Lahaina Acquisitions is on a mortgage brokerage-house buying spree, and will soon be originating in-house loans via credit facilities, to either sell in bulk or securitize, the company said.
The company is in the process of acquiring United Capital Mortgage Co., a traditional mortgage lender with annual originations at approximately $300 million.
In conjunction with Accent Group - Lahaina's spearhead mortgage operation, which it acquired in 1999 - Lahaina plans originate as much as $1 billion each year. The company also recently acquired Cross Keys Capital, and is in the process of acquiring both Florida For Sale by Owner.com and America Alpine Mortgage.
At this juncture, Lahaina/Accent originates both traditional and manufactured housing loans.
A Dynex Deal?
Separately, California Investment Fund expects to close its acquisition of Dynex Capital in the next few weeks. Dynex is in the process of paying down bank credit facilities, and will consider securitizing a portfolio associated with multi-family housing projects nearing completion.
Dynex securitized a $341 portfolio of manufactured housing loans back in August 1999. The company has since then sold its manufactured housing platform to Bingham Financial Services.