Tammac Secures $60 Million In New Financing To Revitalize Traditional Manufactured Housing Lending Business
Capital used to develop a comprehensive product line to support manufactured housing dealers
WILKES BARRE, Pa., March 19, 2019 /PRNewswire/ -- Tammac Holdings Corporation, a financial services company that specializes in lending programs for the manufactured housing industry, today announced its completion of a $60 million in debt and equity financing from LL Funds.
The capital will be used to accelerate hiring, expand its loan product offerings and enhance its technology platform infrastructure to enable Tammac to streamline its loan application and origination process.
"The manufactured housing industry is undergoing a major comeback, as consumers are increasingly interested in the ever-improving, high-quality product and in the affordability of manufactured housing ownership. Tammac is now well positioned to re-establish its long-standing relationships with dealers, manufacturers, banks and home borrowers to meet this increased demand," said Jeff Poth, Tammac's President. "Our strong balance sheet, comprehensive financing options for consumers and deep-rooted experience in the sector will enable Tammac to continue to increase its standing as a valued partner."
"We are delighted to make the investment in Tammac and the manufactured housing industry," said Jim Morrissey, a partner at LL Funds and the Executive Chairman of Tammac's Board. "Tammac is well capitalized, recognized for delivering competitive lending products to a range of borrowers, has a first-class, experienced team and has built deep relationships with key stakeholders. We look forward to working closely with the Tammac team as they continue to create valuable financing solutions for manufactured housing dealers and, ultimately, home owners."
With new regulations on the rise, manufactured homes now account for 10% of U.S. housing according to MHI Census 2017, and they represent an even larger share of existing inventory in some states. Tammac has thirty plus years of operating experience in the manufactured housing ecosystem and has originated $1billion in manufactured housing loans. In a highly consolidated industry, Tammac provides dealers with alternative, high touch lending solutions.
About Tammac Holdings Corporation
Founded in 1976, Tammac Holdings Corporation has been a leader in offering new and competitive financing options to the manufactured housing industry. Supported by cutting-edge technology, Tammac remains true to its long-held philosophy of personalized service. Tammac currently operates in 13 states in the Northeast and Midwest and has originated over $1 billion in manufactured housing loans since 1997, it was the first company to offer an industry-friendly land/home construction program. For more information, please visit http://www.tammac.com/.
About LL Funds
Founded in 2009, LL Funds is an independent investment firm located in Philadelphia. The team of 15 professionals manage over $1 billion in assets for a diverse client base of institutional and individual investors. The firm is focused on equity and debt investing in privately held specialty finance companies.
SOURCE Tammac Holdings Corporation
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