of Bulls Capital Partners.  “We succeeded despite the challenges, thanks to the dedication and expertise of our team and the great partner we have in Fannie Mae.”

“Our strong foundation of teamwork and outstanding customer service were instrumental in winning repeat business from several of our key borrowers as well as several new relationships,” added Mark Van Kirk, COO and Co-Founder.  “We are very excited about 2008, as we see the turbulent multifamily finance market as an opportunity to build on the favorable position of the Fannie Mae execution, as well as the strong customer service focus of our finance professionals.”

Bulls Capital Partners highlights of the past 12 months

• Continued to work with SunTrust Bank, our equity partner, during the year.
• Signed up four new correspondents.
• Financed properties in six states in 2007 for the first time: Tennessee, Minnesota, Ohio, Indiana, Missouri  and Alabama.
• Promoted Alicia Cotton, a DUS veteran with close to 11 years of commercial real estate experience, to Assistant Vice President; and Thomas Sitzler, a 20-year industry veteran, Chief, Asset Management with responsibility for asset management
• Established relationships with several key customers, including Lawler Wood, The Barrington Group and Horning Brothers.
• Worked closely with Fannie Mae on issuing shorter term ARM financing which was very well received by borrowers. The average term was 6.75 years with two years of interest only built in.
• Achieved a good balance of transaction types, with approximately 60% acquisition loans and 40% refinance transactions.
• Reinforced our reputation for speed and certainty of execution.

 

About Bulls Capital Partners, LLC

Bulls Capital Partners, LLC is a Fannie Mae-approved Delegated Underwriting and Servicing (DUS®) lender that offer a full array of financing solutions to owners of multifamily property. Bulls Capital Partners’ key capabilities under the DUS program include small loan solutions, affordable housing solutions, student housing, market-rate multifamily mortgages, and credit facilities, among other offerings. 

Bulls Capital Partners is a joint venture of SunTrust Bank (www.Suntrust.com), one of the nation’s largest commercial banking organizations, and Bulls Multifamily, LLC, a minority-controlled firm headed by President and CEO Herman Bulls. Bulls previously ran a successful DUS lending operation, and has extensive commercial real estate experience with one of the world’s leading real estate service providers. Co-founding Bulls Capital Partners with Bulls is Mark Van Kirk, Chief Operating Officer. Van Kirk previously served as Director of Counterparty Risk at Fannie Mae.

About Sun Trust Bank

SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of September 30, 2007, SunTrust had total assets of $175.9 billion and total deposits of $115.9 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, treasury and payment solutions, and trust and investment services. Through various subsidiaries the Company provides credit cards, mortgage banking, insurance, brokerage, equipment leasing and capital markets services.

 

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DUS is a registered trademark of Fannie Mae