Merchant Banking differs from the Agency Lending Operation in several aspects. Our Merchant Banking activities are not restricted to multi family lending, and often makes a variety of investments in office, retail, land infrastructure, industrial and resort properties. While it is Merchant Banking’s primary goal to originate and sell assets to manage credit risk, it does hold assets up to a year or more in selected circumstances. Additionally, it has a wide variety of capital partners and many more exit strategies available to it than the Agency operation does. 

Competitors in this market segment are numerous, with portfolio lenders such as life insurance companies, pension funds, and banks pursuing the senior debt positions, and investment banks and other funds seeking the subordinate investments that we originate.