$200 Million Funded in Real Estate Loans in 15 Months

Internet banking company, Bank of Internet, USA, reported funding more than $200 million in real estate loans since the bank opened in July 2000: with $80 million going toward apartment loans, and $50 million of that into affordable housing.

One area that the bank specializes in is apartment lending and in particular, affordable housing. Board Member and Loan Committee Chair, William Ayyad has been a strong advocate of the bank's foray into affordable housing. Ayyad is one of the nations most renowned and successful leaders in the field, and has been recognized by governments and community groups, locally and nationally, for his efforts.

Assemblyman Juan Vargas said of Ayyad "He's a hard working, can-do kinda guy! I wish we could find 10 more William Ayyads."

"People not only want affordable housing, but they want decent housing, and that's where Willie's expertise comes into play," said President and chief executive officer, Gary Lewis Evans, "Internet banking may be young, but our team and board of directors are all recognized leaders in real estate, Internet banking and technology, and financial investment. We've built a strong management team around a classic partnership and a sound business plan, and each member of the bank's Board brings his or her own expertise to the table-even in this shaky economy, we've experienced no delinquencies, or slow-down in demand for loans."

With the industry's average loan to value ratio generally standing at 80% plus, BofI has managed to keep its average below 60% because of its commitment to conservative yet responsible lending. In fact, the bank has recently received an Outstanding rating for its Community Re-investment Act commitment.