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Parkside Mortgage Trust Inc. has announced that it has commenced operations with the purchase of its first mortgage loan. The company is organized to operate as a Real Estate Investment Trust (REIT), and the non-agency loan will be serviced by its affiliate, Parkside Lending LLC, a national wholesale and correspondent lender and servicer.
“This effort has been in the works for the past three years and we’re proud that it has finally come to fruition,” said Matthew Ostrander, president and chairman of the board of Parkside Mortgage Trust. “We’re excited to be entering into the next phase of this enterprise and starting to invest in mortgages."
Parkside Mortgage Trust was formed by a management team led by Ostrander who also serves as chief executive officer of Parkside Lending, which was recently admitted as a member of the Federal Home Loan Bank of Cincinnati through its insurance subsidiary PSL Insurance Company LLC. In addition, Ostrander is a director with the California Mortgage Bankers Association (CMBA) Board, where he serves as the president of Residential Real Estate. He is also a member of the Freddie Mac Advisory Board.