Stearns Lending Announces Agreement to Acquire Production Channels from Primary Capital Mortgage, LLC
Stearns Lending, LLC, announced it has acquired the wholesale, non-delegated correspondent and consumer-direct lending businesses of Primary Capital Mortgage, LLC (PCM), a leading residential mortgage origination and servicing company.
This significant acquisition is highly complementary to Stearns’ current business and strengths, and reinforces its commitment to continued growth of profitable volume and market share in all of its production channels. Stearns has offered positions to PCM mortgage production related employees impacted by the transaction.
“We are excited to bring our two companies together as part of Stearns’ ongoing pursuit of profitable growth and commitment to being an industry leader,” said David Schneider, CEO at Stearns Lending. “Our two organizations both have complementary strengths and a commitment to excellence, which make our companies well suited to join forces moving forward.”
Over the past 20 years, PCM has demonstrated a continued ability to successfully navigate a competitive market. The Atlanta, Georgia-based company experienced significant growth over the past four years, and originated $1.9 billion in 2016.
“In seeking a partner, we wanted to ensure that our borrowers, brokers and other business partners would continue to receive best-in-class service,” said Anthony Coniglio, CEO at PCM. “I’m incredibly proud of our team’s hard work and dedication to our clients in building a great company at PCM. With its well-deserved reputation for excellence, Stearns is an ideal partner that will build upon this success and offer a work environment in which our employees can excel.”
“This is a fantastic opportunity for Stearns. PCM’s forward-thinking leadership team has done an outstanding job of building a highly productive company through innovation, best practices and a focus on positive work culture,” said James Hecht, COO at Stearns Lending. “Our two organizations also share the belief that a company’s culture and team members are the key elements in achieving success. We anticipate a smooth transition as the transaction proceeds.”
For more than 28 years, Stearns has been helping employees, borrowers and business partners to reach their goals by successfully exceeding expectations and leading the industry with innovation and efficiency.
Houlihan Lokey served as the exclusive financial advisor to PCM.