Fortune International Group & Rialto have announced the launch of Vaster Capital, a private bridge lender specializing in residential and commercial real estate. The goal of the company will be to fill a void in the marketplace for South Florida real estate investors seeking bridge loan products, including foreign nationals. Vaster Capital will have a major impact helping foreign nationals close on pre-construction condo units in which they are in with a 50% deposit. Fortune International Group (Fortune) is a Miami based real estate development company behind iconic towers such as Jade Signature, The Ritz-Carlton Residences, Sunny Isles Beach, and Auberge Beach Residences and Spa Fort Lauderdale; Rialto Capital Management is a Miami based real estate investment and asset management firm, which invests and manages assets throughout the capital structure in real estate properties, loans and securities, boasts a deep-rooted background in institutional lending and financial services. Vaster Capital has the ability to close loans much faster when compared to other lenders due to less bureaucracy and the use of technology. The firm plans to lend a substantial amount of capital in South Florida, with a goal to expand geographically in the near future. Vaster Capital has also formed a joint-venture with the Related Group, known as Vaster Capital II, to provide financing for buyers purchasing at Related’s portfolio of projects such as Paraiso Bay, Brickell Heights, Hyde Midtown, and SLS Lux.
“Our goal has been to satisfy a long-standing gap within our marketplace, providing professional and customized bridge lending products while better servicing the Miami real estate investor,” said Edgardo Defortuna, President and CEO of Fortune International Group & founder of Vaster Capital. “This is a need I have always sought to address, appreciating that numerous buyers – both in the U.S. and beyond -- are interested in buying and selling real estate offerings in Miami, but do not have access to customized loan offerings that meet their specific needs.”
“Given both Rialto and Fortune’s knowledge of the real estate industry, along with Rialto’s extensive experience in real estate lending, Vaster Capital is structured to become an important lender in South Florida as well as other key markets, allowing borrowers to accomplish their financing needs through a seamless and efficient process,” said Eric Feder, Vice Chairman of Rialto Capital Management.