Toorak Capital Partners Closes Fifth Residential Bridge Loan Securitization
Updated: Mar 16
Toorak Capital Partners ("Toorak"), a leading correspondent real estate loan investment platform, today announced the successful closing of a $339.5 million securitization of residential bridge loans. Toorak is the largest securitization issuer in the residential bridge loan market, having completed five such securitizations totaling $1.6 billion in collateral balance since 2018.
Toorak's securitization, Toorak Mortgage Trust 2021-1, drew investor orders significantly in excess of the quantity of notes offered, with the offering oversubscribed on A1 and A2 orders.
"The importance of the residential bridge loan market has never been higher, as the properties we finance directly address America's housing shortage," said John Beacham, Chief Executive Officer of Toorak. "Toorak remains committed to supporting the residential bridge loan market by providing high-quality capital with consistent credit guidelines, efficient, timely execution and world class service."
Toorak Mortgage Trust 2021-1 features a two-year revolving period, during which time proceeds from loan payoffs can be reinvested in new loans. The initial collateral included a higher allocation to multifamily bridge loans than previous transactions. "The shift in our borrower base towards multifamily properties reflects Toorak's support for experienced borrowers as they transition to rehabbing and stabilizing larger developments," said John Beacham.
Toorak has become one of the largest capital providers to the residential bridge loan industry, completing over $5.0 billion of investments across more than 15,000 loans in 47 states and the United Kingdom. The company has received over $500 million in capital commitments from entities managed by KKR, the global investment firm. In addition to residential bridge loans, Toorak's lending platform offers financing options for construction and long-term single-family rental projects.