A Colorado-based fund manager, Proprietary Capital, along with a group of investors, acquired American Financial Resources (AFR), a multichannel lender. The financial terms of the transaction were not disclosed.
AFR, headquartered in Parsippany, NJ, was established in 1997 by Corey Dubnoff, who will continue in his role as Chief Administrative Officer. Tim Yanoti remains onboard as the Chief Financial Officer. Rob Pieklo, a former AFR executive and partner, rejoins the organization as Chief Operating Officer. Pieklo, who previously spent 14 years at AFR until 2018, played a pivotal advisory role to Proprietary Capital during the acquisition process.
The infusion of Proprietary Capital's resources is anticipated to drive further product innovation and expand market share across all business channels.
Craig Cohen, managing member of Proprietary Capital, expressed enthusiasm about the acquisition, stating, "With the acquisition of AFR, we will build on our already strong mortgage platform. We have been working with AFR on the transition plans over the last several months and are excited about the opportunity to build on a great foundation."
Proprietary Capital has developed a platform focused on investing in the U.S. residential mortgage market and housing-related assets. With the addition of AFR, a New Jersey-based full-service independent mortgage bank with direct, wholesale, and correspondent lending divisions, Proprietary Capital expands its portfolio.
AFR offers a wide range of lending products, including agency, nonagency, and government lending, along with specialized programs in construction and manufactured home loans.
