NEW
YORK, May 23, 2023 /PRNewswire/ -- Roc
Capital Holdings LLC ("Roc360"), a vertically integrated platform
for residential real estate investors and a leading originator of
business-purpose loans nationwide, today announced it has purchased
the origination assets of Civic Financial Services ("CIVIC"), a
subsidiary of Pacific Western Bank ("PacWest Bancorp"; Nasdaq:
PACW).
In 2022, Roc360 affiliates and CIVIC
collectively funded in excess of $7.6
billion in business-purpose loans.
Under the terms of the transaction, CIVIC, one of the leading
institutional private lenders in the
United States specializing in originating residential
business-purpose loans, sold its origination assets to Roc360.
Excluded from the sale are previously originated, loans and loan
servicing operations. Roc360 will use the storied and trusted brand
name CIVIC, which will join Roc360's growing portfolio of leading
real estate brands, including Roc Capital, Finance of America
Commercial¹, ElmSure, Wimba Title, and Tamarisk Appraisals.
CIVIC was founded in 2014 to serve investors who did not fit
within the traditional real estate lending criteria. Since its
inception, CIVIC has funded in excess of $9.4 billion through its borrower-direct, broker,
and correspondent channels.
The CIVIC asset acquisition materially strengthens Roc360's
existing national origination footprint, specifically in CIVIC's
home state of California, the
largest market for business-purpose loans to real estate investors.
In 2022, Roc360 affiliates and CIVIC collectively funded in excess
of $7.6 billion in business-purpose
loans.
"In the face of market difficulties, we continue to expand and
develop more products and services for real estate investors. We
believe that America's housing stock is severely undersupplied,
with more than 50% of homes in deferred maintenance, lacking the
modern-day energy efficiencies that our clients install with each
loan they take from us. We will continue to prudently expand and
invest for long-term solutions to these structural problems," said
Arvind Raghunathan, Ph.D., Founder
and Chief Executive Officer, Roc360 family of companies.
Piper Sandler and Company served
as financial advisor to PacWest Bancorp in the transaction.
About Roc360
Roc360 is a leading financial services platform for residential
real estate investors, providing vertically integrated solutions,
including lending, servicing, insurance, and valuation.
Founded in 2014 by Arvind
Raghunathan, Maksim Stavinsky
and Eric Abramovich, Roc360 employs
over 300 people and has funded nearly $25
billion in loans throughout the
United States through its lending affiliates. The
company is headquartered in New York
City with offices on three continents.
Earlier in 2023, Roc360 acquired the operational assets of
Financial of America Commercial in a similar transaction.
For Roc360 Media Relations: pr@roc360.com
For more information about Roc360, please visit
www.roc360.com
About PacWest Bancorp
PacWest Bancorp ("PacWest") is a bank holding company headquartered
in Los Angeles, California, with
an executive office in Denver,
Colorado, with one wholly-owned banking subsidiary, Pacific
Western Bank (the "Bank"). Pacific Western Bank is a
relationship-based community bank focused on providing business
banking and treasury management services to small, middle-market,
and venture-backed businesses. The Bank offers a broad range of
loan and lease and deposit products and services through
full-service branches throughout California and in Durham, North Carolina and Denver, Colorado, and loan production offices
around the country. For more information about PacWest Bancorp or
Pacific Western Bank, visit www.pacwest.com.
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SOURCE Roc360