Sharestates, the Great Neck-based online real estate investment platform, announced a $30 million commitment from Ranger Direct Lending Fund that will expand the startup’s direct lending in residential, commercial and mixed-use properties in New York.
Founded in 2013 by Allen Shayanfekr and title insurance veterans Radni and Raymond Davoodi, Sharestates focuses on financing fix-and-flip loans with an average value of $350,000. So far, the firm has raised a total of $4.5 million for 13 projects. Ranger’s money could allow the company to dramatically expand its business and compete with larger rivals such as Fundrise or Patch of Land.
“On behalf of all of the team members at Sharestates, I want to express our excitement and appreciation over Ranger’s investment,” Sharestates CEO Allen Shayanfekr told Innovate LI. “The opportunity allows Sharestates to further enhance and diversify its product offerings while continuing to expand its relationships within the real estate community. It is truly a transformational deal for Sharestates, and a relationship we trust will only grow over time.”
Bill Kassul, a partner in the Ranger Direct Lending Fund, which will handle the Sharestates investment, added: “In our view, Sharestates is one of the most promising real estate platforms in the direct lending industry. We are excited to have them as a partner moving forward.”
Ranger Direct Lending Fund completed its IPO on the London stock exchange last week.