A 100% minority-owned lender, Altera’s retail outreach has been aimed primarily at the Hispanic marketplace. Within the past three years, the company has more than tripled its retail loan production. In 2015, Alterra generated nearly $1 billion in loan closings.
“The results we’ve been able to achieve over the past few years have exceeded most industry metrics, and have positioned Alterra as one of the largest independent mortgage banks devoted to the Hispanic borrower,” said Jason Madiedo, CEO and co-founder of Alterra. “Hispanics are the fastest- and largest-growing household market in the U.S. Last year, 67% of our loan production were Hispanic borrowers, and additionally 56% of all loans were first-time homebuyers.”
Stephen J. George, managing partner and founder of Panorama, said the firm was attracted to the ALterra management team, the company’s focus on the Hispanic market, and its “distinctive brand and company culture.”
“We wanted to find a financial services company with talented leaders that were focused on the Hispanic market,” George said. “On their own without the benefit of institutional capital, Alterra’s founder have built an exceptional and promising company on the foundation of a strong team-oriented culture, superb loan processing operations and exceptional customer care. Panorama looks forward to many years of helping Alterra achieve their aggressive growth goals and positive social mission of helping Hispanics and others create wealth through homeownership.”
“The capital and liquidity required to sustainably grow in the housing market today, combined with the growth dynamics of our targeted borrower, convinced us to seek out compatible capital providers,” Madiedo said. “We believe we found the right partner in Panorama.”
Alterra Home Loans, a Nevada-based independent mortgage bank with offices in 12 states, has announced an expansion capital and an equity investment commitment from Panorama Point Partners, a private equity partnership based in Omaha, Nebraska.