Joseph N. DiStefano
Jay Goldstein, former head of the former Valley Green Bank before he sold it to Univest a few years back, says he leads a group that has raised $15 million in equity and $25 million in a warehouse line of credit from local banks for a new company, Spring Garden Lending Group LLC, "specializing in short-term loans to help acquire, rehabilitate, construct, and refinance investment real estate properties in Greater Philadelphia."
Goldstein said in a statement that Spring Garden will target "real estate developers who need short lead-times (3-4 weeks)" for short-term financing but want to avoid high rates from the usual nonbank lenders.
Also joining Spring Garden: "Valley Green Bank’s Chairman Al Thorell; former Valley Green Bank’s Delaware Valley regional president Bob Marino; former Valley Green Bank’s Chief Lending Officer Peter Bucci; and former Valley Green Bank lenders Deb Palochak, Matthew Graham, Alex Zetick and Traci Kelly."
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