Peapack Private Expands Specialty Lending Capabilities with Launch of Yacht Financing Business
Peapack-Gladstone Financial (NASDAQ: PGC) is entering the yacht financing business through its Peapack Private division, extending its specialty lending suite for high-net-worth individuals, families, and their advisors. To lead the new team, the bank hired industry veterans Jim Velez, who brings more than four decades of yacht finance experience, and Derick Buffum, a specialist in yacht lending, credit, and underwriting. The unit will offer acquisition financing, refinancing, and ownership-transition structures for new and pre-owned yachts. The filer reported $8.0 billion in total assets and $13.9 billion in assets under management or administration as of June 30, 2026.
Key figures
- Total assets
- $8.0 billion
- Figures as of
- June 30, 2026
- Aum administration
- $13.9 billion
- Team lead experience
- more than four decades (Jim Velez)
AI analysis
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