Roc Capital vs Toorak Capital: how the two models differ

What is the difference between Roc Capital and Toorak Capital?

The core difference is timing. Roc Capital’s white-label program funds the borrower’s loan at closing, in the lender’s name, and the loan is assigned to Roc Capital at closing. Toorak’s U.S. correspondent program buys loans after the lender has closed and funded them. That one difference drives capital needs, requirements and risk after closing.

Both are large, established capital providers that publish their programs, and both fund through rated securitizations. This page compares the two models only on what each company and independent sources publish. Last reviewed October 19, 2026; terms change, so confirm them with each company. For background on the models, see what is table funding? and correspondent lending for private lenders.

Who funds the loan at closing?

With Roc Capital, Roc Capital does: it says it advances funds to the borrower at the closing table while the loan is assigned to it (Roc Capital). With Toorak’s U.S. program, the lender does: Toorak’s FAQ says correspondents must be able to close loans with their own funds, and it buys afterwards.

Toorak offers correspondents a short-term gestation line (Toorak). Velocity Financial’s investor presentation also describes Toorak channels that fund at closing: a U.K. table funding channel and a broker and table funding channel at Merchants. This page compares Toorak’s U.S. correspondent program.

Whose name is on the loan documents?

In both models the loan typically closes in the lender’s name. Roc Capital says it funds under the lender’s company and brand names and the loan is discreetly assigned to it at closing. In a correspondent program, the lender is the lender of record at closing and the loan is sold to the aggregator afterwards.

Toorak says “We fund the loan. The lender keeps the customer” (Toorak). Roc Capital says its clients’ borrowers do not need to know it is the capital provider (Roc Capital).

Who owns and services the loan after closing?

Roc Capital owns the loan from closing; Toorak owns it once it buys it. Roc Capital lists loan servicing among its back-office services, and Morningstar DBRS names Roc360 affiliates as servicer of its 2025 securitization. Morningstar DBRS names Toorak as servicer of its 2025 securitization, with subservicers.

Sources: Roc Capital back office, Morningstar DBRS on ROC 2025-RTL1, Morningstar DBRS on TRK 2025-RRTL1. Ask each provider how servicing works for your loans.

What do they publish about lender requirements?

Toorak publishes specific thresholds; Roc Capital’s program pages describe a process. Toorak’s FAQ asks for the ability to close with your own funds, at least $15 million a month in volume and at least $5 million in company net worth, with approval in about four to six weeks and a $10,000 setup cost.

Roc Capital’s program page describes three steps, sign up, onboard and submit deals through an online portal, with “quick approval while you’re already submitting deals.” It also says it does not require representations and warranties and will not ask lenders to buy back loans, and that it does not currently lend in North Dakota, South Dakota or Vermont (Roc Capital). Neither list is complete; ask each for its current criteria.

How do their securitizations compare?

Both fund loans through rated securitizations of residential transitional (bridge) loans. Morningstar DBRS called ROC Mortgage Trust 2025-RTL1, a $200 million deal, the third RTL securitization on the Roc shelf, and called Toorak Mortgage Trust 2025-RRTL1 the 11th RTL securitization Toorak has issued.

Sources: Roc360, Morningstar DBRS (Roc), Morningstar DBRS (Toorak). For a lender, securitization access is a sign of institutional capacity behind a program.

What is each company’s history?

Roc Capital entered private lending in 2014 through a Third Party Originator program and formed the Roc360 holding platform in January 2020; Roc360 says it has directly funded over $20 billion across 50,000 loans. Toorak was founded in 2016 with backing from KKR and reports $20.3 billion in lifetime funded volume.

Sources: Roc Capital history, Roc360, HousingWire, Velocity Financial. Toorak’s ownership is changing: Velocity Financial agreed in August 2026 to acquire Toorak’s operating platform from funds advised by affiliates of KKR, with closing expected in the fourth quarter of 2026 and Toorak to keep its existing brands (Pacific Coast Business Times). As of October 19, 2026 the deal was described as pending.

