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Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.
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| Specialty Servicer Being Acquired
Seneca Mortgage Investments announces agreement
Sept. 12, 2013
By Mortgage Daily staff
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A specialty mortgage servicer that handles residential loans and small commercial real estate loans is in the process of being acquired.
Word of the deal came Thursday from Seneca Mortgage Investments LP, a real estate investment company based in New York.
Seneca is a new entity formed as a joint venture between Arbor Commercial Mortgage LLC, EJF Capital LLC and affiliates of GSO Capital Partners LP.
According to the announcement, the target company is AMS Servicing LLC, "a national specialty servicer for residential and small balance commercial mortgages."
The seller is Arbor.
The transaction, which is subject to regulatory approval, is expected to closed during the next several months.
Seneca Mortgage Management LLC will externally manage the acquired entities and its subsidiaries.
"Seneca Mortgage Investments will invest in residential mortgage servicing rights, targeting opportunities arising from the comprehensive changes across the residential mortgage business," today's statement said. "As a well-capitalized, non-bank, non-originator with an experienced servicing platform, Seneca Mortgage Investments aims to better serve the residential mortgage marketplace with customized mortgage servicing solutions." |
AMS Servicing news | Seneca Mortgage news | Arbor Commercial Mortgage news
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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.
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