A message on COVID-19 from Toorak Capital CEO, John Beacham
With the increasing concerns about COVID-19 (coronavirus), we wanted to share the proactive steps Toorak Capital Partners is taking to protect our people, our funding and our portfolio.
Toorak is a consistent and reliable capital provider for all of our origination partners. Our liquidity position remains strong and we recently priced our latest securitization in what was one of the most volatile weeks of recent memory. This marks Toorak’s fourth securitization and coupled with our long-term warehouse facilities we are in a strong position to finance our lending partners for the long-term despite any market turmoil as we believe in the long term strength of the US housing market.
Additionally,we are taking the necessary precautions to ensure our people stay healthy. We have instructed all employees to work from home, though we remain available, as always, to serve our lending partners. We recently tested our firm-wide ability to work remotely and have demonstrated that we have the technology necessary to maintain the continuity of our business operations even if we are unable to access our offices for prolonged period. We have also contacted our funding sources and confirmed that they are taking the appropriate steps to ensure the continuity of their respective operations.
We will continue to monitor the situation closely and will adjust our plans accordingly. This is a highly fluid situation that is evolving on a daily -- if not hourly – basis so we are taking an even-handed approach, making sure not to overact. However, if we observe a lasting, material change to our operations, we will be sure to update you in a timely manner.
If you have additional questions or concerns, please contact me directly at email@example.com or 212-393-4100.
John Beacham, CEO, Toorak Capital Partners