GREAT NECK, NY - Bayport Funding, a direct private bridge lender for real estate developers, has closed on a $200 million senior credit facility from Webster Business Credit, a division of Webster Bank and the lead syndication agent in the transaction. The financing builds on Bayport’s significant resources, as well as a successful, 10-year relationship with Webster. In that time, Bayport has continuously grown prodigiously, and is now announcing the firm’s expansion as a national provider of bridge financing for a full range of projects, including multifamily, mixed-use, SFR, ground-up construction, rehab and renovation, and fix-and-flip, among others. Webster previously supported Bayport’s East Coast expansion with a credit facility in 2023. This new funding will platform a truly nationwide scope for Bayport’s reach, as well as empower the firm to support larger multifamily and mixed-use developments.
Amid a cautious macro lending environment, Bayport Funding occupies an advantageous position to help developers and investors across the country progress their residential and multifamily projects, and bring their business plans to fruition. The demand for high-quality housing remains extraordinarily high across markets, from gateway cities to secondary and tertiary metros to small towns, and access to agile financing is paramount to meeting that demand.
“The credit facility with our long-time partner Webster is integral to our strategy of broadening our geographic footprint and increasing the size of the projects we lend to,” said Marcia Kaufman, Chief Executive Officer, Bayport Funding. “We’re grateful to Webster for their continued support and look forward to helping our current and future borrowers deliver their development projects.”
“Our partnership with Webster reinforces our mutual commitment to furthering our platform’s growth while also staying responsive to our base of developer clients and the broader housing market,” said Ami Bar-Mashiah, Chairman, Bayport Funding.
“Webster Bank is pleased to continue to support Bayport Funding, LLC, a long-time client of the Bank, with the latest upsize of their credit facility to $200 million,” said Peter Donahue, Managing Director, Webster Bank. “This will provide the bandwidth needed to continue to grow their business. With their disciplined approach to financing residential developers, Bayport provides a much-needed product in the markets that they serve. We look forward to continuing to serve their banking needs in the years to come.”
Bayport Funding is dedicated to the real estate investor community that seeks immediately available capital to fund residential and multifamily projects. The company’s bridge loans fund investors who reposition and increase value to multifamily, mixed-use, single-family, fix-and-flip, and ground-up development.
About Bayport Funding: Bayport Funding is a balance sheet lender that provides bridge financing to real estate investors for single family, multifamily, mixed-use, and ground-up construction projects. Bayport has originated more than $1.7 billion. The firm is dedicated to the real estate investor community that depends on immediate availability of capital for funding projects. Bayport Funding understands the real estate investor business model and will tailor a customized Smart Money Loan Program to meet each lender’s specific needs. Bayport Funding offers several types of loan structures for investors who fix and flip properties, an opportunity to achieve significant return on investments and revitalize communities. For more about Bayport Funding, please visit www.bayportfunding.com
About Webster: Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, N.A. and its HSA Bank Division. Webster is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business including: Commercial Banking, Consumer Banking, and its HSA Bank division, one of the country’s largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-driven organization with more than $65 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographical areas. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com