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Legacy Group Capital on Thursday announced its first institutional capital partnership with LibreMax Capital LLC, an $11.8 billion asset management firm that specializes in securitized products and asset-backed finance.
The deal involves an 18-month revolving period during which principal payoffs can be reinvested to originate new loans, creating a projected $400 million in additional funding capacity.
“LibreMax adds an important, diversified source of capital as we continue to scale into new markets and activate strategic and wholesale partnerships,” Ed Messman, Legacy’s chief investment officer, said in a statement. “The LibreMax team brings significant experience in the residential real estate asset class and has been exceptionally supportive of Legacy’s growth plans.”
The $180 million of additional liquidity complements Legacy’s current family of real estate investment funds, which manages approximately $300 million across 1,200-plus investors, the company said in a press release.
“Legacy’s platform stands out in the RTL (residential transition lending) industry by combining cutting-edge technology, deep industry expertise, and streamlined workflows with a diverse product suite for end users,” said Craig Sedaka, portfolio manager at LibreMax. “We are excited to support the company in its next phase of growth.”
Legacy CEO Scott Rerucha said the partnership “changes the game” for the company.
“With this funding and current investments in our technology platform, we are primed to grow exponentially as we enter new geographies, introduce new products and services, and expand our existing base.”
