Vaster Capital, a Miami-based direct, private lender specializing in customizing bridge loan products for domestic and foreign real estate investors, has announced a new partnership with national real estate development firm The Related Group, led by Jorge Perez.
Vaster Capital was formed in 2017 by Fortune International Group, led by Edgardo Defortuna, and Rialto Capital Management, who has since been acquired by Stone Point Capital. Vaster Capital has closed more than $150,000,000 of loans on residential properties in South Florida since inception. To form the new partnership Related Group has acquired Rialto’s ownership stake. With Rialto out Vaster Capital plans to roll-out new loan programs which include lending on commercial properties as well as expanding out of South Florida markets. The partnership will also allow Vaster Capital to offer both domestic and foreign investors 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. 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.
“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.
“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.