Joe Baratta, Blackstone’s global head of private equity, said that he was drawn to the Sacramento. Calif., company because he believes its technology offers lenders a more efficient way to find customers.
Nonbanks are originating more commercial mortgages on fixer-uppers in response to a sharp drop in the cost of funding in the securitization market. These deals are said to be "vastly different" than other CRE instruments that sustained big losses in the crisis — so far.
Stephen Sanger is expected to leave as nonexecutive chairman; Barry Rodrigues, a former Citigroup and American Express executive, will join the British bank in November.
