MCMURRAY, PA -Daniel Wallach, former CFO of wood industry giant 84 Lumber building materials firm, seeks to raise $700 million to help construction firms build new single family homes on spec. He has launched Shepherd's Finance LLC to operate the venture.
The investment group got its start within 84 Lumber, when Wallach was shifted in 2010 from 84 Lumber CFO to Executive Vice President/Strategic Initiatives and Paul Lentz moved from controller to CFO to succeed him.
Originally organized in the Commonwealth of Pennsylvania in 2007 under the name 84 RE Partners, LLC, the venture has already made millions in investments as an arm of 84 Lumber. Forming Shepherd's Finance and quickly scaling up to a national footprint could help stimulate housing, and demand for 84 Lumber products among builders.
84 RE changed its name to Shepherd’s Finance, LLC on December 2, 2011, according to the April 13 filing with the Securities & Exchange Commission.
"We plan on extending and servicing commercial loans to small to medium sized homebuilders for the purchase of lots and/or the construction of homes," says Wallach in the SEC Filing. "We also will extend and service loans for the purchase of undeveloped land and the development of that land into residential building lots."
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