Investment Group to Acquire Reverse Mortgage Subservicer Celink

Peer Advisors LLC, an investment group focused on opportunities in the senior housing finance market, today announced that it has signed an agreement to acquire 100% of the stock of Celink, the largest sub-servicer of reverse mortgage loans in the nation.

Following the close of the transaction, Jim Mahoney of Peer Advisors will serve as Chairman of Celink, and Jason McNamara will serve as CEO of the company, which will remain based in Lansing, Michigan. Mahoney was the founding partner of Financial Freedom Senior Funding Corporation’s predecessor company in 1991, ultimately serving as Financial Freedom’s CEO from 2000-2006.

Celink Founder and CEO John LaRose has agreed to remain as a consultant to the company. Ryan LaRose will remain Celink’s President and COO, with Peer Advisor’s Al Benedetti serving as Executive Finance Director.

Advertisement

“We believe the Celink platform, coupled with the human and financial capital of Peer Advisors, will position the company to continue meeting the needs of its client base and new borrowers as it builds its product offerings,” said Mahoney. “We look forward to working with the Celink team to build on the excellent foundation laid by John and Ryan as we seek to play a pivotal role in the growing reverse mortgage industry.”

Celink exclusively serves the reverse mortgage market and is licensed or approved in all 50 states, Puerto Rico and the U.S. Virgin Islands.

The company looks to expand its client base as more reverse mortgage originators and Ginnie Mae HMBS issuers look to outsource loan servicing, given the cost benefits and domain expertise provided by Celink in a highly regulated industry.

“The Peer Advisors team brings a diverse set of skills, proven leadership, and an inspiring vision,” said LaRose. “They are a perfect fit to help take Celink to the next level while ensuring our borrowers, or clients, our industry and our employees can expect the highest level of service and integrity.”

Santa Monica, California-based Clearlake Capital Group is providing Peer Advisors financing for the transaction.

“The combination of the leading independent sub-service of reverse mortgages, Celink, and the experienced team at Peer Advisors is very exciting, and we are pleased to play a pivotal role in this industry shaping transaction,” said Steve Chang, a partner at Clearlake. “We believe Celink is poised for ongoing, strong growth as the reverse mortgage sector continues to evolve, and we believe that Peer is the perfect partner to help steward this exciting path.”

The purchase of Celink is subject to customary closing conditions, including regulatory approvals by GNMA, the U.S. Department of Housing and Urban Development, the Federal National Mortgage Association, and the states and territories in which Celink operates.

Written by Jason Oliva

string(108) "https://reversemortgagedaily.com/2013/08/28/investment-group-to-acquire-reverse-mortgage-subservicer-celink/"

Share your opinion