Moneyhouse, Puerto Rico’s largest private equity lender and frontrunner in reverse mortgage closings, is marking its sixth anniversary with the recent opening of a new branch in Guaynabo, pushing the number of offices to eight in Puerto Rico.
The opening coincided with the bank’s incursion into the Florida market, where it inaugurated an office in Orlando, bank officials announced.
The 500 square-foot location on Camino Alejandrino entailed a $75,000 investment and is generating three new jobs. The branch will focus on offering Moneyhouse’s mortgage products to buy or refinance homes, as well as its “MoneyReverse” loan option for home buyers 62 and older looking to draw equity from their existing properties.
Moneyhouse is licensed to do business in Oklahoma, Florida, Puerto Rico and Texas. It was founded in February 2007 by former Doral Bank executives David Rafael Levis and Aidiliza Levis, who initially capitalized the venture with about $1 million. The bank offers mortgage loans, both conforming and non-conforming, as well as commercial loans. Moneyhouse currently ranks fourth among island banks that originate and close Federal Housing Authority loans.