Cross River Bank has closed the first loans under its new Lender Finance platform, the Fort Lee-based bank announced this week.
The bank created the platform and hired Managing Director of Lender Finance Jack Adler in order to better offer customized solutions for commercial real estate bridge lenders.
“Our new Lender Finance platform, coupled with the origination of these loans, represents an expansion of our credit capacity and further solidifies Cross River’s position as an innovative, reliable and transparent leader in the marketplace,” Shimon Eisikowicz, executive vice president and chief lending officer at the fintech bank, said in a prepared statement. “This milestone signals our exceptional growth and continued appetite among CRE borrowers for increased financing and solutions on a broader national scale.”
The first loans totaled $19.125 million. The platform enables CRE bridge lenders to maximize profits by providing them with up to $50 million per borrower to finance the senior position of bridge loans on properties in New Jersey, New York, Pennsylvania and Massachusetts.
Cross River said it has committed up to half a billion dollars under the platform.
Adler was hired earlier in the year, and will use his 15-plus years of banking experience to continue to grow the CRE team.
“Our Lender Finance platform offers revolving lines of credit and loan leverage/note-on-note financing designed to help CRE nonbank lenders quickly reallocate funds into new deals across most major CRE asset types,” he said in a statement. “I am excited to expand this platform as part of the growing CRE team at Cross River.”