Platform will offer a full suite of CRE services and finance options
Fintech company Cross River Bank has formed a new partnership to create a “closed-loop lending program” that aims to modernize the commercial real estate industry.
Cross River’s commercial real estate team has teamed up with Erithmitic (dba Bridgeton Capital), a tech-enabled and data-driven commercial real estate lending platform, to launch a CRE platform for the sourcing, originating, and risk allocating of CRE loans.
According to Cross River, the partnership will provide borrowers and sellers nationwide with affordable credit opportunities and enable Cross River to expand into new markets. The companies said they will invest capital on the platform, focusing on offering 12–24-month interest-only bridge financing on multifamily and commercial properties nationwide of between $5 million and $50 million.
Learn more about the pros and cons of bridge financing in this article.
“Cross River and Bridgeton’s combined, closed-loop CRE marketplace is unprecedented. Leveraging Bridgeton’s expertise and origination network will empower us to reach borrowers on a national scale, not only in primary lending markets but also in secondary and tertiary markets, and is opening the door to help provide more affordable housing and finance options nationwide in addition to the local businesses serving those markets,” said Cross River chief lending officer Shimon Eisikowicz.
“This is an opportunity to combine Cross River’s fintech DNA with our robust portfolio of CRE offerings and will ultimately pave the way for both Cross River and the real estate industry with an end-to-end CRE marketplace.”
Read next: Commercial real estate investors fear inflation despite growth
“We look forward to growing the platform and our offerings with Bridgeton as we provide borrowers with a full suite of CRE services on a national scale,” said Josh Gurman, director of CRE underwriting and processing at Cross River.
“Cross River and Bridgeton Capital are two best in class tech-enabled lending platforms,” said Solomon Garber, chief revenue officer and co-founder of Bridgeton Capital. “We look to solve how loans are processed and underwritten, providing the commercial real estate market a more efficient solution to accessing capital.”
