Private investment firm and development group Bridgeton Holdings LLC has rebranded its non-bank lending platform Bridgeton Capital to Erithmitic to highlight the company as a tech-enabled lender that is modernizing commercial real estate lending, ensuring process efficiencies to underwrite deals with more speed and accuracy.
The company also announced it has closed a $6 million seed round led by AlleyCorp along with Tishman Speyer Ventures. Other investors include Unpopular Ventures, founders of NuBank, Capsule and La Haus as well as partners from venture capital firms Ribbit Capital and Camber Creek. Erithmitic will use the seed funding to build the next-generation commercial real estate investment platform to originate, underwrite, close and service one- to five-year commercial mortgage loans nationwide between $5 million and $150 million and across all property types.
The company’s new brand identity as Erithmitic includes a new website and team of top talent with experience from Goldman Sachs, Morgan Stanley and Microsoft. Leveraging a variety of public and private data sources and machine learning techniques, Erithmitic can generate new and useful insights in evaluating the unique risks and opportunities of each CRE transaction, allowing for better and more accurate pricing, the company said. In addition, borrowers will be able to interact with the platform post-close to service and view performance data of their property, neighborhood or region in a single intuitive experience.
“We are building the best CRE mortgage lender for real estate sponsors,” said Atit Jariwala, co-founder and chief executive officer, Erithmitic. “Our vision is to make customized mortgage solutions faster, simpler and more accessible, providing innovative software solutions to sponsors to help close and service their loans. We’re excited to join forces with this talented group of investors who bring a wealth of commercial real estate and fintech experience. The seed raise will help us build and scale Erithmitic’s commercial mortgage offerings and data-driven platform to meet the dynamic needs of real estate sponsors.”
