Rick Newman launched Commercial Capital Network, LLC in 2004, offering consulting services to aspiring innkeepers who wish to purchase “The Inn of their dreams” and innkeepers who seek to re-finance or re-structure debt obligations.
Rick’s connection to the hospitality industry has its roots in his family’s 30-year ownership of a twenty-eight-room inn in New Hope, Pennsylvania.
Rick began his career in 1976 with Chicago Title Insurance Company in Cherry Hill, New Jersey, where he was charged with developing relationships with attorneys and realtors. In 1979 he was offered his first start up challenge, opening Fidelity Abstract’s new Atlantic County operations in Linwood, New Jersey.
In 1985, Rick re-connected with his first mentor in the title business to form Guardian Title Agency of Princeton. Within six months the company was profitable, forging relationships with many of the area’s most respected attorneys and real estate developers. While managing sales, marketing and operations for Guardian, Rick and his attorney developed a groundbreaking strategy to create an affiliated business relationship structure to successfully navigate the regulations of HUD and the Department of Banking and Insurance in New Jersey. His licensing concept ultimately was used for the formation of Weichert Title Agency, an affiliated business of Weichert Realtors, which he founded in 1990.
He served as Vice President of Guardian Title Agency of Mercer County Inc. and President of Weichert Title concurrently until 1996 when he merged his interest in Guardian Title with New Jersey Title Insurance Company (NJT) and simultaneously sold his interest in Weichert Title Agency. Established in 1887, NJT was New Jersey’s oldest title insurer and a most respected institution in the state. As Executive Vice President and member its board of directors, Rick headed sales and marketing and was responsible for redirecting the core business strategy of the the company from 109 years of direct operations to an agency oriented structure. To implement this new plan he identified and negotiated the sale and merger of the company’s New Jersey branch operations with four of the state’s most prominent title agencies.
In 1997, Rick sourced an opportunity to acquire the popular title production software company WinTitle and initiated an acquisition by the stockholders of NJT. This software was used as the platform for the development of Snap Close, which provides information services to the title insurance and mortgage industries.
Following the sale of his interest in New Jersey Title Insurance Company in 2000 and a brief two-year retirement, Rick joined his friend and founder of InterBay Funding, LLC in Fort Washington, Pennsylvania. As the company’s first Regional Manager, he was responsible for its wholesale broker relationships in New Jersey. Newman’s entrepreneurial drive could not be quieted for long however, so with the blessing of the senior management of InterBay, he left the company in 2004 to form Commercial Capital Network (CCN) as a correspondent to InterBay Funding and Silver Hill Financial— companies owned by Bayview Financial of Miami, Florida. As a correspondent to the Bayview Companies, CCN was empowered to offer nationwide access to commercial mortgage loan programs that accommodated the unique financial needs of inns, bed and breakfast and hotel properties.
To this day, Commercial Capital Network exclusively serves this niche market, consulting with owners of inns, bed & breakfasts, and hotels throughout the US. In 2007 he introduced an innovative program to the hospitality industry, which liberates the use of retirement assets for the purchase of an inn, without incurring penalties or tax liabilities. This program has helped many clients over the years fund a more significant down payment and ultimately has increased the purchasing power of his clients. His testimonials pay tribute to his client-centric approach to lending and the lasting relationships he has developed with his valued clients.
Rick has authored numerous articles on subjects of particular interest to aspiring innkeepers. He is a member of the Professional Association of Innkeepers International (Paii) and Association if Independent Hospitality Professionals (AIHP).