Privately Held Real Estate Lender to Expand Services, Loan Programs &Market Reach
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.
About the Team
Vaster Capital
Vaster Capital is a private bridge lender funded by institutional capital that specializes in residential and commercial real estate. With over thirty years of experience in the real estate market, the Vaster Capital team will quickly determine a deal’s viability and structure a custom solution to close the loan. Vaster Capital focuses on domesticand foreign real estate investors who need financing to acquire investment properties in the U.S. with a desire tohave easy access to liquidity. For more information, please visit www.vastercapital.com or call 305-673-3011.
Fortune International Group
Synonymous with excellence, quality, customer service and unwavering commitment to the highest standards of luxury, Fortune has been a recognized leader in development, sales and marketing since 1983. The company’s prestigious development portfolio includes many of the most prominent residential projects in South Florida including Jade Signature, The Ritz-Carlton Sunny Isles, Auberge Beach Residences and Spa Fort Lauderdale and Hyde Resort & Residences Hollywood. In addition, Fortune Development Sales is the premier, exclusive on-site sales and marketing representative for third-party development projects in South Florida, having represented some of South Florida’s most successful projects with thousands of sales to date. Led by visionary founder Edgardo Defortuna, Fortune International Group has 18 offices around the world with nearly 1,000 associates. Fortune’s international broker network reaches legions of prospective buyers from South Florida to Buenos Aires, Hong Kong to São Paolo, and Manhattan to Paris. www.fortuneintlgroup.com.
The Related Group
Established in 1979, The Related Groupis Florida's leading developer of sophisticated metropolitan living and one of the country's largest real estate conglomerates. Since its inception, the privately held company has built, rehabilitated and managed more than 90,000condominium, rental and commercial units. The firm is one of the largest Hispanic-owned businesses in the United States with a development portfolio of projects in excess of $15 billion.
The Related Group has earned international status for its visionary designs and development of luxury condominiums, market-rate rentals, mixed-use centers and affordable properties – often in emerging neighborhoods that impact the lives of all demographics. The Related Group has redefined the new cycle of real estate by diversifying both its products and buyers, expanding internationally with projects in Mexico, Argentina, India and Brazil, while sponsoring public art installations that enhance cities’ global culture and streetscapes.
TIME Magazine named Founder, Chairman and CEO of The Related Group, Jorge Pérez, one of top 25 most influential Hispanics in the United States, and he’s made the cover of Forbes twice. Currently, The Related Group has over 70 projects in varying phases of development, led by Chief Operating Officer, Matt Allen, and five division presidents, including Carlos Rosso, President of Related Condominium; Steve Patterson, President of Related Development; Albert Milo, President of Related Urban Development; and Larry Lennon, President of TRG Management.
