PacWest buys specialty real estate lender
The California company acquired Civic Financial Services, which makes loans to residential real estate investors.

PacWest Bancorp in Los Angeles has acquired a business that makes loans to residential real estate investors.

The $29.5 billion-asset PacWest bought Civic Financial Services from Wedgewood. The company did not disclose the price it paid.

Civic, formed in 2014, has funded more than $4.4 billion of loans to real estate investors, including $1 billion last year.

William Tessar will remain Civic’s president.

“This acquisition opens the door for us to grow in the private lending space with a proven market leader,” Matt Wagner, PacWest’s president and CEO, said in a Tuesday press release.

“With a strong capital base, we have the ability to continue to invest in scaling our infrastructure and operations and expand into new markets,” Tessar said in the release.

Evercore advised Wedgewood.


Source: nationalmortgagenews.com