Inland Mortgage reaches $200 million in loans
Oakbrook-based Inland Mortgage Capital, a private lender specializing in intermediate-term mortgages for value-add commercial real estate, announced that it reached $200 million in closed loans under its small-balance, non-recourse bridge program.
Since launching the program in 2015, IMC has provided financing for commercial real estate nationwide, concentrating on small-balance projects from $3 to $15 million. The $200 million in loans funded projects across 16 states, and included financing for traditional real estate like multifamily, industrial and retail, as well as student housing projects and self-storage facilities.
"The demand for small-balance, non-recourse financing has been on the rise and we are capitalizing on the opportunity," said Art Rendak, president of IMC. "Inland Mortgage Capital has proven that there is a sustainable need for private debt capital for smaller commercial real estate projects, and we continue to look for new loan opportunities to increase our portfolio."
IMC's program benefits its borrowers in that its loans are non-recourse to the sponsors. Also, IMC does not charge interest on future loan advances until they are disbursed.