PacWest sells its real-estate lending business to Roc360

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PacWest Bancorp will sell its real-estate lending arm to Roc360, as the beleaguered regional bank moves to refocus on its core business.

The deal, first reported late Tuesday by the Wall Street Journal, comes a day after Los Angeles-based PacWest PACW unveiled a plan to sell a $2.6 billion portfolio of real-estate construction loans.The deal, first reported late Tuesday by the Wall Street Journal, comes a day after Los Angeles-based PacWest PACW unveiled a plan to sell a $2.6 billion portfolio of real-estate construction loans.

“In the face of market difficulties, we continue to expand and develop more products and services for real-estate investors,” Roc360 Chief Executive Arvind Raghunathan said in a statement. “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.

 

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