Capital Corps is a residential real estate lender focused on expanding access to prime capital for non-traditional borrowers. As part of the investment, Commerce CEO Mario De Tomasi joined the executive team of Capital Corps. De Tomasi and Commerce Founder Scott Simonich have also become strategic investors in Capital Corps.
With the investment, Capital Corps said it will offer proprietary lending programs through Commerce. These programs, which aim to address non-traditional prime borrowers, are set to be introduced in the first quarter of 2018.
Founded in 1993, Commerce is a licensed lender in 26 states through its 25 retail offices and its wholesale channel.
“CHM is a strong lender that works on behalf of its employees, borrowers, and partners,” said Steven Sugarman, founder of Capital Corps. “This transaction will allow The Capital Corps to become the leading lender for underserved, prime homeowners. We now expect our home mortgage originations to exceed $2 billion next year.”
“I have been impressed with Commerce Home Mortgage for quite some time and I look forward to helping CHM realize its goal of becoming the home for the best brokers, originators, and partners in the industry,” Capital Corps co-founder Jeffery Seabold said. “We expect Commerce Home Mortgage to become the preferred lender for non-traditional prime borrowers. We now have the platform, relationships, and team to address this significant market void effectively.”
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The Capital Corps has signed and closed a strategic investment in Commerce Home Mortgage, a mortgage banking company based in California.