Ascent Developer Solutions, a private mortgage lending platform, announced its launch Friday in conjunction with an equity infusion from Elliott Investment Management.
Headquartered in Southern California, AscentDS will focus on providing customized financing solutions to single-family and multifamily housing developers and investors across the nation. Founder and CEO Robert Wasmund has a deep background in the residential construction and bridge lending industry.
“We are incredibly proud to launch AscentDS with Elliott’s partnership, allowing us to address the critical financing needs of leading developers during a time of higher interest rates, dislocated construction financing, and the retreat of regional banks,“ Wasmund said in a statement.
“In today’s challenging economic landscape, AscentDS is uniquely positioned to provide customized lending solutions that offer speed, reliability and added value to our borrowers.“
Wasmund is also the former CEO of Genesis Capital, which was sold by Goldman Sachs in 2021 to New Residential Investment Corp., now known as Rithm Capital. According to reporting from Bloomberg, AscentDS is seeking to originate $3 billion to $5 billion per year.
AscentDS product offerings will include short-term loans to acquire, renovate or build single-family and multifamily properties, as well as post-completion bridge financing. The company has an in-house construction servicing and valuation team “to ensure best-in-class customer experiences and comprehensive portfolio monitoring,“ according to its announcement.
“We believe AscentDS has many attributes that make the company an attractive addition to our mortgage and specialty finance investing strategy, including a high-caliber management team led by Robert Wasmund, as well as an analytical and disciplined approach to underwriting and portfolio management, strong and multi-faceted relationships with its customers, and a creative approach to meeting the needs of customers,“ Neil Barve, Elliott’s senior portfolio manager, said in a statement.
Gibson Dunn was the legal adviser for AscentDS and WilmerHale was the adviser for Elliott. Global financial services company Nomura also assisted AscentDS in the transaction.