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 through its borrower-direct, broker and correspondent channels. of loans
“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.