New American Funding has acquired Marketplace Home Mortgage, a regional lender that does business in 15 states.
“Becoming part of New American Funding accelerates the growth plans we put into place several years ago,” said Keith White, president of Marketplace Home Mortgage. “The current market is one that some lenders view as challenging, but we view it as a magnificent opportunity that is increased by the industry-best platform brought by New American Funding.”
Marketplace realized significant growth over the last several years, according to the lender. It provides start-to-finish mortgage services to real estate professionals, builders and residential buyers. Marketplace Home Mortgage has offices in Florida, Michigan, New Hampshire, South Dakota, and Wisconsin. The Stratmor Group served as financial advisor to Marketplace for this transaction.
“We felt now was the right time to combine forces with a lender such as Marketplace Home Mortgage,” said Rick Arvielo, CEO, New American Funding. “We’ve always grown organically and have been very selective about this type of move in the past. But due to the cultural and business alignment of both brands, coupled with the geographic advantage, we determined this was an excellent opportunity.”
New American Funding is a family-owned mortgage lender with a servicing portfolio of over 108,000 loans, valued at $27 billion, over 185 branches, and 2,900 employees. The company offers niche products and has made Inc. 5000’s list of Fastest-Growing Companies in America five times. It has a training facility and develops innovative technology, including GoGo LO and GoGo Partner.