Fundrise's new $500 million credit fund is seeing robust demand from landlords facing a liquidity crunch, says CEO Ben Miller.
Cash-strapped landlords with maturing property debt aren’t being scared off by 12%-16% rates of interest, said Ben Miller, CEO of Fundrise, which recently launched a new $500 million credit fund to make property loans to borrowers in need of liquidity.
“We have been turning away deals. We have too many deals,” Miller told MarketWatch on Friday. “The problem is too any deals and not enough dollars in the world today. The team has been trying to prioritize what we think are deals with the lowest risk.” Specifically, it makes “bridge” or “mezzanine” loans on residential buildings, either finishing construction or stabilized, where borrowers need more funding in the year since the Federal Reserve started sharply increasing interest rates.Green Street Advisor’s May Commercial Property Price Index shows prices fell 15% from a year ago.
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