Toorak completes $350m securitisation of residential bridging loans

Toorak Capital Partners has announced the completion of a $350m (approximately £285m) securitisation of residential bridging loans.

The real estate loan investment platform claimed that this was the largest ever issuance in this asset class.

The securitisation — named Toorak Mortgage Trust 2019-2 — was upsized by 40% during the marketing period due to investor orders being in excess of the quantity of notes offered.

It features a two-year revolving period, during which time loan payoffs can be reinvested in new loans.

“We are dedicated to institutionalising the residential investor loan market by providing reliable, high-quality capital, with standardised credit guidelines, responsive service and timely execution,” said John Beacham, chief executive officer at Toorak.

“We are focused on helping our lending partners grow their business responsibly.”

Toorak has now completed over $3bn (approximately £2.45bn) of investments across more than 10,000 loans in 47 US states and the United Kingdom.

It has received $550m (approximately £449m) in capital commitments from entities managed by KKR.

The platform also offers financing options for construction, multi-family rental and long-term, single-family rental projects, in addition to bridging loans.

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