Jordan Blanchard has dual employee status with Government Loan Solutions (“GLS”) and Pennant Management. Jordan is one of three portfolio managers for the Pennant 504 Fund (the “Fund”). The Fund is a non-diversified, closed-end fund that is registered with the U. S. Securities and Exchange Commission under the Investment Company Act of 1940 (the “1940 Act”). The Fund’s investment portfolio is composed of primarily new production SBA 504 first lien loans. The Fund was launched on December 16th 2013. The purpose of the Fund is to purchase the senior lien of a SBA 504 transactions. The Fund seeks to raise investment dollars from primarily banks and credit unions and deploy those funds through the creation of a 504 first lien secondary market wholesale purchase program. The Fund’s ticker symbol is ZPNNTX. Sandler O’Neill is the Fund’s wholesale distributor. The Fund prospectus can be provided upon request.
Jordan has been involved in SBA 504 lending for roughly 25 years. Jordan has worked at both Certified Development Companies (“CDC’s”) and banks. Jordan started a number of 504 focused departments at banks that specialized in selling SBA 504 loans to secondary market buyers. Jordan oversaw the production and sale of hundreds of millions of 504 first lien to the 504 secondary market during the 2000’s.
Jordan also worked for the nation’s largest CDC, CDC Small Business Finance located in San Diego, California, most recently as Executive Vice President. While employed for this CDC, Jordan oversaw a number of key programs related to the SBA 504 wholesale market. One key accomplishment was the oversight of the creation of the Morgan Stanley 504 wholesale purchase program. Small Business Finance is the administrator of the Morgan Stanley program handling all aspects of lending including marketing, underwriting, funding, servicing and liquidation.
Jordan was also a leading figure in the creation of the SBA 504 First Mortgage Lien Pool (“FMLP”) program. The FMLP program was passed as part of the American Recovery & Reinvestment Act passed by Congress in 2009 and operational from September of 2010 to September of 2012. The FMLP program provided a partial guarantee on pools of SBA 504 first liens. Jordan and related personnel at GLS were responsible for facilitation of almost $600 million of 504 FMLP activity, or roughly 60% of the almost $1 billion of gross loan volume that was part of the FMLP program.
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