Reverse mortgage subservicer Celink has been acquired by investment group Peer Advisors, with growth plans ahead for the company.
The Peer Advisors team, led by Jim Mahoney, Jason McNamara and Al Benedetti, completed the acquisition through private equity investment from Santa Monica, Calif.-based Clearlake Capital Group. Peer Advisors says it plans to grow the organization.
Celink’s current president and Chief Operating Officer Ryan LaRose will remain in place. Company founder and former CEO John LaRose will serve as a consultant to the company.
Celink provides opportunity in the context of industry growth, Peer Advisors said of the acquisition.
“Celink’s state of the art platform, coupled with the domain expertise that Ryan and his team possess, is a valuable asset to Celink and a strategic component to our entire industry as we look to maximize service to our clients and improve the borrower’s product experience, safety and satisfaction,” McNamara said. “There is tremendous opportunity in the reverse mortgage industry as more and more seniors rely on their home equity to finance their retirement needs.”
Peer Advisors, a group focused on senior housing finance including reverse mortgages, brings may years of experience in reverse mortgages. Mahoney has been involved in development, design, marketing, origination and servicing of reverse mortgages since 1990; McNamara brings 20 years of startup experience; and Benedetti has been in the reverse mortgage industry since 1989 including worth with Mahoney at Financial Freedom.
Terms of the deal to acquire the largest subservicer of reverse mortgages were not disclosed.
Written by Elizabeth Ecker