The alliance is believed to be the first of its kind in the industry. The companies say their networks touch base with individual entrepreneurs and institutional investors who have over $90 billion allocated to real estate equity investment.
In a prepared statement, Edward Finkenstaedt, MortgageRamp's executive managing director, says "joining forces with EquityCity will enhance our ability to bring efficiency to the process of raising and investing real estate capital."
EquityCity specializes in providing "ever-deepening analytical tools and services for investors to evaluate equity investment opportunities," EquityCity president Matthew Blumberg says in a prepared statement. The company focuses on equity capital, "traditionally the most difficult and inefficient aspect of real estate transactions," Blumberg says.
Through November, eight-month-old MortgageRamp closed on 40 loans valued at $120 million or an average $3.5 million per loan. The company won a $50 million round of financing last month from a consortium of venture capitalists led by Banc of America Mortgage Capital Corp.
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