Atlanta-based Silverton Mortgage Specialists Inc. has been acquired by Vanderbilt Mortgage and Finance Inc., a division of Warren Buffett’s Berkshire Hathaway family of companies.
The financial terms of the transaction were not disclosed. In a press statement, Silverton stated that it would be “retaining its name, leadership, employees and corporate identity following the transaction,” adding that expected to “expand its footprint and increase its access to capital to develop an expanded line of products and services for its clients.” Silverton, which was founded in 1988, has more than 170 employees in 12 states and the District of Columbia.
“While we were not actively looking to be acquired, we are grateful for this opportunity to expand our services, both in terms of geographic footprint and loan product offerings, while keeping our identity and the great people that have built our culture of unparalleled service to our customers and communities,” said Josh Moffitt, president and CEO of Silverton Mortgage. “This is a unique opportunity to keep what makes Silverton special, while also improving the service and lives of our customers and employees.”
The acquisition will not cover the Silverton Foundation, a nonprofit organization that provides mortgage and rent assistance for families with hospitalized and critically ill children. The foundation will continue to operate under the direction of Moffitt and its volunteer committee with support from loans closed by Silverton Mortgage.