CBRE has lost two more members of its loan servicing business. Steve Northage, CBRE’s head of primary loan servicing, has resigned to join the European servicing business launched by US private equity firms Greenfield Partners and Raith Capital Partners.
Northage will work with former CBRE Loan Servicing colleague Paul Lloyd, who resigned as head of CBRE Loan Servicing last month.
Lloyd will head the as yet unnamed business along with Mount Street Capital partners Ravi Joseph and Bill Sexton. Northage will be head of primary servicing. Both Lloyd and Northage will join next year.
A third member of the CBRE Loan Servicing team, Gavin Williams, has also resigned and will be rejoining Capita’s servicing business.
Joseph said the servicing business launch was timely: “People are realising that there’s a universe of new lenders coming into the market, very large portfolios of legacy bond assets, and secondary loan portfolios being sold to an everwidening group of buyers.”