FIDELITY BANCORP FUNDING ANNOUNCES JOHN OMORI AS SENIOR VICE PRESIDENT OF CONSTRUCTION FINANCING
SANTA ANA, CALIF., July 13, 2023 — Fidelity Bancorp Funding, Inc., a leading financial institution specializing in commercial real estate, multifamily, single-family residential bridge loans, and permanent financing, is pleased to announce that John Omori has joined the company as Senior Vice President of Construction Financing. Omori will be tasked with launching the company’s construction financing division.
“With traditional banks being capital constrained especially for construction lending, it’s important that we provide a platform to our clients to alleviate those pressures,” stated David Frosh, CEO of Fidelity Bancorp Funding. “We are confident that John will be a great asset to our clients and team as we continue to expand our business.”
John Omori joins Fidelity Bancorp Funding following tenures at Bank of Hope, First Foundation Bank and Umpqua Bank where he specialized in multifamily and commercial real estate loan originations and underwriting of complex ground up projects.
Frosh continued by saying “John understands the architectural, development and construction process as well as the lending business. Because he can put himself in the shoes of both builders and lenders, he knows how to successfully put complex deals together.”
“Despite all the concerns with the economy there continues to be a housing shortage,” stated John. “MLS resale listings are at 20-year lows. Rental occupancy is still strong in many markets, especially California. First time buyers need housing. Current homeowners are not moving because they do not want to part with their 2-3% interest rate loans. Local small to mid-size scale developers producing rental inventory or speculative housing have had their typical capital financing resources withdrawn from the market. We believe the construction business will remain strong despite an uncertain economy, and are expanding our focus to provide capital to developers to execute their plans.”
