"We continue to seek opportunities in the underserved segments of the real estate market that can benefit from our flexible capital solutions and unmatched customer service approach to lending," says Jay Sugarman, chairman and CEO of iStar Financial.
According to Fitch Ratings, iStar provided substantially all of Falcon's on-balance sheet financing. In fact, the company has underwritten most of the loans originated by Falcon over the past year.
"Having been Falcon Financial's sole source of warehouse financing for most of the last year, we fully appreciate the considerable challenges the company has encountered due to its size and reliance on the less-flexible securitization market for long-term financing," Sugarman continues.
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