Angel Oak Commercial Lending plans to more than double its team this year as it expands into the wholesale market.
There was a knock Commercial real estate The professionals Bob Forsythe as Senior Managing Director and David Pike as Managing Director are leading the expansion on the west coast. According to the company, Forsythe and the Angel Oak team will be working to establish a wholesale loan program for small commercial real estate. This allows Angel Oak Commercial Lending to work with lenders who wish to take advantage of the company’s loan offerings.
“This is a natural repetition for Angel Oak, which has a well-established wholesale division in the home loan business Angel Oak Mortgage Solutions“The company said in a statement.” The aim of the new program is to leverage local expertise, expand Angel Oak’s credit pipeline and provide the infrastructure required to deliver beneficial investment solutions in the small balance sector develop.”
Forsythe will lead the company’s small loan program. The 30-year-old industrial veterinarian moved to Angel Oak from Pacific West CDC, where he founded the director. Previously, he was Chief Operating Officer at Lehman Brothers Small Business Finance.
“I am thrilled to be building an incredible wholesale division at Angel Oak Commercial Lending that combines Angel Oak’s technological expertise with dynamic products and services for borrowers,” he said.
In the meantime, Pike – who has more than 20 years of CRE experience – will oversee Angel Oak’s lending and expansion along the west coast, focusing on medium-sized and larger loan offerings.
“Angel Oak has been rapidly expanding its commercial loan program over the past few months and I look forward to working with such a talented and motivated team,” said Pike. “There are tremendous opportunities in the western half of the US and I look forward to bringing the innovative loan solutions Angel Oak offers to new and existing borrowers as we expand.”
Both will be based in Angel Oak’s Newport Beach, Calif. Office and report to two Presidents, Nik Chillar and Rick Gallitto.
“The talent we recently added with David and Bob underscores our growth and expansion as we continue to build a robust team to meet our high bar goals for 2021,” said Ben Easterlin, Head of Commercial Lending at Angel Oak. “From new technologies and initiatives to securitisations and wholesale efforts, we look forward to our future.”