LOS ANGELES--(BUSINESS WIRE)--Robert Wasmund and funds managed by Elliott Investment Management L.P. (“Elliott”) have partnered to launch Ascent Developer Solutions (“AscentDS”), a relationship-based lender providing customized financing solutions to top-tier real estate developers. The launch is powered by an equity capital commitment from Elliott, a multi-strategy investment management firm with substantial experience in asset-based investments and specialty finance platforms. Elliott’s investment is intended to support both the build-out of the platform’s operations and the growth of its portfolio-lending capabilities.
The continued undersupply of housing, along with the aging stock of existing homes, creates a natural demand for new construction and renovation investments. To address this market need, AscentDS offers short-term, secured loans for the acquisition, renovation and construction of single-family, homebuilder, and multi-family properties, as well as post-completion bridge financing. The company features an in-house construction servicing and valuation team to ensure best-in-class customer experiences and comprehensive portfolio monitoring.
Founder and CEO Robert Wasmund is a pioneer 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,” said Wasmund. “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.”
Neil Barve, senior portfolio manager at Elliott, said, “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. We are pleased to partner with Robert and his talented team in building a market-leading developer finance business.”
Gibson Dunn acted as legal advisor to AscentDS, who was also assisted by Nomura, a global financial services group. WilmerHale acted as legal advisor to Elliott.
About Ascent Developer Solutions
Headquartered in Southern California, AscentDS is a leading private lending and institutional debt platform offering customized financing solutions to top-tier single- and multi-family developers and investors. AscentDS was founded in 2024 by Robert Wasmund to capitalize on a multi-billion-dollar market opportunity to provide short-term secured loans for the acquisition, renovation and construction of single-family, homebuilder, and multi-family properties, along with post-completion bridge financing. The company leverages the management team’s long-term relationships with highly sophisticated borrowers, a proven track record of success building and scaling private loan origination platforms, a best-in-class construction management team, and proprietary software and data product suites to offer its borrowers an efficient and streamlined advantage. For additional information on working with AscentDS, please visit ascentds.com and follow AscentDS on LinkedIn at linkedin.com/company/ascent-developer-solutions.
About Elliott Investment Management L.P.
Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $65.5 billion of assets as of December 31, 2023. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.
