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Private Investors Fund Growing Firm

Stonegate Mortgage raises over $100 million

May 22, 2013

By Mortgage Daily staff

Private investors have ponied up more than $100 million to help a growing mortgage firm fund further growth in originations and servicing.

Based on the $1.9 billion in first-quarter originations previously reported by Stonegate Mortgage Corp., the company is on track to more than double its full-year 2012 production of $3.4 billion. It would be the second year in a row that originations more than doubled.

The Indianapolis-based company has also been growing its mortgage servicing portfolio -- which jumped to $6.1 billion as of March 31 from $4.4 billion at the end of last year and $1.0 billion at the end of 2011.

Staffing, meantime, shot up past 500 employees at the end of the first quarter from a few more than 300 employees as of Dec. 31, 2012.

Stonegate announced Wednesday that it has raised $115 million in a private offering of 6.4 million shares of its common stock.

Net proceeds were $107 million.

FBR Capital Markets & Co acted as the sole initial purchaser and placement agent in the transaction, according to the statement.

While $10 million of the proceeds went to pay off existing debt incurred in the acquisition of mortgage servicing rights, the rest will be utilized to continue expanding its servicing portfolio and increasing originations.

"We intend to grow our originations and servicing portfolio by expanding to all 48 contiguous states by year end," Stonegate Chief Executive Officer Jim Cutillo said in the news release. "We also recently launched a non-agency (jumbo) loan program and an integrated warehouse lending solution, which positions us to gain market share and compete with bank owned originators and servicers who have controlled the market since the crisis."

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