Cross River Bank, a New Jersey State chartered FDIC-insured bank known for its diversified commercial real estate (CRE) lending program and deep market experience, announced the closing of the second quarter, “totaling over $66 million in loans year-to-date.”
Additionally, the team reports that it “saw 100 percent growth in the number of loans originated in Q1 and Q2 2023, compared to the same quarters in 2022.” These results were achieved through “leveraging Cross River’s Lender Finance platform (private lender warehouse facilities), which offers customized solutions for CRE lenders nationally.”
Shimon Eisikowicz, EVP and Chief Lending Officer at Cross River, said:
“Closing over $66 million in Lender Finance loans in a challenging macroeconomic environment for the commercial real estate industry, is a testament to our exceptional growth and strong demand for financing solutions among borrowers. Leveraging technology as an innovative, reliable, and transparent leader in the CRE arena, we are proud to continue meeting the evolving needs of our borrowers while maintaining strict credit standards.”
By leveraging the company’s Lender Finance platform, Cross River’s team of seasoned CRE professionals can “create customized warehouse credit solutions backed by a streamlined and compliant underwriting and closing process, often closing loans faster than a traditional bank.”
The team’s expertise enables clients nationwide “to further grow their business with an efficient and lower cost of capital.”
With an additional $130 million anticipated in live deals already in the pipeline, Cross River continues to demonstrate its commitment “to providing innovative financial solutions and remains focused on meeting the evolving needs of its borrowers across the nation.”
The closure of over $66 million in loans “under the Lender Finance platform highlights Cross River’s strong market presence and ability to deliver tailored financing solutions.”
As noted in the update, Cross River Bank’s Commercial Real Estate (CRE) team assists property owners, investors, brokers and institutions in “identifying and accessing the right financing products, with a streamlined approval process, resulting in faster closing times.”
While the CRE team specializes in the New York, New Jersey and Connecticut metro areas with loans ranging “from $250,000 to $40 million, the Lender Finance platform is designed to reach an expanded national audience, complementing Cross River’s existing CRE business focused in the tri-state area.”