The Closing: Robert Verrone

The lending legend on the fallacy of ‘Large Loan Verrone,’ Barbie dolls and $20B in debt

Robert Verrone (credit: STUDIO SCRIVO)
Robert Verrone (credit: STUDIO SCRIVO)

From the July Issue: Robert Verrone is the founder of commercial mortgage brokerage Iron Hound Management Company, which has arranged and restructured more than $20 billion in debt and equity since launching in 2009. During the last real estate bubble, Verrone gained a reputation as a major risk-taker for providing large, interest-only loans to developers with little equity down. For that he earned the nickname “Large Loan Verrone.”

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Verrone began his career at Bear Stearns, but after being let go in 1994, he joined North Carolina-based First Union (which later acquired Wachovia and took on its name) to lead the bank’s lending and securitization division. As co-head of Wachovia’s real estate group from 2007 to 2008, he oversaw a portfolio that grew to $80 billion in debt and managed as many as 600 employees. [more]