Omaha, Neb.-based private equity firm Panorama Point Partners has made a significant investment in Alterra Home Loans, an independent mortgage bank headquartered in Nevada, with offices in 12 states.
Alterra Home Loans, a 100% minority-owned (Hispanic) lender has been primarily servicing the Hispanic marketplace since 2010. Within the past three years, Alterra has more than tripled its retail loan production, generating nearly $1 billion in mortgage loan closings in 2015 alone, the company says in a release.
“The results we’ve been able to achieve over the last few years have exceeded most industry metrics and has positioned Alterra as one of the largest independent mortgage banks devoted to the Hispanic borrower,” says Jason Madiedo, CEO and co-founder of Alterra. “Hispanics are the fastest and largest growing household market in the U.S. Last year, 67 percent of our loan production were Hispanic borrowers, and additionally 56 percent of all loans were first-time home buyers.”
“The capital and liquidity required to sustainably grow in the housing market today, combined with the growth dynamics of our targeted borrower convinced us to seek out compatible capital providers,” Madiedo adds. “We believe we found the right partner in Panorama.”
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