New York-based real estate lending platform Module Five Capital is set to scale its activity across the US after securing $30m (£22.8m) in funding from OakNorth Bank.
The revolving credit facility will fund new originations, including loans for construction, bridge and flip as well as multifamily investment. It also provides Module Five Capital with financing to scale its platform and expand lending capacity across US metropolitan areas, particularly New York, New Jersey and Pennsylvania.
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“With non-bank lenders now accounting for more than 60 per cent of new commercial real estate loans in the US, demand for private credit solutions continues to accelerate,” said Max Gejerman, co-founder and managing partner at Module Five Capital. “Partnering with OakNorth allows us to meet this growing need while maintaining our disciplined underwriting and local market focus.”
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Module Five Capital is a balance-sheet lender providing senior debt financing to US commercial and residential real estate projects, with a focus on short-term bridge and construction loans ranging from $500k to $10m.
“The facility we’ve structured provides flexibility for the business to grow while maintaining its impressive credit record,” said Max Saidman, director of debt finance at OakNorth. “We’re proud to support Module Five Capital in expanding its lending footprint and strengthening OakNorth’s presence in the US private credit market.”
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