WHO IS RAIN CITY?
Remember the 2008 real estate market crash? So do we.
We lived through it, we learned, and we decided to do better. Rain City takes a different approach to hard money lending – we put the interest of our borrowers first, and prioritize smart decision-making for the long term. Since 2009, we have funded over $400 Million in loans for rehabs, short sales, escrow and auction purchases, in over 3000 transactions. We partner closely with each of our borrowers to ensure success. Unlike the industry in 2007 – and for some lenders today – for us, it’s not about a quick buck. It’s about keeping it simple and lending with integrity.
Watch the video below to get to know us better.
WHO IS RAIN CITY?
MEET THE TEAM
FOUNDER / PRESIDENT
Fred Rea is the founder and manager of Rain City Capital. Between November 2003 though March 2006, Fred assisted in the closing of conventional investor loans as an employee of Cobalt Mortgage, the largest privately held mortgage banker in the state of Washington. In April 2006, he was retained by the owners of Cobalt Mortgage to start, manage, and originate hard money loans for Stone Capital Funding, LLC. From April 2006 through September 2008, Stone Capital closed a large number of distressed real estate purchases with Fred as its only loan originator. Fred also managed the operations, auction process, as well as the portfolio to ensure all loans paid off at date of maturity. Fred was born and raised in the Seattle area and is a diehard Seahawks fan. He lives in Bothell with his wife and two children.
EXECUTIVE VICE PRESIDENT / CHIEF FINANCIAL OFFICER
Buster has served as the chief financial officer to an eclectic mix of companies in various industries. Most recently, he was the Executive Vice President for LHUI, a Seattle-based insurance brokerage and Senior Vice president of Finance for the Seattle Times Company. Buster previously served as Chief Financial Officer for several Paul G. Allen companies, including Vulcan Inc., Mr. Allen’s multi-billion dollar asset management company; the Seattle Seahawks; and First and Goal, the company that built and manages CenturyLink Field. Buster serves on the boards of several local nonprofit corporations, including the Seattle Foundation, the Allen Institute, Experience Music Project, the Greater Seattle YMCA, and the Seattle Seahawks Charitable Foundation.
EXECUTIVE VICE PRESIDENT / CHIEF OPERATING OFFICER
Pam Drexler spent 20+ years as VP of Loan Administration at First Mutual Bank in Bellevue WA (acquired by Washington Federal Bank). In this role she was responsible for loan servicing for mortgage, commercial, consumer and construction loans as well as loan funding, secondary marketing and investor reporting. In 2007 she joined Foundation Bank as Senior VP and Director of Operations responsible for several areas including all lending operations, human resources, deposit administration, marketing, project management and IT. Pam is known for driving operational excellence and change initiatives while balancing customer service through fair and direct leadership style. Pam has lived in Bellevue and Redmond for most of her life. She and her son live in Redmond and have a great shared love of basketball. She is an avid runner and reluctant gardener.
VP OF SALES
Ian Morell has over a decade of experience in the mortgage industry as loan originator, financial analyst and fund manager. Prior to Rain City, Ian managed one of the largest private lending funds in WA State where he grew it 10x to over 300 employees in 5 years. Earlier in his career he held leadership roles as Loan Officer and Branch Manager at several mortgage firms. As a serial entrepreneur, he has first hand experience in building and managing real estate lending portfolios, and is a compelling leader with a proven talent for developing long-lasting customer relations. Raised in the Seattle Metro area, Ian lives in Kenmore, WA with his wife, four children, and two dogs. A lifelong Seahawks fan, he also enjoys boating in the summer and traveling with his family.
Advisor / Board Member
Tal Moore is a real estate investor, land developer, angel investor, and serial entrepreneur with expertise in e-commerce, domain development, market strategy, operations, and website optimization. Tal has a passion for real estate and has invested in apartment buildings, homes, and storage facilities throughout the western US states. He has lived in Seattle for over 15 years and has a passion for thought provoking books, strong coffee, and leisure jogs throughout Discovery Park.