Sterling Mortgage Income Fund provides bridge financing for Grand Cayman project
Response speed may be redefining how success is measured in the world of competitive project funding, according to a source who revealed today that a financial powerhouse with local offices in The Bahamas provided bridge financing to a successful developer five days after the first introduction.
In December, the Cayman-registered real estate debt fund Sterling Mortgage Income Fund (SMIF), managed by Sterling Global Financial, provided US$4.275 million in bridge financing for the construction of a mixed-use project in Grand Cayman. Not only was the commitment letter for the commercial real estate loan issued within 24 hours of initial discussions and project review, but the project was funded within five business days.
The decision was straightforward, said David Kosoy, Sterling Global Financial chairman. The applicant had a proven track record.
“Track record is the first thing we look at, and the single most important element of any funding decision,” said Kosoy. “Next, we look at the project itself, and if it has all the right components, we are in a position to move quickly, and we do, recognizing that borrowers have options, and we want to be the best fit for the developer. Our experience in mortgage lending and the development business allows Sterling to design bespoke financing solutions to a diverse base of clients and projects.”
The fund is the flagship debt investment fund managed by Sterling Global Financial, which has $9 billion in assets under management and administration and offices in The Bahamas and Cayman.
Focusing on multiple exit strategies, borrowers with strong track records and disciplined leverage levels, the fund offers investors a strategy that delivers consistent returns while maintaining the primary objective of capital preservation.
SMIF has won numerous awards and earned prestigious industry-wide recognition. Most of its real estate financing is in the English-speaking Caribbean, though it has provided funding for projects in Boston, London, Miami and the U.K. In The Bahamas, it has funded the recently completed THIRTY SIX, a luxury condo complex on Paradise Island; the sold-out, multi-story, striking ONE Cable Beach, near the resorts of Baha Mar, and is poised to fund a resort project in Eleuthera.
The fund is also participating in the financing of Sterling’s largest equity project to date, transforming the half-century-old Hurricane Hole Marina and surrounding acreage into a vibrant, mixed-use, sophisticated marina, shopping, dining, residential and professional office complex overlooking Nassau Harbour.
“Our collective expertise, flexibility and capacity for financing allows us to execute with speed and certainty to the benefit of our clients. In turn, they are able to move quickly with their respective new or existing construction projects and acquisitions with confidence,” said Kosoy. “In today’s environment, financial solutions are very similar. What sets Sterling apart is service. That is our commitment.”
Sterling Global Financial is one of the most prominent offshore financial services firms. Sterling has over 50 years of experience providing clients globally with a range of services, including private banking, wealth management and real estate development and lending. With offices in the Cayman Islands and The Bahamas, Sterling has over $9 billion in assets under management and administration and is a winner of multiple prestigious awards from Barclay Hedge, PCMA and AI Hedge.