PennyMac Financial Services Inc. (PFSI) has launched a new commercial real estate finance division and has added three mortgage bankers to its team.
The division, PennyMac commercial real estate finance (PCREF), will focus on loans that finance multifamily and other commercial real estate with a typical value of under $10 million, with the planned acquisition and securitization of such loans by PennyMac Mortgage Investment Trust (PMT).
‘Our entry into commercial real estate finance complements PennyMac's existing businesses in residential mortgages and has the potential to deliver attractive returns for PFSI and PMT,’ says Stanford L. Kurland, PFSI's chairman and CEO.
‘We have hired a dynamic team of highly experienced commercial mortgage bankers to lead this new initiative, and I am pleased to announce that Steve Skolnik, Kevin Portnoy and Bob Roades have joined the PennyMac team,’ Kurland adds.
Steve Skolnik joins the company as chief commercial lending officer, and was most recently the CEO and co-founder of ReadyCap Commercial LLC.
Kevin Portnoy has been appointed executive vice president of commercial lending. Previously, he served as director of capital markets at Capital Crossing LLC.
Formerly, Skolnik, Portnoy and Roades worked together at Aurora Bank/Lehman Brothers, originating, securitizing and servicing small balance commercial loans.
‘With PennyMac's considerable capital and resources, we plan to launch a number of business channels in early 2015. PCREF will be originating through retail and conduit sales teams, as well as acquiring legacy-performing and nonperforming pools of commercial loans,’ Skolnik says.