SOURCE: Bay Equity

Bay Equity

October 28, 2011 14:18 ET

Bay Equity Ranked No. 5 on Bay Area's Top 100 Fastest-Growing Private Companies by San Francisco Business Times

SAN FRANCISCO, CA--(Marketwire - Oct 28, 2011) - Bay Equity Home Loans, one of the San Francisco area's most respected and successful mortgage lending institutions, announced today that it has been named to the San Francisco Business Times list of the "Top 100 Fastest-Growing Private Companies" in the Bay Area.

The list ranks the fastest growing independent and privately-held organizations in San Francisco and the surrounding Bay Area by revenue growth from 2008 through 2010 as identified by PricewaterhouseCoopers. Bay Equity revenues grew more than 1,500 percent in that time frame and the company expects its 2011 deal volume to rise to $1.4 billion across 3,500 loans.

At No. 5 overall, Bay Equity was the highest-ranked financial firm of any kind on the list. The full list was published in a special supplement to the publication's October 28, 2011 issue, and honorees were announced at a private awards dinner held last evening at the San Francisco Union Square Hilton.

"We are honored to have been recognized as one of the fastest-growing private companies in the San Francisco Bay Area by the San Francisco Business Times," explained Brett McGovern, President of Bay Equity. "Of course, this is not something that one accomplishes individually. My brothers and I have assembled an outstanding team. Every one of our employees is dedicated to the task at hand, which we define as providing exceptional service, innovative solutions and foundational stability built on a commitment to operate under the strongest ethics and standards."

McGovern and his brothers Jon and Casey, both Managing Directors, founded the company with $1.75 million in capital in June of 2007 and reported net revenues of just under $1.1 million in 2008, its first full year of operation. Revenues in 2009 increased more than 500 percent, to almost $6.5 million. Revenue in 2010 grew to more than $17 million.

Bay Equity started with 25 employees. Their headcount grew to 69 in 2009, then tripled to 207 in 2010.

"These three years have marked a great beginning for Bay Equity, and our future looks even better," said Casey McGovern. "We have been carefully and strategically expanding our operations with our Broker-to-Banker program, through which we encourage mortgage brokers who find themselves in a different game in the wake of federal regulatory changes that have altered the mortgage industry to join our team of mortgage bankers. We now have offices all along the West Coast, from Orange County in Southern California to Portland, Oregon, and soon we're opening the doors on a new office in Seattle."

About Bay Equity

Bay Equity is a full-service wholesale and retail mortgage lending institution founded in June 2007 and headquartered in the heart of San Francisco's Financial District, one of the very few mortgage lenders actually located in the City by the Bay. Bay Equity also has operations centers in Pleasanton, California and Portland, Oregon and more than a dozen retail branch offices on the West Coast. In addition, Bay Equity has wholesale account executives covering the 10 Western States. To date the firm has funded more than 9,000 home loans totaling more than $3 billion and has grown to more than 190 employees. To learn more about Bay Equity, please visit our Web site at www.bayeq.com.

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