PennyMac Financial Services in Moorpark, Calif., is getting into the commercial finance business.
The company said in a press release this week that it has formed a new division to provide multifamily and other commercial loans under $10 million.
"The opportunity in this market is particularly attractive and fits well with the operational platform and organizational culture that distinguish PennyMac," said Stanford Kurland, the company's chairman and chief executive, in the release.
Additionally, PennyMac said that Steve Skolnik will join the division as chief commercial lending officer. Skolnik previously served as chief executive officer of ReadyCap Commercial in Irvine, Calif.
Kevin Portnoy joined the division as an executive vice president of commercial lending. He most recently worked as director of capital markets at Capital Crossing, an investment firm in Boston.
