Investment will kickstart lender's "new phase of rapid growth," says CEO
American Financial Resources (AFR) has confirmed that it has entered a definitive agreement to sell 100% of the company to an investment group led by Proprietary Capital. Financial terms of the deal were not disclosed.
Craig Cohen, managing member of Proprietary Capital, said the acquisition will build on the firm’s mortgage platform. The Denver-based fund manager provides a platform for investors to gain exposure in the RMBS market, focusing on mortgage and housing-related assets.
“With the addition of AFR’s robust operational platform, loyal customer base, long-term dedicated employees, and their breadth of products and services, we will catapult our growth for many years to come,” Cohen said.
In a press release, AFR chief executive Rich Dubnoff commented, “Today is a historic day for AFR. With the support and investment of Proprietary Capital, AFR will begin a new phase of rapid growth that will directly benefit our borrowers, wholesale and correspondent clients, and employees.”
Founded in 1997, AFR is a mortgage banking company with direct, wholesale, and correspondent lending divisions that offer agency, non-agency, and government loan products. AFR specializes in construction and manufactured home mortgage programs and was recognized as the top manufactured wholesale partner by the Department of Agriculture in June.
Read more: American Financial Resources named top USDA manufactured wholesale partner
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