Parkside Mortgage Trust Inc., a real estate investment trust, has commenced investing in residential mortgage loans and other mortgage-related assets, including non-QM loans, the company reports.
The company announced the purchase of its first mortgage loan on Jan. 6. The non-agency loan will be serviced by the company's affiliate, Parkside Lending, a national wholesale and correspondent lender and servicer.
‘This effort has been in the works for the past three years and we're proud that it has finally come to fruition,’ says Matthew Ostrander, president and chairman of the board of Parkside Mortgage Trust, in a release. ‘We're excited to be entering into the next phase of this enterprise and starting to invest in mortgages.’
Parkside Mortgage Trust was formed by a management team led by Ostrander, who also serves as CEO of Parkside Lending, which was recently admitted as a member of the Federal Home Loan Bank of Cincinnati through its insurance subsidiary PSL Insurance Co.
In addition, Ostrander is a director with the California Mortgage Bankers Association Board, where he serves as the president of residential real estate. He is also a member of the Freddie Mac Advisory Board.