Reverse Mortgage Lender, Longbridge Financial Receives Investment to Expand Business
MAHWAH, NJ, October 6, 2016 – Longbridge Financial, LLC., a national reverse mortgage loan originator based in Mahwah, New Jersey, announced today a follow-on investment from Ellington Financial LLC (NYSE: EFC), and a new investment from Home Point Capital. The transaction will be finalized upon procurement of required regulatory approvals. Longbridge will use the proceeds of the investments to expand the company’s reverse mortgage origination and servicing operations.
Chris Mayer, CEO of Longbridge, said, “We are excited to work with great partners in Ellington and Home Point to expand our commitment to serve the reverse mortgage market. With nearly $6 trillion of housing wealth owned by seniors in the United States, we believe that home equity will be an important part of any solution to America’s retirement funding shortfalls. Longbridge is excited to have partners that provide not only capital, but also strategic experience in our market.”
“We are excited about the opportunity to invest in Longbridge,” commented Willie Newman, CEO of Home Point. “Chris Mayer has assembled an outstanding team and built a business that is well positioned to both grow and innovate in a segment where we see significant opportunity. We also look forward to working with Ellington to leverage that firm’s extensive capital markets expertise and research capabilities in the reverse mortgage market.”
“We have been working with Longbridge for a number of years and have developed great confidence in the company and its innovative approach to the reverse mortgage business,” added Michael Vranos, CEO of Ellington Management Group, L.L.C. “With Longbridge’s strong attention to customers and industry leading ethical practices, we are thrilled to continue to work with Chris and the entire Longbridge team, in partnership with Home Point, to expand the reverse mortgage market and help older homeowners improve their retirement.”
About Longbridge Financial
Longbridge Financial is a national lending institution helping seniors utilize their hard-earned home equity to address some of the financial challenges that impact so many Americans who are in, or planning for, retirement. Founded in 2012, Longbridge is committed to enhancing the
way consumers view reverse mortgages by educating homeowners about the many uses of this powerful financial instrument. For further information about Longbridge Financial, see www.longbridge-financial.com.
About Home Point Capital
Home Point Capital LP is a financial services holding company founded in 2014 and owned by members of management and by investment funds managed by Stone Point Capital LLC. Home Point Capital’s subsidiary, Home Point Financial Corporation, is a nationwide mortgage banking business focused on multi channel residential mortgage origination and servicing. For further information about Home Point Financial, see www.homepointfinancial.com.
About Ellington Financial
Ellington Financial LLC is a specialty finance company that primarily acquires and manages mortgage-related assets, including residential mortgage-backed securities, residential mortgage loans, commercial mortgage-backed securities, commercial mortgage loans and other commercial real estate debt, real property, and mortgage-related derivatives. The Company also invests in corporate debt and equity securities, collateralized loan obligations, consumer loans and asset-backed securities backed by consumer and commercial assets, non-mortgage-related derivatives, and other financial assets, including private debt and equity investments in mortgage-related entities. Ellington Financial LLC is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C. For further information about Ellington Financial, see www.ellingtonfinancial.com.
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