In the 21st episode of Private Lending Insights, I interviewed Wesley Carpenter, Co-Founder and Partner at Stormfield Capital, a Connecticut-based private lender and debt fund manager with $750MM AUM. Wes discusses the 2025 market outlook, the state of bridge lending, and how Stormfield serves investors across the East Coast. He shares insights on loan volume, underwriting discipline, the company’s capital structure, and its plans to expand beyond the Northeast.
Interview Summary
Wesley opens by describing 2025 as a transitional year for real estate investors, marked by cautious optimism following the Federal Reserve’s first rate cut. He notes that Stormfield has already seen increased deal flow heading into the fourth quarter and expects strong production to close out the year. Despite broader market challenges, Stormfield projects $575–600 million in annual loan volume, supported by a diverse portfolio and a focus on fundamentals.
A major topic of discussion is market geography. Stormfield’s core focus remains the Northeast — including Connecticut, New York, New Jersey, and Massachusetts — where the firm’s deep local knowledge allows it to operate confidently even in judicial foreclosure states. Wesley explains that while many lenders avoid states like New York, Stormfield sees opportunity in understanding the nuances of each market block by block. The firm has reduced its exposure in Florida but remains active in select pockets like West Palm Beach and is now expanding into California and undercapitalized Midwest states such as Wisconsin.
On the lending side, Stormfield offers a full range of residential transition loans (RTLs) and value-add multifamily bridge loans, financing both rehab and ground-up construction projects. Most loans fall between $200,000 and $25 million, with leverage typically up to 90% LTC or 70% ARV on residential, and up to 85% of purchase plus 100% of CapEx for multifamily. While the company occasionally lends on commercial assets like industrial or retail, roughly 90% of its portfolio remains residential and mixed-use.
Wesley contrasts Stormfield’s capital model with many competitors in the securitization space. Rather than relying heavily on warehouse debt, Stormfield operates with $750 million in equity and just $100 million in leverage, allowing it to stay active through market disruptions. This balance-sheet stability enables Stormfield to close loans quickly — often within 7 to 9 business days, and occasionally as fast as four — and to make case-by-case exceptions on credit or liquidity requirements when the underlying collateral is strong.
The conversation also touches on market dynamics, including increased competition, rising leverage levels among lenders, and the renewed appetite from securitization markets. Wesley cautions that while liquidity is abundant, not all aggressive lending practices are sustainable, emphasizing Stormfield’s focus on long-term stability over short-term volume.
In the second half, Wesley and Rocky discuss specific markets and deals, including high-end single-family projects in Fairfield County, Connecticut, multifamily conversions in Brooklyn, and mixed-use properties in Jersey City. Wesley also provides a look inside the company’s structure — multiple funds serving both institutional investors and high-net-worth individuals through wealth managers — and clarifies how real estate bridge lending fits within the broader private credit landscape.
The episode closes with a discussion on execution, service, and trust — qualities that define Stormfield’s relationships with borrowers and brokers. As Wesley notes, “Bridge lending is about being dependable through every market cycle,” and Stormfield’s long-term capital and disciplined approach continue to set it apart.
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