Finance of America Holdings has expanded its reach into real-estate lending.
The company announced the formation of Finance of America Commercial on Monday, after it invested in the former B2R Finance, a Charlotte, N.C.-based lender that specialized in loans for buy-to-rent investors. At the same time, the former B2R also acquired certain assets from private lender Jordan Capital Finance, according to a release.
The newly formed Finance of America Commercial will continue to serve real estate investors and operate alongside the holding company’s other lending arms, including Finance of America Reverse of Tulsa, Okla. and Finance of America Mortgage of Horsham, Pa.
Sara Sefcovic, a spokesperson for Finance of America Holdings, said the company plans to foster overlap among its divisions.
“We’re always looking at opportunities to work together across the Finance of America family of companies,” Sefcovic said. “We’ll be offering education and training on the commercial product to our sales teams at both Finance of America Reverse and Finance of America Mortgage.”
Finance of America will continue to operate the commercial division from B2R and Jordan Capital Finance’s existing sites in Charlotte and Chicago, respectively, and will retain several executives from both former entities to oversee its operations, the company said.
None of the parties disclosed the details of the transactions, which closed in mid-February, according to the release.
Written by Alex Spanko