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new player is joining the financial services scene in Texas, dubbed "Y'all Street." Formida Capital, a middle-market lender backed by Oaktree Capital Management, is launching in Dallas with a focus on private lending. The company will be led by Wade Hundley, former CEO of ST Residential, and Jeffrey Giudice as managing partner and head of lending.

    Formida aims to fill the liquidity gap created by regional community banks' reduced involvement in new lending. They'll target middle-market sponsors seeking loans up to 85% loan-to-value, focusing on high-growth markets like multifamily, hospitality, retail, and industrial properties. The company will also provide preferred equity and mezzanine loans.

    Dallas was chosen as the headquarters location due to its growing reputation as a capital markets hub in the South. Hundley sees it as an ideal place to operate, with many other financial institutions and real estate owners based there. Formida is currently scouting for office space in Uptown, where Goldman Sachs and Bank of America are also setting up their headquarters.

    The company's ideal clients will be a wide range of developers, sponsors, and owners seeking loans between $10 million to $75 million. Hundley and Giudice emphasized the importance of relationships and being part of the vibrant financial community in Uptown, where they can easily connect with potential clients and partners.