PacWest to Sell Civic Financial to Real Estate Lender Roc360 (1)

PacWest Bancorp agreed to sell its Civic Financial Services unit to real estate lending firm Roc360, as the regional bank seeks to bolster liquidity following turmoil among its peers.

Roc360 has purchased the origination assets of Civic Financial, the New York-based firm said in a statement Tuesday. Excluded from the sale are previously originated, loans and loan servicing operations.

Civic Financial, which PacWest acquired in early 2021, specializes in so-called residential business-purpose loans, or mortgages explicitly made for a borrower’s investment property. Civic has lent more than $9.4 billion through its borrower-direct, broker, and correspondent channels since 2014, ...