Oak Brook, Illinois-based Inland Mortgage Capital has launched a new bridge-lending platform, appointing two industry veterans to help lead the effort.
Daniel Schmitz has been appointed vice president of loan origination, and Kenneth Schutter has been named senior vice president and credit director of Real Estate Venture Capital Program, or REVCAP.
Schmitz and Schutter will oversee REVCAP, providing loans ranging between $3-$12m for value-added commercial real estate properties in need of intermediate financing.
Schmitz will be responsible for marketing the REVCAP lending program, while Schutter will streamline the lending process, directly assisting borrowers in obtaining intermediate-term mortgages.
Schmitz was previously a commercial loan officer at National Republic Bank of Chicago, while Schutter was a private consultant and before that an asset manager for C-III Asset Management.
The new platform marks a return to the space for the company, which is a division of investment manager Inland Real Estate Group, after it slid out of the bridge lending arena in 2008 to focus on asset management.
Revcap will target small- to middle-markets across the US and loans will back property types spanning multifamily, office, retail and self-storage. The group has reportedly already completed roughly $14m of loans, with an additional $20m in the pipeline.
Art Rendak is president of Inland Mortgage. “Their combined finance expertise and wealth of experience will be invaluable as our company continues to evolve,” he said in a statement.