Bexil American Mortgage Inc., the latest mortgage origination venture created by past Mortgage Bankers Association chairman John Robbins, has agreed to purchase a 90% interest in an unnamed small mortgage bank, with an option to purchase the remainder at a later date.
In connection with the acquisition, both Bexil Corp., which owns most of Bexil American, and Boulderado Group are expected to provide additional capital to Bexil American Mortgage. Boulderado Group is a Boston-based investment partnership founded by Alex Rozek.
The press release issued by Bexil Corp. said it is anticipated that the acquisition could provide Bexil American Mortgage with a potential broader product offering as well as certain operational efficiencies.
Terms of the deal were not disclosed. A spokeswoman for Bexil American added that Robbins said the company will not comment further on this transaction until it closes.
Bexil American’s wholesale origination arm does business as American Mortgage Network. The company is based in San Diego.