Angel Oak Commercial Lending is planning to more than double its team this year as it expands into the wholesale market.
It has tapped commercial real estate pros Bob Forsythe, as senior managing director, and David Pike, as managing director, to spearhead its expansion on the West Coast. According to the company, Forsythe and the Angel Oak team will work to establish a wholesale lending program in the small-balance commercial real estate space. This will enable Angel Oak Commercial Lending to partner with lenders that are looking to tap into the firm’s loan offerings.
“This represents a natural iteration for Angel Oak, which has a well-established wholesale division in the residential loan space through Angel Oak Mortgage Solutions,” the company said in a statement. “The goal of the new program is to leverage local expertise, grow Angel Oak’s loan pipeline and provide the infrastructure necessary to originate advantageous investment solutions in the small-balance sector.”
Forsythe will lead the company’s small-balance loan program. The 30-year industry vet made the switch to Angel Oak from Pacific West CDC, where he was founding principal. Before that, he served as chief operating officer at Lehman Brothers Small Business Finance.
“I am excited to join Angel Oak Commercial Lending and build out an incredible wholesale division that combines the technological expertise Angel Oak offers with dynamic products and services for borrowers,” he said.
Meanwhile, Pike – who has more than 20 years of CRE experience – will oversee Angel Oak’s lending operations and expansion along the West Coast, focusing on middle-market and larger loan offerings.
“Over the past several months, Angel Oak has rapidly expanded its commercial lending program, and I am eager to work alongside such a talented and driven team,” Pike said. “There is tremendous opportunity 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 office in Newport Beach, Calif. and report to co-Presidents Nik Chillar and Rick Gallitto.
“The talent we have recently added with David and Bob highlights our growth and expansion as we continue to build out 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 securitizations and wholesale efforts, we are excited about our future.”