Prospect Mortgage Completes $150 Million Bond Offering
SHERMAN OAKS, Calif., Sept. 30, 2013 /PRNewswire/ -- Prospect Holding Company, LLC, the parent of Prospect Mortgage, LLC ("Prospect" or the "Company") has issued a $150 million bond offering of five-year senior notes.
"This bond offering will provide capital to fuel our continued Strategic Growth and allow us to invest in three critical areas of our business: increasing purchase-loan market share through our retail model, expanding our correspondent lending volume and significantly enhancing our loan servicing platform and capabilities," said Prospect CEO Ron Bergum. "Together, these investments will leverage our competitive advantages and position us well for the future."
Prospect's Retail Lending unit operates in 48 states with a purchase mortgage focus. Since its formation, Prospect has maintained a purchase loan mix that has been approximately twice the industry average. The Company currently services a loan portfolio with an unpaid balance of more than $13 billion. This servicing book has been accumulated over the last 36 months from its retail origination channel. Prospect's correspondent channel launched in March of 2013 focusing on FHA and renovation loans from mid-size lenders, community banks and credit unions.
"We have grown Prospect into a top-10 originator of home purchase loans and one of the country's leading FHA renovation lenders. This bond offering marks an important milestone in Prospect's evolution and an opportunity to move our company to the next level," said Bergum. "The success of the offering demonstrates confidence in our purchase loan-focused business model."
About Prospect Holding Company
Prospect Holding Company's subsidiary, Prospect Mortgage LLC, is a top ten national home purchase home loans, including FHA and VA, conventional, jumbo, renovation, and more. It is backed by Sterling Partners, a private equity firm with approximately $5 billion of assets under management and offices in Chicago, Baltimore, and Miami. For more information about Prospect Mortgage, visit www.MyProspectMortgage.com. Visit Prospect on Twitter at www.twitter.com/myprospectmtg and follow the company on Facebook at www.facebook.com/prospectmtg.
SOURCE Prospect Holding Company, LLC