Cross Country Mortgage secures $ 1 billion for non-QM extension
The expansion adds products, including residential transitional loans, construction and building financing, loans with multiple families, credit lines for equity (helocs) and second-lien strategies.
The investments will go through Cross Country Capital (CCC), a subsidiary launched in 2022 who currently manages $ 7 billion in loans. CCC’s non -agentitization program has attracted more than 50 institutional investors.
Ron Leonhardt, who founded the Ohio -based CCM in 2003, said that the Asset Management Arm supports the company’s origin company by allowing it “to benefit from the current market environment.”
Cross Country MortGage says it operates 960 store locations. National Multistate Licensing System (NMLS) Data show 727 active branches and 4,347 sponsored loan officials. The company claims that it has more than 8,000 employees and offers more than 120 mortgage, refinancing and own stock products.
“The continuous expansion of CCC enables us to further diversify our business model outside the origin and maintenance activities on a capital light, and is proof of our proven track record of original high-quality non-agency mortgage investments,” said Madhur Agarwal, Chief Financial Officer of CCM, in a statement.
Hildene, a credit -oriented alternative asset manager of $ 16.8 billion, has been an active partner. It closed a securitization of $ 496.3 million with 968 non-QM loans in August and a deal of $ 416.4 million supported in June by 881 home mortgages. Both Polish were fully created by Hildene’s relationship with CCM.
