Deal will allow the company to expand capabilities and scale its non-QM products
Mortgage funding platform eRESI Mortgage has revealed that The Global Atlantic Financial Group, a life and annuity insurance company, will become its majority owner.
In a statement, eRESI said that subsidiaries of Global Atlantic have acquired a majority stake in the company. Founded in 2019, eRESI provides a wide range of non-agency residential whole loan products to its network of mortgage banking partners. The transaction will allow eRESI to expand its capabilities and scale its non-QM products.
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“We are excited to have Global Atlantic as a long-term partner, who shares the same vision and goals,” said Gregory Tsang, CEO of eRESI. “This strategic transaction will accelerate our growth and broaden our capabilities of providing capital to the residential mortgage market, which ultimately will benefit individual homeowners.
“Our unique platform of deep capital markets expertise, credit underwriting, and efficient technology combined with our new partnership will significantly help our clients’ bottom line.”
“We are pleased to join forces with eRESI,” said Anup Agarwal, chief investment officer of the Global Atlantic. “The non-agency loan business is an important part of Global Atlantic’s portfolio. We have been very impressed with the eRESI team and look forward to growing together.”
Tsang and eRESI Mortgage president Tim Wang will continue to lead the company, which will operate as eRESI Capital.