JAM Invests $3.5 Million in Security One Lending
November 11th, 2009 | by admin Published in News, Reverse Mortgage, Security One | 12 Comments
JAM Equity Partners (JAM) announced it has committed a $3.5 million investment in Security One Lending (S1L), a reverse mortgage lender based in San Diego, CA.
The investment comes from the JAM Special Opportunities Fund II, LP and will be used to increase the company’s warehouse capacity and to further accelerate its growth in the reverse mortgage sector, including funding the company’s infrastructure, sales and marketing, and general working capital needs.
“We are impressed by the company’s management team and capital markets expertise,” said Mike Sekits, partner at JAM. “Additionally, its recently completed merger with OMNI Reverse makes it one of the largest reverse mortgage platforms nationally.”
S1L acquired OMNI reverse earlier this year as well as consumer direct marketing firm Comfortable Retirement. Combined, the company became the 8th largest reverse mortgage lender in the country according to data from RM Insight.
“We are excited to partner with a capital source such as JAM which has substantial experience in the reverse mortgage sector,” said Torrey Larsen, President of S1L. “JAM’s investment in the company and its industry resources will enable S1L to become a dominant participant in the reverse mortgage sector.”
The investment in S1L marks JAM’s second reverse mortgage investment of the year. Earlier it invested $4 million in American Advisors Group.
- Related Posts
- Security One Lending Increases Reverse Mortgage Warehousing Capacity
- Security One Lending Acquires OMNI Reverse
- Reverse Mortgage Lender Raises $4 Million, Gears Up For Expansion
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November 11th, 2009 at 3:38 pm (#)
Admin correctly predicted this outcome to me in confidence near the beginning of the year. It was hard not to happily confirm his expectation.
Torrey and Tyler Larsen have been working very diligently to get this done. We are grateful that JAM Equity Partners has expressed their confidence in our firm and our industry in this way. This solidifies our current position in the industry and gives the flexibility we need for further expansion in the future. We look forward to working with JAM Equity Partners as we move forward.
November 11th, 2009 at 4:45 pm (#)
For the industry's sake I hope any new direct mail pieces these guys come up with are more truthful than they have been in the past.
November 11th, 2009 at 4:57 pm (#)
I always laugh at you guys crybabying about direct mail pieces. Seniors aren't babies. There is counseling in place specifically so that they are aware of the costs involved and what they're getting into.
I haven't seen these guys' direct mail pieces, but seriously, who cares? It's just an excuse you use for why you don't do very many loans.
November 11th, 2009 at 7:38 pm (#)
Anyone who does not take unethical/misleading/false advertising seriously has no place in this industry. In case no one has noticed, these types of practices are giving the entire industry a “black eye”.
If seniors are being mislead in any way from an unethical advertising campaign (via direct mail or not), please report it to NRMLA and/or any regulatory authority who has jurisdiction over the offending party.
November 11th, 2009 at 8:29 pm (#)
This is a pretty serious accusation. If you are going to accuse a corporation of untruthful advertising, you really should back it up with some evidence such as a photo.
This is harmful to a company's reputation and should be taken seriously.
November 11th, 2009 at 11:40 pm (#)
Mr. Mc Nichol,
As an officer of Security One Lending, Inc. I echo the statements of Mr. De Markey and ask you to provide a copy of the ad to NRMLA. I have also asked our marketing deparment to internally investigate this matter by starting with a call to you at 888-714-1543, a number you left in a comment to a RMD article dated 7/27/2009. Could you please provide our investigators with a copy of the ad? We take charges of this nature seriously.
Our direct mail marketing is done mainly by individual loan officers. All such marketing is to be approved by our marketing group in advance. If someone is violating policy we want to stop that practice immediately.
November 11th, 2009 at 11:46 pm (#)
Please see my comment below immediately following Mr. De Markey's. Thank you.
November 12th, 2009 at 6:09 am (#)
This took place several years ago. I did report it and also contacted the lender. The piece was a bit misleading and was one that was sent without approval,by a single LO.
Years ago it wasn't unusual to see some misleading mailers most likely a result of a less than complete understanding of the RM and not an intentional attempt to take advantage of anyone.
Marketing today is no comparison to what it was years ago due to exactly what you point out in terms of centralized compliance and approval processes and and complete understanding on the part of LO's.
I offer my sincere apology to all at Security One. I offer my apology to all industry participants. My comment was not well thought out and without question inappropriate.
November 12th, 2009 at 10:37 am (#)
Mr. McNichol,
We appreciate your frankness and thank you for your thoroughness. It is our intent to diligently monitor our situation. We are not perfect and appreciate your watchfulness. If and when problems arise, we want to correct them immediately. We promote this product because of its unique ability to help seniors and want to avoid causing harm to our industry at all costs.
November 12th, 2009 at 5:37 pm (#)
Mr. McNichol,rnrnWe appreciate your frankness and thank you for your thoroughness. It is our intent to diligently monitor our situation. We are not perfect and appreciate your watchfulness. If and when problems arise, we want to correct them immediately. We promote this product because of its unique ability to help seniors and want to avoid causing harm to our industry at all costs.rn
November 12th, 2009 at 1:57 pm (#)
Kudos to the management team at Security One Lending that has led them to this point.
And I appreciate the fact that we can, in our industry, act with decorum when we have a dispute. My thanks to you all for resolving this issue in an open and responsive way without bludgeoning one other with words.
November 12th, 2009 at 8:57 pm (#)
Kudos to the management team at Security One Lending that has led them to this point. rnrnAnd I appreciate the fact that we can, in our industry, act with decorum when we have a dispute. My thanks to you all for resolving this issue in an open and responsive way without bludgeoning one other with words.