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Los Angeles-based iBorrow is opening its first Southeast office in Atlanta. The company has made a name for itself on the West Coast as a lender providing nonrecourse, short-term bridge financing to commercial property owners, and now it is bringing its expertise east.
Already a lending presence in the local capital market, the new office will help better service borrowers throughout the Southeast region and along the East Coast.
To run the Atlanta office, iBorrow enlisted the help of capital markets veteran — and Atlanta native — Jennifer Wimmer. With over a decade of experience in real estate investment and asset management, Wimmer, who holds the title of vice president of originations, brings a familiarity with the Southwest market. as well as an in-depth understanding of commercial real estate loan structures.
“IBorrow has seen national success as a commercial bridge lender, and wanted to continue expanding,” Wimmer said. “Given my experience executing deals in the South and along the East Coast, joining the iBorrow team in Atlanta presented an opportunity to help grow the brand in a new market.”
As a lender, iBorrow offers institutionally funded bridge loans ranging from $2M to $30M on a nonrecourse basis. Typical loans have terms up to three years and offer up to 65% loan-to-value ratios. The company typically closes deals within two to four weeks, faster than the average time necessary to execute a conventional loan, and lends on a wide range of commercial assets, from multifamily to industrial and everything in between.
It helps that Wimmer has experience working with a variety of asset classes at all stages of the investment cycle. After starting her career in the CMBS group at SunTrust Robinson Humphrey, Wimmer served as senior vice president of asset management for Rialto Capital Management, where she helped Rialto acquire and manage distressed assets in the post-recession market. She has worked with assets from cash-flowing properties to value-add.
Atlanta continues to attract companies and young professionals with its affordability and job opportunities. But several other cities in the Southeast consistently rank among the top real estate markets to watch.
As construction booms in these cities, short-term bridge loans can quickly fill gaps in developers’ capital stacks. Having an Atlanta office places iBorrow at the center of the some of the most active commercial real estate markets in the country.
“Atlanta is the hub of the Southeast, and iBorrow wanted to find someone who was familiar with the market with professional contacts throughout the region,” Wimmer said.
Wimmer sees the expansion as an opportunity to further build up iBorrow’s Southeast presence and to emphasize the lender’s large pool of discretionary capital and certainty of execution.
“Our new Atlanta office signals to borrowers that we are here and that we have institutional capital available,” Wimmer said. “Combined with our team’s deep knowledge of the market and our ability to offer flexible, fast and reliable funding, iBorrow is meeting a growing demand for nonrecourse, short-term bridge financing.”
This feature was produced in collaboration between Bisnow Branded Content and iBorrow. Bisnow news staff was not involved in the production of this content.
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