CEO Troy Smith makes history as first Black private mortgage lender with a $100 million warehouse line

Troy Smith is the founder and CEO of G1 Commercial Mortgage, a faith-based mortgage lender based in Maryland. He is touted as a rising star and economic leader in Charles County, Maryland, the wealthiest African-American community in the United States.

His company, G1 Commercial Mortgage, provides finance options to real estate investors. According to Black Business, Smith is the first African-American mortgage lender to have delegated underwriting authority over a $100 million warehouse line.

The Baynet reports that in January this year, Smith launched a Wholesale Mortgage Division comprising 18 Account Executives serving mortgage brokers in 44 states. It also offers an asset-based bank-alternative long-term mortgage product.

This mortgage product affirms the collateral’s ability to generate cash flow and secure the loan instead of documenting the guarantor’s ability to repay the loan using income, according to The Baynet. In this regard, Smith’s company is committed to removing the veil of uncertainty in most borrowing situations via its underwriting philosophy made up of 3 C’s: Credit, Cash, and Collateral, The Baynet said.

Also, Smith is known for establishing the first-ever Mortgage Revenue Sharing Network. According to Black Business, it is the first time a Private Credit Fund is agreeing to share original fees charged on a business-purpose mortgage transaction with anyone who shares their loan programs with others.

“Revenue partners have the ability to earn up to a 15% revenue share on each transaction. This revenue-sharing system encourages team growth, as they will pay an override on all volume created through a team channel. MRSN creates wealth development opportunities for the average person that would otherwise never experience the benefits of mortgage origination commissions,” explained Black Business.

Meanwhile, Smith is also the Managing Partner of the United States Economic Right Coalition, a Private Credit Fund with a demand for a unique set of Limited Partners. What is more, he is working with the Economic Development Department in Charles County to lead a Community Development Corporation (CDC) that will work as a Business Credit Fund and Business Training System, he told Black Business.

With his support, the county is working to request its first-ever Federal Credit Union Charter.

“It is time to increase the overall economic education of the African American as a general people,” he said. “We need to understand that we have the power to change our current status. We do not need a handout from anyone outside of our own communities.” 

He added, “We must arouse the consciousness of the whole of human society around the very issue of general equality. Inequality and disparity for one is inequality and disparity for all.”