B2R Finance said today that it has hired Evan Lorch as chief financial officer.
Lorch left the same position at data firm CoreOne Technology to join the buy-to-rent mortgage company.
In a press release, B2R touted Lorch’s “wealth of leadership experience in financial services, from capital markets to startups.” B2R is itself a greenhorn, established 11 months ago by private equity giant Blackstone via its Blackstone Tactical Opportunities unit.
Lorch is “poised to build and diversify our business,” B2R said. Whether this will include funding via securitization remains to be seen. While large operators have issued a number of single-borrower, single family rental securitizations since late last year, the market has yet to see a multi-borrower deal that pools loans from a huge number of smaller landlords that are targeted by B2R and peers Colony American Finance (CAF) and FirstKey Lending.
At CoreOne, Lorch was responsible for the firm’s finances and accounting throughout North America, Europe and Asia. Prior to this position, he was CFO at broker-dealer BIDS Trading.
Lorch’s appointment follows the replacement of Jeff Tennyson as COO of B2R with Katharine Briggs in August. She came over from BlackRock Solutions, where she was a managing director.
Briggs' prior experience includes vice president of finance at the REIT Summit Properties — later acquired by Camden Property Trust —and a commercial mortgage underwriter at First Union Securities, now folded into Wells Fargo.
Following his departure form B2R, Tennyson will be advising the firm until December. No word yet on his next move.
B2R lends to landlords and rental-home owners who are looking to purchase between five and 1,000 properties, which includes single-family homes as well as two-to-four family homes, townhouses, condominiums and multifamily apartment buildings. The loans run from $5 million to $50 million and are five-year floating- or fixed-rate or ten-year fixed. On its website the lender says it can provide a “blanket mortgage against assets in different states.”
Blackstone also owns Invitation Homes, which directly operates rental homes and has issued a few single-family rental securitizations.