MIAMI--(BUSINESS WIRE)--Vaster Capital, a Miami-based direct, private lender specializing in customizing bridge loan products for domestic and foreign real estate investors, today announced a new partnership with national real estate development firm The Related Group (Related).
Formed in 2017 by Fortune International Group (Fortune) and Rialto Capital Management (Rialto), Vaster Capital has closed more than $150,000,000 of loans on residential properties in South Florida since inception. The new partnership with Related acquires and removes Rialto’s ownership and allows Vaster Capital to roll-out new loan programs including lending on commercial properties, while achieving higher operational efficiency, and substantially expanding its offerings beyond South Florida.
The new partnership between Fortune International Group and Related marries two industry titans, among the most established and experienced real estate firms in the country – with each boasting more than three decades in business – to offer domestic and foreign investors much needed, sophisticated hassle-free mortgage financing.
Vaster is offering loans with rates as low as 7.59% and no pre-payment penalties, as well as the ability to fix rates for its borrowers for periods of up to three years. Additionally, Vaster is now lending on commercial properties and land for development.
“We see this new venture as a strong way to give our domestic and international buyers additional flexibility. There are no other players with our track record or level of experience and we’re confident this will not only give borrowers much-needed peace of mind, but also allow us to expand to geographic markets beyond South Florida,” said Matt Allen, Related’s Chief Operating Officer and Executive Vice President.
With a highly experienced team and a cutting-edge technology driven operational approach, Vaster can underwrite and close loans faster and with more efficiency. Both brokers and borrowers can easily obtain a quote, apply, and close loans in a seamless and a hassle-free manner.
“Although Fortune has provided real estate services to the South Florida real estate investor for more than 30 years, Vaster Capital provides a new solution for the real estate investor, broker or developer, while filling a void in the marketplace by providing fast and accessible liquidity in closing transactions with a reliable lender who understands real estate. We look forward to continuing to evolve our business platform to become the lender of choice in the local market as well as the new markets we are lending in,” said Edgardo Defortuna, President and CEO of Fortune International Group.
As a recognized leader in development, sales and marketing for more than three decades, Fortune International Group has one of the industry’s most prestigious development portfolios -- including a myriad of South Florida’s most prominent projects, such as Jade Signature, The Ritz-Carlton Residences, Sunny Isles Beach, and Auberge Beach Residences and Spa, Fort Lauderdale. In addition, Fortune is the exclusive sales and marketing representative for sixteen projects totaling more than $6.1B in the company’s portfolio.
For more than 30 years, The Related Group has created innovative residential developments that have dramatically changed South Florida's urban landscape. Since its inception, the privately held company has built and managed more than 85,000 condominium and apartment residences earning a national reputation for its visionary design and development of luxury condominiums, mixed-use center and affordable rental properties – often in emerging or undiscovered neighborhoods.