Stonegate Mortgage Looking To Go Nationwide

Posted by Orb Staff on May 23, 2013 No Comments
Categories : Residential Mortgage

Stonegate Mortgage Corp., a specialty financial services firm focused on the U.S. residential mortgage market, has raised $115 million in a private offering of its common stock. FBR Capital Markets & Co. acted as the sole initial purchaser and placement agent.

In the transaction, Stonegate Mortgage sold a total of 6.4 million shares of its common stock for an offering price of $18 per share. Total net proceeds were approximately $106.8 million. The company used $10 million of the net proceeds at closing to pay off existing debt that was borrowed to build its mortgage servicing portfolio.

Stonegate says it plans to grow its originations and servicing portfolio by expanding to all 48 contiguous states by the end of the year.

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