Less than two months after tapping private investors for more than $100 million, a rapidly growing lender in Indiana now plans to go public.
In May, Stonegate Mortgage Corp. disclosed that private investors had put up $115 million for 6.4 million of the company’s shares of common stock.
The Indianapolis-based company noted at the time that most of the proceeds would go towards the expansion of its servicing portfolio and mortgage production.
Data maintained by Mortgage Daily indicate that the servicing portfolio has grown from just $1 billion at the end of 2011 to $4.4 billion as of the first-quarter 2013.
Home loan originations, which totaled $3.4 billion during 2012, are on track to double for the second year in a row.
Now the firm, which previously operated as Swain Mortgage Co., plans to get its hands on more capital through an initial public offering, according to an announcement Tuesday.
Stonegate said that the offering is expected to commence, subject to market and other conditions, after the SEC completes a review process initiated on June 28 by a confidential submission of its draft registration statement.
However, Stonegate has yet to determine the price range and number of shares to be offered.
