Two prominent real estate firms in Miami have partnered to create Vaster Capital, a lender that will specialize in bridge loans for residential and commercial real estate.
Fortune International Group, a development company, and Rialto Capital Management, an investment and asset management firm, announced in June their new business, which will fill a void in the marketplace for local real estate investors seeking bridge loans that allow investors to buy a new property before a current asset is sold.
Vaster Capital will target foreign nationals, whom make up a sizable portion of local real estate transactions, particularly at the luxury level, the company said in a press release.
“Our goal has been to satisfy a long-standing gap within our marketplace…providing professional and customized bridge lending products while better servicing the Miami real estate investor,” Edgardo Defortuna, President and CEO of Fortune International Group, said in a statement. “This is a need I have always sought to address, appreciating that numerous buyers – both in the U.S. and beyond — are interested in buying and selling real estate offerings in Miami, but do not have access to customized loan offerings that meet their specific needs.”
The goal of the new company is to combine Fortune International Group’s sales and development expertise with Rialto’s experience lending and managing large real estate assets to create a new, streamlined lender, the company said. Vaster has already formed a sister company to provide financing to Related Group properties in the area.
“Given both Rialto and Fortune’s knowledge of the real estate industry, along with Rialto’s extensive experience in real estate lending, Vaster Capital is structured to become an important lender in South Florida as well as other key markets, allowing borrowers to accomplish their financing needs through a seamless and efficient process,” said Eric Feder, Vice Chairman of Rialto Capital Management.