Cross River Bank Closes First Loans Under New Lender Funding Platform
FORT LEE, New Jersey – (COMMERCIAL THREAD) – Cross River Bank (“Cross River”), an FDIC insured bank in the State of New Jersey known for its strong commercial real estate loans (“CRE”) and in-depth knowledge of the market, announced today hui closed its first loans totaling $ 19.125 million under its newly developed lender funding platform, which offers personalized solutions to CRE bridge lenders.
“Our new lender funding platform, together with the granting of these loans, represents an expansion of our credit capacity and further strengthens Cross River’s position as an innovative, reliable and transparent market leader, ”said Shimon Eisikowicz, Executive Vice President and Director of Loans at Crossing the River. “This milestone signals our exceptional growth and the continued appetite of CRE borrowers for increased funding and solutions on a larger national scale. ”
The Lender Finance platform was created to provide banking leverage to CRE bridge lenders. The platform enables lenders to maximize profits through a user-friendly process and lower cost of capital, and provides them with up to $ 50 million per borrower to fund the leading bridging position. The loans are secured by bridging loans on commercial real estate in New Jersey, New York, Massachusetts and Pennsylvania. Cross River has committed up to half a billion dollars under the new lender funding platform.
In early 2020, in an effort to improve its service offerings, the Cross River Commercial Real Estate department welcomed its new Managing Director of Lender Finance, Jack Adler, who brings over 15 years of experience and will contribute to the growth. continues from CRE. team.
“Our lender funding platform offers revolving lines of credit and leveraged / note-on-note financing designed to help non-bank CRE lenders quickly reallocate funds into new transactions on most major types of loans. CRE assets, ”said Jack Adler, Managing Director of Lender Finance. at Cross River. “I am excited to extend this platform within CRE’s growing team at Cross River, where customers build on the trust, reliability and innovation for which we have become known. ”
About Cross River Bank Commercial Real Estate
Cross River Bank’s Commercial Real Estate (“CRE”) team helps owners, investors, brokers and institutions identify and access the right financing products, with a streamlined approval process, allowing faster closing times. While the CRE team specializes in metropolitan areas of New York, New Jersey and Connecticut with loans ranging from $ 250,000 to $ 40 million, the lender funding platform is designed to reach a wider national audience. , thus complementing Cross River’s existing tri-state focused CRE activities. Region. For more information, please visit www.crossriver.com/lender-finance.