Meet Troy Smith, founder and CEO of G1 Commercial Mortgage, a faith-based Private Credit Fund based in Charles County, Maryland, the wealthiest African American County in the nation. His company is a direct lender that offers finance options to real estate investors, and he is the first African American mortgage lender to have delegated underwriting authority over a $100 million warehouse line.
Troy positioned his company within the private mortgage market by creating bank-alternative lending capital for mortgage products that would be very challenging for individuals to find. They have created the first-ever Mortgage Revenue Sharing Network (MRSN – pronounced mer-sehn). For the first time, a national Private Credit Fund has agreed to share the origination 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.
However, this is just the tip of the iceberg when discussing Troy’s overall financial and economic vision. He is also the Managing Partner of the United States Economic Right Coalition (USERC or simply ERC). The ERC is a Private Credit Fund with a demand for a unique set of Limited Partners. The limited partners will consist of a coalition of African-American-owned banks that pool a portion of their dollars within the fund to provide responsible credit capital to those businesses and individuals that are often overlooked and underrepresented.
The ERC will invest in community infrastructure through land cultivation and the four (4) supplies – Food, Water, Air, and Energy – to create a sort of resource pool of supplies for those within the ERC system. General Membership will be accepted into the ERC from those who represent the communities in which the ERC will serve. G1 Commercial Mortgage will be a Limited Partner within the ERC to provide mortgage underwriting support and liquidity stability.
However, it doesn’t stop there. Smith is very active in the Charles County community at large. He is currently working with the Economic Development Department to spearhead a Community Development Corporation (CDC). The CDC will operate as a Business Credit Fund and Business Training System. Local Charles County financial institutions will create a coalition to pool money together within the CDC to help support local business growth, strength, and support. The County, with the help of Troy Smith, is working to request the County’s first-ever Federal Credit Union Charter. The Federal Credit Union will serve as a pillar of financial strength for the African American community at large.
Troy comments, “It is time to increase the overall economic education of the African American as a general people. 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. 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.”
Learn more about his company at G1Commercial.com