Beevers was previously executive vice president at Lone Star. He joined the private equity firm in 2011 to manage its investor relations operations.
André Collin, global operations president of the Dallas-based firm, announced the management change to Lone Star employees through a memo, The New York Times reported. Although the document did not include an explanation for Loughlin’s departure, Collin said that this was a “pivotal time” to “realize the substantial value of our North American portfolio.”
Lone Star, which specializes in buying up distressed assets such as mortgages, started out in 1995 and is currently on its 17th investment fund.
Mortgage firm Caliber Home Loans is one of the Lone Star’s biggest assets in America. A top originator of new mortgages, Caliber offers nonprime home loan
s to borrowers who have less-than-perfect credit but are not traditionally labeled as subprime borrowers. Lone Star has bought delinquent mortgages in the tens of thousands to fuel some of Caliber’s growth.
In 2016, Caliber was the subject of a New York Department of Financial Services investigation into its handling of distressed mortgages following complaints from New York consumers. Also last year, Caliber, together with Lone Star, faced a $2.9 million lawsuit for allegedly failing to pay bills to vendor Chronos Solutions.
New York regulator probing Caliber Home Loans
Vendor sues Caliber Home Loans over $2.9 million in unpaid bills
Private equity firm Lone Star Funds has appointed Nick Beevers president of its North American division. He replaces Sam Loughlin, who had served as the division president for nearly nine years.