Toorak reaches $10bn funding benchmark
Updated: Oct 12, 2022
Toorak Capital Partners has funded $10bn (approx £8.9bn) in whole loans since its inception in 2016.
The New Jersey-based platform has funded more than 26,000 small-balance business-purpose loans backed by residential, multi-family, and mixed-use properties across the US and UK.
In total, the loans have resulted in the construction, renovation, or purchase of over 50,000 rental and owner-occupied units.
The business has also issued $3.1bn (approx £2.8bn) in securitisations across 11 deals, three of which have been fully repaid.
With capital commitments from entities managed by investment giant KKR, Toorak has grown its product offering beyond its flagship rehab loan product to include ground-up construction, multi-family, and 30-year single-family rental/DSCR loans.
John Beacham, CEO at Toorak (pictured above), hailed the achievement as a “groundbreaking milestone”. “When we first started Toorak, we saw an opportunity to provide stable, long-term capital to a fragmented industry with a lack of efficient financing alternatives, and to address the national housing shortage by enabling investors to bring units to the market.
“This achievement is a testament to the hard work of our entire team and the originators we work with,” he said.
Avi Korn, managing director at KKR, added: “Toorak’s growth is a testament to John and the team’s success at building a leading real estate loan investment platform and substantially improving financing options in the real estate mortgage market.
“We are proud of this $10bn milestone for the company and look forward to celebrating many future milestones together.”
In August, Toorak revealed to B&C it experienced a significant increase in UK funding requests, with year-on-year growth of 40% in July.
At the time, it divulged that in certain circumstances, this uptick in demand resulted in the platform limiting its funding volumes for individual loan sellers.