Toorak Capital Partners Closes Largest Ever Residential Bridge Loan Securitization
Updated: Mar 16
October 01, 2019 07:29 AM Eastern Daylight Time
SUMMIT, N.J.--(BUSINESS WIRE)--Toorak Capital Partners (“Toorak”), a leading correspondent real estate loan investment platform, today announced the successful completion of a $350 million securitization of residential bridge loans, the largest ever issuance in the asset class.
Toorak’s securitization, Toorak Mortgage Trust 2019-2, drew investor orders significantly in excess of the quantity of notes offered, and the offering was upsized by 40 percent during the marketing period.
“We are dedicated to institutionalizing the residential investor loan market by providing reliable, high-quality capital, with standardized credit guidelines, responsive service and timely execution,” said John Beacham, Chief Executive Officer of Toorak. “We are focused on helping our lending partners grow their business responsibly.”
Toorak Mortgage Trust 2019-2 features a two-year revolving period, during which time loan payoffs can be reinvested in new loans.
Toorak has become one of the largest capital providers to the residential bridge loan industry, completing over $3.0 billion of investments across more than 10,000 loans in 47 states and the United Kingdom. The company has received $550 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, multifamily rental and long-term single-family rental projects.
About Toorak Capital Partners
Founded in 2016, Toorak Capital Partners is a leading investment manager dedicated to investing in small balance business purpose residential, multifamily and mixed-use loans throughout the U.S. and the United Kingdom. Headquartered in Summit, N.J., Toorak acquires loans from leading loan originators and manages all aspects of its investment portfolio, including loan sourcing, pricing, underwriting, acquisition, and asset management. Toorak’s principals have a deep understanding of mortgage credit in the residential and commercial space with backgrounds in real estate lending, capital markets, securitization, asset-liability management, asset management and credit. Toorak-funded projects have renovated or stabilized housing for more than 9,000 families to date – an average of more than 500 families every month. Further information is available at www.toorakcapital.com