Sharestates completes new $100 million warehouse credit facility with Ares Management
GREAT NECK, New York, March 3, 2022 /PRNewswire/ — Sharestatesa leading real estate technology platform designed to support and accelerate residential housing redevelopment, recently closed a new $100 million warehouse line of credit led by funds managed by the credit group of Management company Ares (“Ares”) to capitalize on borrower demand. This additional warehouse capital complements existing credit facilities and increases the Company’s overall borrowing capacity to better support the Company’s growing lending volume.
“With the successful launch of our Expansion of national sales strategy in Q4 2021, Sharestates saw early success growing loan origination volume by more than 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 accelerate to support our aggressive growth targets.” – Stephan Leccese, COO.
The move is part of the company’s broader expansion strategy which recently added additional staff, senior executives, an independent board member and expanded our geographic presence across the country.
With the new credit facility, Sharestates is well positioned to continue to increase its lending to real estate developers who purchase, refinance and rehabilitate single-family residential properties as well as small and medium-sized multi-family 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 build credit for borrowers and manage credit risk while expanding access to residential real estate debt for its investors.
“We are excited to be working with Ares as our origination volume increases to fill the void left by traditional bank lenders in real estate financing. We appreciate Ares’ support as we grow our business to meet growing demand. of capital from our borrowers.” -Allen Shayanfekr, CEO.
Sharestates is one of the nation’s fastest growing private lenders, focusing on non-owner occupied residential and commercial properties. The company creates customized lending solutions for real estate investors and developers. Sharestates has successfully financed over $3 billion in projects nationwide and offers the broadest loan programs available in the market with competitive pricing.
Sharestates finances loans from $100,000 to $20 million on residential (SFR 1-4), multi-family, mixed-use and commercial properties. Its lending programs include residential bridging, fix & flip, new construction, portfolio and rental loans. As a partner of its developers, Sharestates manages the servicing of all loans it issues through successful repayment to ensure that its developers’ needs are met throughout the lifecycle of the loan.
Sharestates was founded by real estate veterans and its success is attributed to a strong management team, ease of use, sensible underwriting practices and a relationship-driven lending strategy. Sharestates partners with direct borrowers and brokers.
Sharestates is one of many related real estate businesses run by the management team that exists to accelerate residential housing redevelopment. Collectively, the unique capability of each associated company enables Sharestates to provide an end-to-end solution to its customers. By doing so, it creates a more positive experience for the borrower, better controls credit risk, and successfully monitors the loan throughout its life cycle.
To find out more visit www.sharestates.com.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager providing clients with complementary primary and secondary investment solutions across the asset classes of credit, private equity, real estate and infrastructure. 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 in assets under management, with approximately 2,100 employees operating in 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 and investing in assets that generate contractual cash flows and bridge the gaps in 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 leasing, cash flow (royalties, licenses, management fees) and other asset-based investments. Co-led by Keith Ashton and Joel Holsinger, Ares Alternative Credit relies on 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’s portfolio managers have pledged to donate a portion of the interest earned from certain alternative credit funds to global health and education charities.
Justin Peterson Senior Vice President of Marketing 212-201-0750 [email protected]
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