Rax Finance B.v.

What Rax Finance B.v. does

Rax Finance B.V. is a Dutch non-bank commercial real estate lender founded in 2019 by Herman Drenkelford, Gil Grossman, and Nechemja de Bruijn, headquartered in Amsterdam. The company originates first mortgage loans to professional real estate investors and developers across all Dutch commercial real estate asset classes, with ticket sizes from EUR 1 million to EUR 60+ million per loan and terms typically ranging from 6 to 36 months. Pricing spans 6.5% p.a. for senior investment financing to 12%+ for mezzanine and opportunity loans, with LTV capped at 75% for senior loans and up to 90% for opportunistic transactions. The company operates through a series of wholly owned fund vehicles: High Yield Fund I (closed September 2024 with EUR 204M deployed across 51 loans and 7.43% IRR, zero losses), RAX RED III (~EUR 200M deployed before entering run-off December 2025), RAX RED IV (launched January 2026 with EUR 60M initial volume), and RAX Debt Opportunity I (launched 2025 for higher-yield opportunistic lending).

The go-to-market combines direct enterprise sales to professional borrowers with a network of debt brokers and financial advisors (including CBRE Debt & Structured Finance, Barlavento, Seval Real Estate, Novel Property Finance, Alpha Vastgoedfinanciering, and INSPIRE Real Estate). Rax holds its own credit mandate, enabling indicative terms within one day and funding within two weeks — a structural speed advantage over Dutch bank lenders. Capital is raised from institutional investors and family offices into the fund vehicles, with Rax co-investing its own balance sheet in every loan to align interests. Revenue is generated through interest income on the loan book plus management fees on the funds. The company maintains a small core team (6-7 people) and serves a customer base spanning real estate investment, development, manufacturing, retail, and hospitality sub-sectors. In February 2026, Rax announced a strategic partnership with 4AI to extend into AI-enabled tokenization of real-world assets (specifically GPU and data-center assets), signaling an early move into on-chain and AI-adjacent financial infrastructure alongside the traditional lending franchise.

Name

Rax Finance B.v.

Legal name

Rax Finance B.V.

Website

https://raxfinance.nl

Company type

Private

Founded year

2019

Operating status

Operating

Short description

Rax Finance B.V. is a Dutch non-bank commercial real estate lender founded in 2019 that originates first mortgage loans (EUR 1M–EUR 60M+) to professional real estate investors and developers in the Netherlands through a series of fund vehicles, capital sourced from institutional and private investors.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Lending

NAICS

Mortgage and Nonmortgage Loan Brokers (522310), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Real Estate Private Credit (CRE Debt) (FSANADAG)

akta.pro secondary industry

CRE Bridge & Transitional Lending (FSALADAC)

Keywords

• Commercial real estate lending
• First mortgage financing
• Alternative real estate lender
• Real estate debt funds
• Commercial property financing

Headquarters

HQ city

Klein Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Interest Income on Real Estate Loans: Primary revenue from interest payments on first mortgage commercial real estate loans. Loans are structured through various vehicles (RED I, RED III, RED IV, DO vehicles) with varying risk profiles and returns. Interest rates range from 6.5% for senior investment loans to 12%+ for mezzanine/opportunity loans.
2. Fund Management Fees: Management fees from managing lending vehicles/funds. The High Yield Fund generated 7.43% unlevered IRR for investors. RED III reached ~EUR 200 million in loans within 1.5 years. RED IV started with EUR 60 million volume.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Rax Finance B.V. is a Dutch non-bank alternative lender that provides first mortgage commercial real estate financing to professional real estate investors and developers in the Netherlands. It originates loans ranging from EUR 1 million to EUR 60+ million per transaction through multiple lending vehicles (RED IV, RED DO I, and previously RED III and High Yield Fund I), offering investment financing, bridge financing, project financing, and mezzanine financing across all Dutch commercial real estate asset classes.

Product overview

Rax Finance B.v. is a Dutch non-bank real estate financing company offering a portfolio of lending products through multiple investment vehicles. The core products include RAX Real Estate Debt (RED) IV as the primary active lending vehicle, supplemented by RAX Debt Opportunity I (RAX DO I) for tailor-made and opportunistic deals. The company provides four main financing types: project and bridge financing (EUR 1M+, 6-36 months), investment financing (EUR 2M+, max 70% LTV), mezzanine financing (EUR 1-20M, 50-90% LTV), and custom financing (EUR 20M+). An Investor Portal provides KID documents, quarterly reports, and portfolio information. Previous vehicles RED III and High Yield Fund I have been successfully closed or are in run-off.

Differentiator

Problem solved

Functional benefit

Brands

• RAX Real Estate Debt (RED): Senior lending products providing first mortgage real estate loans to professional investors and developers in the Netherlands. Includes RED III and RED IV vehicles.
• RAX Debt Opportunity (RAX DO)
• Rax Finance High Yield Fund I

Products and services

• RAX Real Estate Debt (RED) IV Current primary lending vehicle providing first mortgage loans to professional real estate investors and developers for investment financing, bridge financing, and project/development financing. LTV up to 75%, interest from 6.5% p.a. for investment financing and 7.5% for other loans, with maximum 36-month terms.
• RAX Debt Opportunity I (RAX DO I) Tailor-made financing vehicle for opportunistic real estate investments offering flexible conditions including LTV up to 90%, PIK loans, second mortgages, and junior loans for value-add and opportunity investments.
• Project and Bridge Financing

Quantifiable outcome

• Zero losses - all 51 loans in High Yield Fund I fully repaid with interest
• +4 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Emerging players

• Svalinn: Emerging Dutch alternative CRE finance platform focusing on real estate-backed lending. Smaller-scale emerging competitor in the same niche alternative lender segment.

Direct peers

• Alpha Vastgoedfinanciering: Dutch non-bank CRE lender providing first mortgage and bridge financing to professional investors and developers in the Netherlands. Rax lists Alpha as an intermediary/broker partner, confirming direct product overlap.
• Barlavento: Dutch real estate debt advisory and brokerage firm specializing in arranging CRE financing for professional investors. Listed as an active intermediary partner bringing deals to Rax.
• Novel Property Finance: Dutch CRE debt advisor/broker arranging financing for professional real estate clients. Listed as one of Rax's intermediary partners, with directly overlapping client base.
• Dynamic Credit: Amsterdam-based asset manager specializing in Dutch mortgage and CRE debt investment products for institutional investors. Directly comparable alternative CRE credit manager with a Dutch focus.
• Syntrus Achmea Real Estate & Finance: Manages large Dutch CRE debt funds (EUR 2B+ under Martijn Louwerse's prior leadership) investing in Dutch commercial real estate. Directly comparable CRE private credit fund manager, and the prior employer of Rax's Partner.
• RMHC (Rijnmondse Hypotheekmakelaar): Dutch specialist CRE finance provider focused on non-bank commercial real estate lending in the Netherlands. Competes in the same niche alternative lender segment as Rax.

Broad incumbents

• CBRE Debt & Structured Finance: Global CRE debt advisory arm of CBRE Group, providing CRE financing solutions across Europe. Functions as an intermediary partner for Rax but is a much larger incumbent operating across the broader market.
• Holland Hypotheken: Established Dutch non-bank mortgage and CRE lender with a wide product range. Adjacent comparable due to Dutch non-bank lending focus, but serves a broader audience than Rax's professional-only segment.
• NIBC Bank: Dutch bank with a sizable commercial real estate finance franchise serving professional investors and developers. Overlaps with Rax's investment and bridge financing products but offers a broader product suite as a regulated bank.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/raxfinance

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rax Finance B.v.