Independent lender to focus on D/FW, Austin and Houston, Texas Real Estate Markets
Dallas (April 18, 2011) – Rafkin Lending announces today that it has begun operations with a $25 million commitment to fund real estate loans in Texas. Additional capital commitments will be forthcoming.
The Dallas-based firm is focusing on financing warehouses, office buildings, retail properties, apartments, and land in the Dallas/Fort Worth, Houston, and Austin, Texas real estate markets. Funds are available for immediate access, according to Bill Rafkin, founder of Rafkin Lending. The firm was created to help fill the void left by banks and other lenders who are no longer financing speculative or turnaround real estate projects.
Rafkin emphasizes “speed of execution, certainty of funding, flexible terms, and absence of personal guaranties,” as the key to meeting borrower’s needs. Rafkin Lending will fund non-income producing properties on a non-recourse basis. Properties can be vacant or partially leased and Rafkin Lending’s “bridge financing” will facilitate property rehabilitation, market repositioning, and implementation of tenant leasing.
Individual loans will range from $1 million to $10 million with competitive interest rates, and will have terms of one to three years.
Rafkin, a 27-year real estate veteran, said he recognized the critical need for customized financing while buying and recapitalizing real estate projects during the most recent downturn. He notes that his firm provides a timely and welcome option for real estate investors, developers, mortgage brokers, and real estate brokers by offering loans that are unavailable elsewhere, especially for vacant buildings, land development, and turnaround projects.
Rafkin is a graduate of Harvard College and Harvard Business School. He began his real estate career in Dallas with the Trammell Crow Company, where he leased, sold, and financed office and warehouse properties throughout the country.
In the early 1990s, Rafkin formed Hampshire Capital and has since held senior financial positions at Westwood Residential, Koll Development Company, and most recently, Panattoni Development Company, where he managed an investment fund and all capital market initiatives nationwide.
Rafkin expects his lending firm will play a strategic role in the continuing recovery of Texas real estate markets. “New funding offered by Rafkin Lending will enable more deals to close and more bank loans to be refinanced than would be achieved otherwise in today’s tough financing climate,” he states.