Roc Capital Holdings in New York has acquired the origination assets of Civic Financial Services from PacWest Bancorp in Los Angeles.
Roc360, a platform that serves residential real estate investors and originates business-purpose loans, said in a press release that it will use the Civic brand. The price wasn’t disclosed.
Founded in 2014, Civic has funded more than of $9.4 billion of loans through its borrower-direct, broker and correspondent channels.
“In the face of market difficulties, we continue to expand and develop more products and services for real estate investors,” Arvind Raghunathan, Roc360’s CEO, said in the release.
“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,” he added. “We will continue to prudently expand and invest for long-term solutions to these structural problems.”
Piper Sandler advised PacWest Bancorp.