Renovo Financial, a Chicago, IL-based private lender that assists real estate investors who acquire, renovate and manage residential properties, closed an incremental $25m commitment from Victory Park Capital (VPC).
VPC’s total investment now reaches $75m following an existing $50m investment which VPC closed with Renovo in March 2015.
The company will use the funds to continue to grow its lending platform to provide service to investors in this underserved marketplace.
Founded in 2011 by its CEO Kevin Werner, Head of Lending Daniel Rosen and Granite Creek Partners, a Chicago-based private equity firm, Renovo offers short-term acquisition-and-construction loans as well as long-term financing for rental property investors.
Clients are experienced investors and project managers who pursue a buy-fix-flip strategy for short-term profit or a buy-fix-hold approach to build a long-term portfolio.