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Thursday, Jun 30, 2022

RichUncles Gets $3M Loan

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Newport Beach-based real estate investment trust RichUncles LLC has received a $3 million loan from Pacific Mercantile Bank in Costa Mesa.

RichUncles, which started investing via its first REIT in 2012, focuses on single-tenant commercial real estate properties. It uses a crowdfunding model to raise capital and to make real estate investing available to the masses.

It has about 10,000 members and 25 investment properties throughout California, including 22 Del Taco restaurants and a couple of Chevron service stations.

The recent loan is expected to help RichUncles “continue growing … and creating value for our shareholders,” according to a statement by Chief Executive Harold Hofer.

Hofer, who has more than 30 years of real estate experience, is a cofounder alongside Ray Wirta and Howard Makler.

Wirta is chairman of CBRE Group Inc. and president of the investment properties group for Irvine Company.

Makler is a serial entrepreneur who founded a real estate disposition company focused on retail chains. He also founded a Howie’s Game Shack, a game center for computer and Xbox stations.

Pacific Mercantile is among the largest banks with headquarters in Orange County. It has about $1 billion in assets and in recent years has been working to clean up its balance sheet and shift its focus from real estate lending to commercial and specialty lending, including technology and entertainment.

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