First Chesapeake Funding Corp., Plantation, Fla., has signed agreements to acquire three undisclosed mortgage companies.Terms were not released. The transactions will create an organization with monthly closed loan production in excess of $30 million and historic net profits of more than $2 million annually. First Chesapeake Funding will have 13 branches in seven states that offer conventional and alternative documentation loans on a wholesale and retail basis. First Chesapeake Funding's president, Les Salzman, said the company "will be in markets that we are comfortable with and can manage effectively while offering a blend of loans that provide a hedge against interest rate sensitivity."
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