Verus Mortgage Capital, a non-QM correspondent investor, has introduced the launch of a brand new division, Verus Business Actual Property Finance (VCREF).
In a press release, the agency stated that it will likely be pursuing “origination opportunities in commercial real estate credit” by way of VCREF. Initially, the direct lender will give attention to providing bridge loans for acquisitions, refinancing, restructurings, discounted payoffs, lease-up stabilizations, and different particular conditions.
VCREF will present capital for a variety of actual property asset courses together with rental stock, motels/hospitality, industrial, luxurious residential, funding properties, mixed-use, cell residence parks, multifamily, workplaces, parking, retail, and self-storage.
Along with bridge loans, VCREF additionally provides different monetary merchandise comparable to senior loans, B-pieces, mezzanine loans, and most popular fairness. Focused loans vary from $1 million to $25 million.
Verus has introduced on CRE veterans Kenneth Witkin and Ricardo Koenigsberger as co-presidents and Anthony Iervolino as managing director.