Deutsche Bank Securities announced last week that it has entered into a joint venture with Pinnacle Financial Corp. to form Pinnacle Commercial Mortgage, which is a Florida-based originator of Alt-A small-balance multifamily, commercial and mixed-use mortgage loans. Financial terms of the agreement were not disclosed.
Pinnacle Financial, which was founded in 1988, is an independently owned mortgage lender. It funded over $5.5 billion in residential and commercial mortgage loans in 2005. "Through this joint venture, Deutsche Bank and its residential mortgage backed securities business will continue its expansion in U.S. mortgages and enhance the bank's securitization capabilities," said Phil Weingord, managing director and head of global markets Americas at Deutsche.
Meanwhile, Doug Long, CEO of Pinnacle said, "This transaction merges Pinnacle Financial's product knowledge and ability to increase loan volume with Deutsche Bank's securitization expertise."
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