The Cerberus Capital Management-backed company is specifically targeting investors in this market with five or more of these types of properties.
Investors with rental property portfolios under $5 million represent the largest segment of the market but have historically had limited access to capital, First Key CEO Randy Reiff said in a press release Monday.
The FirstKey Lending Express loans are typically nonrecourse and designed to be more competitive in terms of rates and terms than other existing small-balance commercial loan products, the New York-based company says.
Reiff, who previously headed the global commercial mortgage-backed securities and commercial mortgage finance business in Macquarie’s fixed-income division, has been with FirstKey since October. He also previously headed global commercial mortgage and CMBS for JPMorgan and Bear Stearns.