Which model fits which lender?

White-label table funding fits lenders who want loans funded at closing on a provider’s products, pricing and back office. Correspondent loan purchase fits established lenders that close with their own capital at volume and want a repeatable takeout. Many lenders compare both with a warehouse line.

See Roc Capital alternatives, Toorak Capital alternatives and the full comparison of capital providers for private lenders. Before you sign with any provider, work through the lender due diligence checklist.

Where does direct capital placement fit?

Direct capital placement is a third model. Lender Capital is a business-to-business capital platform for private lenders: capital partners fund whole first-lien, business-purpose real estate loans at closing or buy whole loans lenders have already funded. With placement, as with table funding, none of your money goes in; unlike a single program, you set the note rate.

You keep servicing and the borrower, keep your points less a placement fee paid only when a loan funds, and earn a yield spread above the capital partner’s agreed rate. Lender Capital never lends or buys loans with its own money; capital partners fund or buy the loans. It is new. See table funding for private lenders.

Like Toorak’s correspondent model, Lender Capital also works after closing: you can sell a whole loan through Lender Capital that you already funded, and a capital partner buys it. The sale fee is 0.75% of the purchased balance (0.50% for preferred lenders), $2,500 minimum, only if the sale closes.

Frequently asked questions

What is the main difference between Roc Capital and Toorak Capital?

Roc Capital’s white-label program funds the loan at closing in the lender’s name, with the loan assigned to Roc Capital at closing. Toorak’s U.S. correspondent program buys loans after the lender has closed them with its own funds.

Which is better for a smaller private lender, Roc Capital or Toorak?

It depends on your capital and volume. Toorak’s U.S. FAQ asks correspondents to close with their own funds, do at least $15 million a month and have at least $5 million net worth. Roc Capital’s program page describes sign-up and onboarding without listing such thresholds. Confirm current criteria with each.

Do Roc Capital and Toorak securitize loans?

Yes. Morningstar DBRS rated ROC Mortgage Trust 2025-RTL1, which it called the third RTL securitization on the Roc shelf, and Toorak Mortgage Trust 2025-RRTL1, which it called the 11th RTL securitization Toorak has issued.

Who owns Toorak Capital?

Toorak was founded in 2016 with backing from KKR. In August 2026, Velocity Financial agreed to acquire Toorak’s operating platform from funds advised by affiliates of KKR, with closing expected in the fourth quarter of 2026. As of October 19, 2026 the deal was described as pending.

How is direct capital placement different from both?

It is not a lending program, and Lender Capital never buys loans with its own money. It matches each loan with capital partners whose criteria it fits; one funds the whole loan at closing. The lender sets the note rate, keeps servicing and the borrower, and earns a spread above the partner’s rate. Lenders can also sell a whole loan they already funded through Lender Capital, and a capital partner buys it.

Sources

• Roc Capital, White Label Table Funding (program page)
• Roc Capital, Our History
• Roc Capital, Full Back Office Support
• Roc360, “Roc360 Reaches $20 Billion in Loans” (May 12, 2026)
• Roc360, “Roc360 Closes $200M Residential Bridge Loan Securitization, Rated by DBRS Morningstar” (March 18, 2025)
• Morningstar DBRS, “Morningstar DBRS Finalizes Provisional Credit Ratings on ROC Mortgage Trust 2025-RTL1” (March 4, 2025)
• Toorak Capital Partners, home page
• Toorak Capital Partners, Lender FAQ (US)
• Morningstar DBRS, “Morningstar DBRS Assigns Provisional Credit Ratings to Toorak Mortgage Trust 2025-RRTL1” (February 10, 2025)
• Velocity Financial, Toorak Capital Transaction Overview, investor presentation (August 2026)
• HousingWire, “Velocity to buy Toorak platform, manage $3B BPL portfolio” (August 27, 2026)
• Pacific Coast Business Times, “Velocity acquires Toorak’s operating platform” (August 31, 2026)