Ascent Developer SolutionsThe private mortgage platform announced its launch on Friday, with funding from Elliot Investment Management.
Headquartered in Southern California, AscentDS will focus on providing customized financing solutions to single-family and multifamily housing developers and investors nationwide. Founder and CEO Robert Wasmund has a strong background in the home construction and bridge loan industries.
“We are extremely proud to partner with Elliott to launch AscentDS, which allows us to serve the critical financing needs of leading developers during a time of rising interest rates, construction financing disruption and regional banks retreating,” Wasmund said in a statement.
“In today’s challenging economic climate, AscentDS is uniquely positioned to provide customized lending solutions that deliver speed, reliability and added value to borrowers.”
Worsmond is also the company’s former CEO Genesis Capital,Depend on Goldman Sachs 2021 to new housing investment corp.now called Ruisheng Capital. AscentDS seeks to raise $3 billion to $5 billion annually, according to Bloomberg.
AscentDS products will include short-term loans for acquiring, renovating or building single-family and multi-family properties, as well as post-completion bridge financing. The company has an in-house construction services and appraisal team “to ensure a best-in-class customer experience and comprehensive portfolio monitoring,” according to its announcement.
“We believe AscentDS has a number of attributes that make the company an attractive addition to our mortgage and specialty finance investment strategies, including a highly qualified management team led by Robert Wasmund, and an analytical and disciplined approach to underwriting and portfolio management. , Neil Barve, senior portfolio manager at Mighty Elliott, said in a statement:
Gibson Dunn Served as legal counsel to AscentDS and Wilmer Hale Was Eliot’s advisor. global financial services company Nomura Also assisted AscentDS in completing the transaction.
