Randolph (Randy) D. Kilgore's Friends

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Randolph (Randy) D. Kilgore's Page

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Title/Position

Vice President - Commercial Real Estate Lending

Company

Citizens First Bank

Phone

(352) 751-2148

Fax

(352) 259-3225

Website

http://www.citizensfb.com

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At 3:34pm on May 13, 2008, Randolph (Randy) D. Kilgore said…: Well I'm going to give a politician's answer, 'yes' and 'no.' First of all, I don't feel that the credit markets were ever 'closed' for good, creditworthy customers with solid track records. Those customers can still borrow with little difficulty, although the underwriting is not as liberal as it was a year ago, so the loan amounts and terms might not be as favorable. But in my opinion, the customers having trouble accessing capital for their projects have been (and still are) the riskier customers who are not as experienced or financially sound as the lower-risk borrowers. This has certainly been the case with our bank, Citizens First, where we have been fairly aggressive in terms of seeking new borrower relationships, but yet we've also been far more conservative in terms of who we will lend to and at what loan amounts than we were a year or two ago. Moreover, I would say that among banks that we're more the 'rule' than the 'exception' in that regard. But the media makes it sound like banks have just 'shut their doors' when it comes to lending, and I think that's largely inaccurate. Of course, there are always exceptions, and there are a fairly large number of financial institutions which have 'over lent' in recent years, or which have some significant problems in the existing loan portfolios. Those are the lenders who are largely out of business as far as making new loans goes, so they get the lion's share of the publicity since that 'sells' better than the same old mundane news. I should clarify that all of my statements and opinions pertain to commercial real estate lending; the situation with residential lenders may be vastly different from what I've experienced in recent months.

Please let me know if I can answer any additional questions that you may have regarding the availability of mortgage capital for commercial real estate projects. Thanks for your inquiry! By the way, what firm are you with and what do you do there?

At 2:50pm on May 13, 2008, Barbara Liberatore Black said…: Hi Randy, we are hearing credit markets are starting to open up again, is this true. If so, why?

At 12:10pm on April 25, 2008, Stephen Martin said…: Randy, it was good spending time in catching up with you and to know of your where abouts in the commercial real estate lending business. I will send you a separate email with my contact information.

Best regards,

Steve Martin

At 2:11pm on March 10, 2008, Randolph (Randy) D. Kilgore said…: Citizens First Bank has experienced some rather significant growth in recent years, largely as a result of the dramatic growth occurring within The Villages itself. We are the “bank of The Villages,” with our ownership made up primarily of the members of the family who is behind the development of the largest retirement community in the nation. The bank was initially established to serve the consumer banking needs of the residents of The Villages, but as a result of our rapid deposit growth, the bank’s deposit base has become much larger than our loan portfolio. Total assets of CFB are currently just over $1 Billion, and our loan-to-deposit ratio is less than 50%, which is far less than most banks. As a result, we are seeking to grow our commercial loan portfolio by becoming a more active player in the commercial real estate lending arena within the Metro Orlando area, as well as in the surrounding counties. CFB focuses primarily on loans of $500,000 to $10 million (although the bank can legally do an individual loan or multiple loans to one borrower of over $18 million). CFB is seeking quality loan opportunities secured by almost all types of commercial properties: we will consider loans on office, industrial, retail, multifamily, manufactured home communities, self-storage properties, hotel/motels, owner-occupied properties and many special-purpose type properties. We routinely do 5-year fixed rate loans, and we can consider doing 7-year fixed rate loans or hybrid loans with 10-year maturities (fixed for 5 years, thereafter adjusting with Prime for the last 5 years). Of course we can do more typical floating rate loans (such as construction loans and acquisition/renovation loans) as well. Typically none of our loans have any prepayment penalties, and our legal and closing costs tend to be lower than with most other banks.

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