Pender Capital, a Los Angeles-based provider of short-term, senior secured commercial bridge loans, has recently launched the Pender Real Estate Credit Fund. This continuously offered closed-end interval fund focuses on private commercial real estate debt and aims to originate lower middle market short-term bridge loans that are secured by senior position collateral in CRE assets across the Sunbelt and other key regions of the U.S.
According to Cory Johnson, CEO of Pender Capital, current lending criteria and underwriting standards are fragmented and inconsistent. This creates regional imbalances with many lenders currently not active in the marketplace. The frozen capital markets and unfavorable terms from lenders have created a perfect storm for high-quality CRE assets and sponsors. The new fund is designed to help mitigate these challenges for investors.
The closed-end interval fund structure requires a minimum investment of $10,000 with no accreditation requirements. Its attractive features have already attracted interest from new participants such as wealth management firms and financial advisors.
