Ranger DL puts $30m into real estate debt

The LSE-listed vehicle, which raised £135 million in equity, was admitted to trade on Friday 1 May.  

The Ranger Direct Lending Fund is set to lend $30 million via US-based real estate online lender Sharestates. Ranger Direct Lending, which is advised by Ranger Alternative Management, will make whole loans as well as commit to club deals for real estate projects in New York State, according to a statement from Sharestates. The financing will support residential, commercial and mixed use properties and Ranger's commitments will be scaled up throughout 2015.

Financing opportunities offered by Sharestates are pre-qualified by the platform, which sources the deals and offers the securities to accredited investors.

Ranger, a Texas-based firm, raised £135 million (€186.7 million; $197.5 million) for its London-listed investment trust, which sources loans from a variety of direct lenders focused on the secured debt market.

Ranger has established relationships with seven lenders and is in the process of vetting and adding new originators like Sharestates.  

Ranger DL plans quarterly income distributions with target returns at around 12 or 13 percent of the principal. After expenses and management fees, the vehicle will target dividends that equate annually to 10 percent of the issue price.