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Encina Lender Finance and Sterling National Bank Provide new Credit Facility of up to $150 Million to iBorrow
By Encina Lender Finance
iBorrow LP, a national private commercial real estate lender, today announced plans to expand its lending efforts through a senior credit facility provided by Encina Lender Finance and Sterling National Bank, and a direct investment provided by certain investment funds managed by Oaktree Capital Management, L.P. (“Oaktree”) through certain subsidiaries. iBorrow provides bridge loans to qualified real estate investors active in the commercial real estate marketplace. iBorrow is led by partners Brian Good, Andy Peltz, Harlan Peltz and Andy Smith. "Forging a relationship with Encina, Sterling National Bank and Oaktree is a very important step in the growth of iBorrow" said iBorrow CEO Brian Good. "The investment capital will be utilized to expand our loan book across the United States at a time when we feel there will be heightened demand for real estate financing solutions."
iBorrow has been providing commercial real estate loans to investors and developers since 2013. iBorrow focuses on non-recourse real estate loans in the $3-$30mm size range to borrowers that have deep expertise in the purchase, renovation and sale/refinance of commercial real estate assets. iBorrow will continue to operate its fully-integrated, specialty lending platform, with plans to grow its lending book significantly in 2021 across the US.
Luke Graham, CEO of Encina Lender Finance, said, “We have enjoyed working with Sterling National Bank to structure and document the credit facility for iBorrow. Our facility was designed to support the operational and growth objectives of the seasoned management team at iBorrow.”
About iBorrow:
iBorrow is a private nationwide lender focused on commercial real estate transactions. Headquartered in Los Angeles, with offices in New York, Miami, Washington, DC, Denver, and Austin, iBorrow provides loans from $3 to $30 million, at a fixed rate, on a non-recourse basis to all property types including multi-family, office, industrial, retail, mixed use, senior living and hospitality. iBorrow originates and services each loan on its platform. For additional information, please visit iBorrow's website at http://www.iborrow.com
About Encina Lender Finance:
Headquartered in Atlanta, Encina Lender Finance (ELF) offers revolving lines of credit and term loans ranging in size from $10 - $40 million to specialty finance companies (sponsored and non-sponsored) across a wide range of asset classes including, but not limited to, asset-based lending, factoring, equipment leasing, floorplan financing, commercial real estate bridge lending, tax lien/deed financing, venture debt lending, SMB lending & merchant cash advance, middle-market private credit, charged-off debt buyers, rent-to-own consumer leasing, unsecured consumer lending and specialized student lending. ELF’s customers use financing proceeds primarily to fund the origination of new finance contracts and to refinance existing debt, and ELF’s loans are secured by portfolios of notes, loans and/or leases. For additional information, please visit ELF’s website at https://lenderfinance.encinacapital.com.
About Sterling National Bank:
Sterling National Bank, which is the principal subsidiary of Sterling Bancorp (NYSE: STL), specializes in the delivery of financial services and solutions for small to mid-size businesses and consumers within the communities it serves through a distinctive team-based delivery approach utilizing highly experienced, fully dedicated relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit www.snb.com.
About Oaktree:
Oaktree is a leader among global investment managers specializing in alternative investments, with $140 billion in assets under management as of September 30, 2020. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree's website at http://www.oaktreecapital.com.
