Scott Reid, the managing director of Alpine who is now a regional vice president for Inlanta, explained this transaction was not structured as an acquisition as no cash changed hands and certain liabilities were not assumed.
This partnership brings two offices in New Hampshire and two in Maine under the Inlanta banner, as well as 20 mortgage consultants and seven support staffers.
Reid said he met Nicholas DelTorto, recently promoted to Inlanta’s president at a Lenders One conference earlier this year (both companies are members of the co-operative). He had no plans for looking to join another organization, but reconsidered because becoming part of the larger company offered operational advantages which brings Alpine three to five years into the future in terms of its business plan.
Another consideration was today’s risk environment.
Besides Maine and New Hampshire, Alpine is licensed in Massachusetts. License applications are pending in Vermont, Connecticut and Rhode Island.