First California, Pillar create correspondent lending platform
First California Mortgage is joining up with Pillar Multifamily, an affiliate of Guggenheim Partners, in order to penetrate the commercial mortgage-backed securities market. First Cal will source Fannie Mae-eligible mortgage loans for Pillar throughout the new correspondent lending platform, in markets outside of southern California. The construction of the deal lets First Cal fund Fannie Mae-eligible mortgages for Pillar. Pillar is a lender, providing loans for owners of multifamily properties, which are commercial real estates assets. Before the new foray was announced, First Cal specialized in high quality, fully documented conforming, jumbo, Federal Housing Administration and Veterans Affairs residential mortgages. "As First Cal looks to expand beyond the residential mortgage market," said Jeff Krischer, First Cal’s director of multifamily lending, "it will be an incredible value add for our loan originators and broker partners to have access to Pillar’s multifamily expertise." The correspondent lending pipeline takes effect immediately. In the past 34 years, First Cal and its affiliates have provided enough liquidity to fund more than $200 billion in residential loans across the country. The company is an approved Fannie Mae seller and loan servicer and licensed to lend in 10 states, including Arizona, California, Colorado, Hawaii, Idaho, Nevada, New Mexico, Oregon, Utah and Washington. Write to Kerri Panchuk.