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Equicap mortgage fund raises USD70m from private investors

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The failure of banks and other lenders to meet the needs of quality borrowers has led to the opening of a new mortgage fund capitalised entirely by private investors.

The California-based Equicap Preferred Mortgage Fund is now raising an initial USD70m from ultra/high net worth syndicates and funds to make mortgages available to top-tier borrowers.

The fund will provide a return of 8.5 per cent for investors but is raising the full first year’s conservatively forecast borrowing from a syndicate or fund so that the capital can be provided in scheduled tranches over the first year of lending operations.

Over the past year there has been a migration of wealth away from private equity funds, CDs and other traditional investment vehicles towards funds and syndicates which have appointed their own management teams. These private wealth resourced funds are already actively operating at the high end, mostly property and construction related investment and loan stratum, often with deal values of USD100m+.

While there are already local and regional private wealth funded mortgage pools, Equicap is the first manifestation of such an operation launching with the intent to build a national consumer and commercial finance brand.

The fund and its brand will roll out across the US with a view to filling the gap left open in the lending market by finance companies that were absorbed, mismanaged or mis-configured by the large banks and financial services companies that purchased them.

The Equicap capital raising is being managed by Equility Capital, a UK-based capital raising and investor relations firm specialising in working with the growing number of U/HNWI syndicates worldwide.

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