Commerce Mortgage in Newport Beach, Calif., has appointed 28-year industry veteran Shabi Asghar as president of its wholesale real estate lending.
Asghar will be responsible for introducing new cost-effective lending options for lenders and borrowers throughout California, Colorado, Nevada and Florida, including funding a new line of real estate financing products, the company said in a press release.
During his long career Asghar was the chief executive officer or president of companies with cumulative originations totaling over $50 billion.
Among others, he is credited for his contribution to at least four start-up companies he worked with prior to joining Commerce. For example, he co-launched Encore Credit Corp. in 2002 with $5 million of private capital, and helping it grow to a $750 million initial public offering within three years.
Asghar is expected to support Commerce's goal to support the revival of the housing market by offering new products "backed by an experienced team of professionals," said chief financial officer Mario De Tomasi.