Monroe Capital, on behalf of its investment funds, has established a partnership with Triad Financial Services, to originate and purchase commercial Community Rental loans made to manufactured home community owners. The initial pool is expected to be approximately $300 million.
Monroe has secured a revolving credit facility with Canadian Imperial Bank of Commerce to finance such origination and purchase. The capital provided by the Monroe partnership will allow Triad to continue to expand its partnerships in the manufactured housing community space.
“We are thrilled to establish a partnership with Triad, who is undoubtedly one of the largest and most distinguished firms in the manufactured home mortgage industry,” Kyle Asher, co-head, Alternative Credit Solutions, Monroe Capital, said. “The capital we are providing is not only expected to help institutions be able to provide families access to affordable housing at a time of limited housing availability, but it is also critically a compelling yield opportunity for our investors. This partnership represents the continued growth of our specialty finance business and demonstrates Monroe’s ability to invest in attractive asset-based opportunities and provide forward flow at scale.”
“Triad continues to expand its product suite within the manufactured housing ecosystem through Community Rental Financing, which provides attractive financing solutions to community owners,” Steve Hudson, CEO of ECN, said. “We are excited to expand our institutional partner base and welcome Monroe Capital alongside our other partners, Blackstone and Caryle, who provide capital on our traditional mortgage product. Monroe was able to effectively structure a bespoke solution for us and they are a best of breed firm.”
