Anyone have experience working in the space for hard money lenders? I see a lot of them provide construction financing for single-family, small housing developments and some multifamily. One of them that catches my eye is Ascent Developer Solutions based in Los Angeles. They're backed by Elliott Investment management and hiring for a ton of positions, which sounds like Elliott is throwing a lot of money into it, as opposed to market demand
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Almost all of the hard money lenders are owned by large asset managers because these platforms produce yieldy asset backed loans that the sponsor can shove into securitizations or hold on balance sheet in their insurance cos. Kiavi was just bought by Sixth St., Renovo is owned by Neuberger Berman, Archwest is owned by Bain. Apollo, Barings, Oaktree, KKR, Blackstone, and all the big mortgage reits each own hard money lenders. Don't confuse working at the lender with working with the owner. But, as long as banks aren't providing a cheaper cost of capital, there should be runway in this space. Ascent is newer and doesn't have much market share (not top 25).
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