Having mustered regulatory approval, mortgage servicer Statebridge has reportedly secured funding from FrontRange Capital Partners, which it will use to strengthen its balance sheet in a bid to become a Fannie Mae and Freddie Mac servicer.
According to a press release, Statebridge will use the funding to repurchase all of Integrated Asset Services' current ownership interest in Statebridge. Integrated Asset Services launched Statebridge in 2009.
In addition, Statebridge plans to upgrade its servicing platform as it prepares to service Fannie- and Freddie-backed loans.
The size of the investment – which was first announced in July – was not disclosed.
‘In a relatively short period of time, we have built one of the leading special servicers in the industry,’ Kevin Kanouff, president and CEO of Statebridge, says in a release. ‘With this investment from FrontRange, we plan to accelerate that growth by making strategic investments in our people and systems, as well as becoming a GSE servicer.’