Sharestates Closes New $100 Million Warehouse Debt Facility with Ares Management
GREAT NECK, N.Y., March 3, 2022 /PRNewswire/ -- Sharestates, a leading real estate technology platform designed to support and accelerate the redevelopment of residential housing, recently closed a new $100 Million warehouse line of credit led by funds managed by the Credit Group of Ares Management Corporation ("Ares") to capitalize on demand from borrowers. This additional warehouse capital complements existing credit facilities and increases the Company's overall borrowing capacity to better support the Company's growing loan origination volume.
"With the successful launch of our National Sales Expansion strategy in Q4-2021, Sharestates has seen early success growing loan origination volume by over 40% quarter-over-quarter and nearly double year-over-year for 2021. Our outlook for 2022 remains optimistic and this new credit facility will help Sharestates continue to ramp up in support of our aggressive growth targets." - Stephan Leccese, COO.
This move is part of the Company's broader expansion strategy that has recently added additional staff, senior management, an independent board member, and expanded our geographical presence across the nation.
With the new debt facility, Sharestates is well-positioned to continue scaling its loan originations to real estate developers that purchase, refinance, and rehab single-family residential properties as well as small to mid-sized multifamily projects across the country. The company surpassed $3 Billion in total origination volume in 2021 and remains bullish on residential housing development this year. Sharestates intends to continue to expand credit for borrowers and manage credit risk while also expanding access to residential real estate debt for its investors.
"We are excited to work with Ares as our origination volume grows to fill the void in real estate financing left by traditional bank lenders. We appreciate Ares' support as we scale our business to meet the increasing capital demand from our borrowers." - Allen Shayanfekr, CEO.
About Sharestates
Sharestates is one of the fastest-growing national private lenders focused on non-owner-occupied residential and commercial properties. The company creates customized lending solutions for real estate investors and developers. Sharestates has successfully funded over $3 billion in projects nationwide and has the broadest loan programs available in the market with competitive pricing.
Sharestates funds loans from $100k to $20mm on residential (SFR 1-4), multi-family, mixed-use, and commercial properties. Its loan programs include residential bridge, fix & flip, new construction, portfolio, and rental loans. As a partner to its developers, Sharestates manages the servicing of all loans it originates through successful repayment to ensure the needs of its developers are met throughout the loan lifecycle.
Sharestates was founded by real estate veterans and its success is attributed to a strong leadership team, ease of use, sensible underwriting practices, and a relationship-focused lending strategy. Sharestates partners with direct borrowers and brokers.
Sharestates is one of many related real estate businesses managed by the executive team that exists to accelerate the redevelopment of residential housing. Collectively, the unique capability of each related business allows Sharestates to provide an end-to-end solution for its customers. In doing so, it creates a more positive borrower experience, better controls credit risk, and successfully monitors the loan through its entire lifecycle.
To learn more visit www.Sharestates.com.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate, and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2021, Ares Management Corporation's global platform had approximately $306 billion of assets under management, with approximately 2,100 employees operating across North America, Europe, Asia Pacific, and the Middle East. For more information, please visit www.aresmgmt.com.
About Alternative Credit
Ares' Alternative Credit strategy focuses on lending to and investing in assets that generate contractual cash flows and fills gaps in the capital markets between credit, private equity and real estate. Ares Alternative Credit targets investments across the capital structure in specialty finance, lender finance, loan portfolios, equipment leasing, structured products, net lease, cash flow streams (royalties, licensing, management fees), and other asset-focused investments. Co-Headed by Keith Ashton and Joel Holsinger, Ares Alternative Credit leverages a broadly skilled and cohesive team of approximately 50 investment professionals as of December 31, 2021. Aligning Ares' investment activities with its societal impact, Ares and Alternative Credit portfolio managers have committed to donating a portion of carried interest from certain Alternative Credit funds to global health and education charities.
Media Contact:
Justin Peterson
SVP of Marketing
212-201-0750
justin@sharestatesmail.com
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