RealtyMogul.com has received $35m in Series B venture capital financing led by Sorenson Partners with additional funding from Canaan Partners.
The funding comes just a few weeks after the real estate crowdfunding platform raised $250m of capital to fund commercial real estate debt investments out of its newly-formed commercial lending division.
CEO Jilliene Helma wrote in an emailed letter that the funding in part will help expand the lending platform, launched in April.
“We are aggressively building our team and capabilities to accomplish our vision of becoming a full solutions provider across the capital stack,” she said.
The commercial debt business funds bridge and senior loans as large as $25m against most property types across the US. Bridge loans will have three- to five-year terms, while senior loans will stretch to seven-year terms.
“We see a sizable opportunity in this space and our larger institutional capital partners have expressed great interest in the commercial lending sector,” Helman said.
As part of the launch of the lending platform, the company appointed Philip Block earlier this year as a senior vice president of commercial lending and Megan Goodfellow as the company’s head of credit, commercial real estate; both from Centerline Capital Group.
Michael Sanchez and Charles Kim, formerly senior vice president and vice president at Colony Mortgage Capital, respectively, joined the platform earlier this month.