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Sutherland Launches Commercial Bridge Lending Platform
Sutherland Asset Management has launched a bridge lending division called Ready Capital Structured Finance to strengthen its existing direct commercial lending platform.
RCS will provide nonrecourse, bridge and mezzanine commercial real estate debt financing.
“The addition of this dedicated platform with a highly regarded team provides Sutherland with the ability to provide small- to mid-size balance commercial loans to finance real estate through its entire life-cycle, from development and rehabilitation through stabilization, with a wide range of financing products from senior to subordinate debt,” said Sutherland’s chief investment officer, Thomas Buttacavoli.
Sutherland is a full-service real estate finance company managed by Waterfall Asset Management that acquires, originates and manages commercial real estate loans and real estate-related securities.
RCS is offering nonrecourse floating and fixed-rate loans on transitional, value-add and event-driven commercial and multifamily real estate opportunities, and up to five years and $25 million to middle-market and institutional commercial real estate sponsors.
The division will also offer short-term, interest-only loans with advances of up to 80%, for cash-flowing and non-cash flowing properties. Flexible prepayment schedules and customized structuring solutions will be available.
David Cohen joins RCS as its national production manager and Dominick Scali as its head of credit. Both were previously at Doral Property Finance, where they helped grow the national bridge lending platform.