New American CEO Rick Arvielo said both brands are culturally aligned
New American Funding has acquired Edina, Minn.-based Marketplace Home Mortgage.
Marketplace Home does business in 14 other states and provides start-to-finish mortgage services to real estate professionals, builders, and residential buyers.
Financial terms of the deal were not disclosed.
Marketplace Home was founded in 1995 by Keith White, who serves as the company’s president. Starting out as a small brokerage, the company experienced significant growth over the last several years.
"We felt now was the right time to combine forces with a lender such as Marketplace Home Mortgage," New American CEO Rick Arvielo said. "We've always grown organically and have been very selective about this type of move in the past. But due to the cultural and business alignment of both brands, coupled with the geographic advantage, we determined this was an excellent opportunity."
"Becoming part of New American Funding accelerates the growth plans we put into place several years ago," White said. "The current market is one that some lenders view as challenging, but we view it as a magnificent opportunity that is increased by the industry-best platform brought by New American Funding."