Partnership to enable nationwide footprint expansion, increased capital deployment, and roll-out of enhanced proprietary technology
Barings, one of the world’s leading investment managers, and Crebrid, the newly rebranded and rapidly growing real estate lending platform formerly known as Wildcat Lending, announced a new credit facility that will help accelerate Crebrid’s credit origination across the United States.
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Under the agreement, Barings’ investors will take a minority equity position in Crebrid as part of the transaction. Barings’ investors will also provide a flow purchase facility with $500 million in initial capacity to enable Crebrid to significantly expand its loan offerings, which are supported by its proprietary technology-driven lending platform. Terms of the transaction were not disclosed.
This partnership further cements Crebrid’s position as a leading player in the residential transition loan (RTL) market, enabling it to expand its reach from the compelling opportunities it has focused on in Texas, Ohio, and Tennessee to meet the growing demand for its solutions across the United States. The Company plans to initially focus its growth capital nationally with emphasis on high-growth markets across the U.S.
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Barings’ investment was made through the firm’s Asset Based Finance (ABF) investment strategy, which has more than $70 billion in assets under management. Through its ABF strategy, Barings seeks to develop selected long-term origination partnerships that provide distinct and durable access to differentiated residential, consumer, and commercial asset-backed investment opportunities for its investors.
“We are excited to begin this partnership with Crebrid, which builds on our more than three-decade track record of activity within the residential whole loan sector,” said Jim Moore, Head of Asset Based Finance at Barings. “We’re looking forward to working with Tim and the Crebrid team to support their growth strategy and capitalize on the compelling investment opportunity for our investing clients in the attractive and growing RTL sector.”
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“Today’s announcement represents a transformational milestone for the RTL industry,” said Tim Jordan, President of Crebrid. “Barings’ capital and support will better position us to build from a $1 billion deployment target in the first year to our goal of reaching $3-5 billion in annual originations by 2030. We will do this by expanding into additional markets, further enhancing our technology capabilities, and continuously improving our industry-leading, high-touch customer service that makes us a lender of choice in the markets where we operate.”
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Source: businesswire
