CrossCountry HoldCo, the mother or father firm of a prime retail mortgage firm, will expand its asset management arm by way of partnerships with an Ares Alternative Credit fund and Hildene Capital Management, amongst others.
The asset management unit, CrossCountry Capital, will even expand its non-qualified mortgage funding platform and add complementary asset lessons, akin to residential transition loans, building and vertical builder finance and multifamily lending. CrossCountry has had a non-QM partnership with Hildene since 2022.
“The progress of CCC positions CCM to uniquely capitalize on the present market setting, one thing no different mortgage firm is doing proper now,” Ron Leonhardt, founder and CEO of CrossCountry Mortgage, stated in a press launch.
The asset management arm and its companions have acquired greater than $1 billion of fairness capital commitments representing greater than $20 billion of latest mortgage investments.
“The further capital will improve our means to scale, present versatile capital options, and seize the rising alternatives within the non-agency mortgage market whereas addressing the financing wants of debtors underserved by conventional lenders,” stated Steven Ujvary, managing associate at CrossCountry Capital.
Founded in 2003, CrossCountry Mortgage is headquartered in Cleveland and operates round 960 retail areas in all 50 states. The firm additionally has a scaled servicing portfolio that acts as a hedge to its origination enterprise.
CrossCountry Capital began in 2022 and has shortly constructed a large-scale non-agency asset management platform. It has greater than $7 billion in loans below management and runs a securitization program with greater than 50 distinctive traders.
“The continued enlargement of CCC permits us to additional diversify our enterprise mannequin exterior of core origination and servicing actions in a capital-light method, and is a testomony to our confirmed observe report of originating high-quality non-agency mortgage investments,” stated Madhur Agarwal, chief monetary officer of the house lending division.
Other latest developments at CrossCountry embrace a know-how partnership with Blend it entered into earlier this yr.
