A Washington-based net branch operation has been acquired by a California commercial mortgage company.
A group who founded CMXL Corp. has announced the acquisition of All Fund Mortgage. Terms of the transaction, which was completed on March 1, weren't released.
"The move also accelerates CMXL's strategic plan to provide direct funding options to its commercial clients," the statement said
Tacoma-based All Fund, which also operates as All Fund Inc. and Amerifund Financial Inc., announced it will operate as a sister company to CMXL. The former MortgageDaily.com advertiser, which says it has been an Inc. 500 company for two years running, operates 230 retail branches in 46 states with over 2,500 originators.
During 2005 and 2006, All Fund reported over $1.4 billion in production and $69.7 million in revenue.
Secondary Marketing Specialists LLC helped put the deal together.
Chris Dunn will oversee the All Fund operation as president and chief executive officer, the company said.
"This acquisition creates enhanced revenue opportunities for both organizations and positions All Fund to rapidly grow its market share and revenue base," Dunn said in the press release.
"As we expand both our domestic and international commercial financing and development operations, having access to the All Fund platform opens up the market for a full spectrum of domestic and international residential loans," CMXL Chairman Suneet Singal said in the statement.