New American Funding
has announced that it has acquired Edina, Minn.-based Marketplace Home Mortgage.
According to the Tustin, Calif.-based New American Funding, the transaction will increase its presence in the Minnesota market, where Marketplace has been operating since its founding 1995. Marketplace also has locations in Florida, Michigan, New Hampshire, South Dakota, and Wisconsin. The terms of the acquisition were not disclosed.
“We felt now was the right time to combine forces with a lender such as Marketplace Home Mortgage,” said Rick Arvielo, CEO at New American Funding. “We’ve always grown organically and have been very selective about this type of move in the past. But due to the cultural and business alignment of both brands, coupled with the geographic advantage, we determined this was an excellent opportunity. We project this deal alone adds over $1 billion in mortgage production next year.”