Verus Mortgage Capital, a non-QM correspondent investor, has announced the launch of a new division, Verus Commercial Real Estate Finance (VCREF).
In a statement, the firm said that it will be pursuing "origination opportunities in commercial real estate credit" through VCREF. Initially, the direct lender will focus on offering bridge loans for acquisitions, refinancing, restructurings, discounted payoffs, lease-up stabilizations, and other special situations.
VCREF will provide capital for a wide range of real estate asset classes including condo inventory, hotels/hospitality, industrial, luxury residential, investment properties, mixed-use, mobile home parks, multifamily, offices, parking, retail, and self-storage.
In addition to bridge loans, VCREF also offers other financial products such as senior loans, B-pieces, mezzanine loans, and preferred equity. Targeted loans range from $1 million to $25 million.
Verus has brought on CRE veterans Kenneth Witkin and Ricardo Koenigsberger as co-presidents and Anthony Iervolino as managing director.