New Silver Enhances Real Estate Loan Offerings with Fortress Partnership
Deal News | Nov 20, 2024 | Fortress Investment Group LLC (NYSE:FIG)
New Silver, a fintech company specializing in real estate lending, has entered into a forward flow purchase agreement with Fortress Investment Group. This strategic partnership aims to enhance the availability of Real Estate Transition Loans (RTLs), specifically targeting the expanding needs of investors in the fix-and-flip and ground-up construction sectors. Under the terms of the agreement, funds managed by Fortress will acquire loans originated by New Silver, combining their expertise in asset-backed credit solutions with New Silver's advanced, technology-driven lending platform. The collaboration is expected to streamline the funding process for investors engaging in residential real estate projects, thereby strengthening New Silver's competitive position in the marketplace. New Silver CEO Kirill Bensonoff emphasized the company's growth trajectory and market-leading services, while Fortress highlighted the innovative nature of New Silver's loan products. This move is indicative of Fortress's ongoing commitment to supporting the real estate sector through dynamic investment strategies.
Sectors
- Finance
- Real Estate
- Technology
Geography
- United States – New Silver and Fortress Investment Group primarily operate within the United States, as indicated by the context of their operations and the location of New Silver's headquarters in West Hartford, CT.
- Europe – Fortress Investment Group operates globally, including in Europe, as part of its asset-based credit business.
Industry
- Finance – The article discusses a financial transaction and partnership between New Silver, a fintech company, and Fortress Investment Group, an investment manager. The focus is on real estate lending and financing solutions.
- Real Estate – Both New Silver and Fortress are involved in providing financial services related to real estate projects, including loans for fix-and-flip and construction projects.
- Technology – New Silver utilizes technology to streamline the underwriting and loan approval process, indicating the relevance of the technology sector.
Financials
- $48 billion – Assets under management by Fortress Investment Group as of June 30, 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| New Silver | Target Company | Company | A fintech company specializing in real estate lending solutions through technology-driven platforms. |
| Fortress Investment Group LLC | Bidding Company/Buyer | Company | A global investment manager providing asset-based credit solutions and engaging in innovative partnerships. |
| Kirill Bensonoff | CEO of New Silver | Person | Chief Executive Officer of New Silver, focusing on expanding market share and innovation in real estate lending. |
| Michael Fallacara | Managing Director at Fortress | Person | Responsible for strategic partnerships and investments in real estate and asset-backed credit solutions. |