Legacy Bank and Trust Co. and its holding company, Ozark Heritage Financial Group Inc. (OHFG), recently announced the acquisition of Crain Mortgage Group LLC, a Dallas-based provider of secondary market FHA/HUD multifamily loans.
Terms of the transaction were not disclosed.
Crain Mortgage Group has been rebranded to Legacy Capital, effective Jan. 1, the company said. All existing staff at Crain Mortgage Group remain employed at Legacy Capital, it said.
Crain Mortgage Group, founded in 2007 by Daniel and Carol Crain, is a Multifamily Accelerated Processing (MAP)-approved HUD issuer and servicer that has been in business since 2007. Since its inception, Crain has originated over $710 million in HUD loans and services over $240 million in mortgages, the company said.
Brett Magers, Legacy/OHFG president, will lead the newly formed Legacy Capital as CEO, while Kylee Brown will act as president/COO.
The company also has hired Steve Hunt as head of production. He has over 20 years of HUD financing experience and will utilize his expertise to grow the existing infrastructure into a streamline and efficient operation, the company said.
“We are excited to welcome in the Crains into the OHFG/Legacy world and look forward to building on what is already a fantastic company and customer base in the Dallas area and beyond,” Magers said. “The Crains have built a great reputation in the HUD/FHA space, and we are excited to have their expertise and customer base join our vision for being a leader in the affordable housing finance space nationwide”
“The evolution of Legacy is truly remarkable, and I am excited to be a part of the next phase in that evolution,” Hunt said. “The FHA-insured financing programs will complement the banks offerings and benefit clients looking for a high-leverage, long-term, fixed-rate, non-recourse option for their development projects and refinancing needs.”
Legacy Capital said it will continue to operate a Dallas location, as well as an office in Westport, Conn., and will establish a presence in Springfield, Mo., where the management and ownership of Legacy/OHFG Inc.is based.
The acquisition allows Legacy to expand its platform to provide long-term affordable housing and market-rate multifamily debt solutions, the company said.
“Legacy has established itself as an affordable housing bridge/construction lender in a multi-state region and seeks the ability to service the current customer base needs for long-term fixed rates using government backed solutions,” Legacy Capital said in a news release. “OHFG, Inc./Legacy is creating a one- stop shop for affordable housing financing for clients through this acquisition.”