Bexil Corporation (BXLC) has announced that its majority owned subsidiary, Bexil American Mortgage Inc., has agreed to acquire 90 percent of the equity in Castle Mortgage Corporation, a mortgage lender operating in the southeastern United States. Castle is an approved seller and servicer of mortgage loans with Fannie Mae, Freddie Mac, and Ginnie Mae. Bexil American simultaneously received an option to acquire the remaining 10 percent of Castle in the future at a predetermined price. Bexil American received financing from its management, Boulderado Group LLC, and Bexil Corporation to complete the acquisition. Remaining terms of the transaction were not disclosed.
“Castle Mortgage adds significant depth and flexibility to our capabilities as we grow our company,” said John M. Robbins, CEO and president of Bexil American Mortgage. “Their seller-servicers approvals with Fannie Mae, Freddie Mac and Ginnie Mae will accelerate our entrance into the retail market and provide a competitive advantage for our mortgage broker customers. We’re delighted to welcome the Castle Mortgage team.”