(Bloomberg) -- Fortress Investment Group LLC has clinched a deal to buy real estate loans originated by financial technology platform New Silver, according to a statement seen by Bloomberg, as private credit firms grow their footprint in asset based debt.

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The investment firm will help New Silver expand in real estate transition loans, including fix-and-flip and construction loans, which can be shorter term. The deal will be in the form of a so-called forward-flow agreement, where a buyer agrees to purchase loans before they have been originated.

Founded in 2018, New Silver has originated about $300 million in loans to date and expects to lend about $250 million in 2025, a person with knowledge of the matter said. It would finance some of those loans through the Fortress contract, the person added.

Fortress has announced other similar transactions in recent months. It reached a deal for about $2 billion in personal loans with SoFi Technologies Inc. and another with Best Egg last month, Bloomberg reported.

Private credit firms are growing their presence in asset based finance by either buying existing loan portfolios or agreeing to buy future originations. New Silver provides an online platform through which it underwrites short-duration real estate loans secured by residential properties.

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