Toorak Capital Partners Completes $400M Residential Bridge Loan Securitization
Transaction Was Heavily Oversubscribed Despite Volatile Market Conditions
March 09, 2020 SUMMIT, N.J.--(BUSINESS WIRE)--Toorak Capital Partners (“Toorak”), a leading correspondent real estate loan investment platform, today announced the successful pricing of a $400 million securitization of residential bridge loans, the largest ever issuance in the asset class.
Toorak’s securitization, Toorak Mortgage Trust 2020-1, is the fourth residential bridge loan securitization issued by the company. The transaction brings Toorak’s cumulative securitization volume to $1.25 billion. Each of Toorak’s securitizations represented the largest transaction size for the asset class at the time of issuance.
Toorak’s securitization drew investor orders significantly in excess of the quantity of notes offered, and the offering was upsized by 33 percent during the marketing period.
“Our success in this market is a direct result of our commitment to maintaining the highest credit standards. We appreciate the support of our investors which enabled us to upsize the offering, especially during a period of high volatility in the financial markets,” said John Beacham, Chief Executive Officer of Toorak.
The transaction features a two-year revolving period, during which time loan payoffs can be reinvested in new loans.
Toorak is the largest capital provider to the residential bridge loan industry and has completed over $3.0 billion of investments across more than 10,000 loans in 47 states and the United Kingdom. The company has received more than $550 million in capital commitments from entities managed by the global investment firm KKR. In addition to residential bridge loans, Toorak’s lending platform also facilitates financing options for small balance multifamily bridge and long-term single-family rental loans.
About Toorak Capital Partners
Toorak Capital Partners is an integrated correspondent lending platform that funds small balance business purpose residential, multifamily and mixed-use loans throughout the U.S. and the United Kingdom. Headquartered in Summit, N.J., Toorak Capital Partners acquires loans directly from private lenders that originate high credit quality loans. Toorak Capital Partners’ 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 Capital Partners-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.