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Commonwealth Capital and its affiliates today announced the acquisition of substantially all assets of Frankel Financial Corporation and Excel Financial Corporation. All three companies provide mortgage financing to businesses and individuals on the East Coast. Commonwealth Capital, a direct, balance sheet lender, will see its assets increase by over 20% with the closing of the acquisition and will significantly bolster its sales presence.
Rich Frankel, owner & president of Frankel Financial and Excel Financial, will join Commonwealth as chief revenue officer and all staff will move to parallel positions within the combined company. The team will operate from Commonwealth's current headquarters in Haverford, Pennsylvania. In conjunction with the acquisition, Alex Benoit has been promoted to president & chief lending officer and Kevin Kane has been promoted to chief risk officer.
Chandler Hoopes, CEO of Commonwealth Capital, commented, "We have worked closely with Rich and his team for nearly a decade. It became apparent a combination would allow both of us to better accomplish our mission – giving our clients and referral sources the execution, creativity, and speed they need, and providing best-in-class service along the way. Together, we are incredibly excited for the next great growth stage of this company. We are well prepared to be at the forefront as the private lending and mortgage industries continue to be disrupted each day."
Frankel added, "We couldn't be more excited to join the Commonwealth family. This is a tremendous growth opportunity for both groups and we are looking forward to executing our shared vision."
Commonwealth Capital is a family business founded in 2010 by Jack Hoopes. His son Chandler Hoopes joined the company in 2013, and now runs day-to-day operations. In 2018, Commonwealth merged with Oak Leaf Financial.