Freedom Mortgage Corp. has closed on an initial public offering of 6.5 million shares of common stock from its strategic alliance partner, Cherry Hill Mortgage Investment Corp., at a public offering price of $20 per share.
Cherry Hill used a portion of the proceeds of the offering, together with additional proceeds from the sale of an additional 1 million shares of common stock at the public offering price in a concurrent private placement, to acquire interests in mortgage servicing rights from Freedom.
Cherry Hill Mortgage Investment Corp. is externally managed and advised by Cherry Hill Mortgage Management LLC, which is an affiliate of Freedom Mortgage Corp.
Other mortgage-related companies that have been working on IPOs recently include
