CIVC Partners LP has announced the firm’s acquisition of Shelter Mortgage from its parent company, Guaranty Bank. As part of the transaction, a total of more than $200 million in new lines of credit have been secured with JP Morgan Chase, Bank of America and Guaranty Bank.
Shelter Mortgage, based in Milwaukee, Wis., is a retail residential mortgage originator predominantly focused on conforming purchase money loans generated through partnerships with real estate agents, builders and relocation companies. Founded in 1984 as a subsidiary of Guaranty Bank, Shelter has over 170 loan officers located across the country and is licensed to originate loans in 28 states.
“We’re excited about entering this partnership with CIVC, a firm that understands the financial services market and has a record of helping management teams drive growth," said Jill Belconis, CEO of Shelter Mortgage. "We expect to drive growth through a stronger value proposition for our partners, an enhanced mortgage product offering for our borrowers, and the continued recovery of the housing market.”