FirstPlus Financial Group Inc., Irving, Texas, has announced the purchase of substantially all the assets of Rutgers Investment Group LLC, Wayne, Pa., which is applying in 14 states for licensure as a mortgage banker.The purchase price consisted of a cash payment of $1.825 million and 500,000 shares of FirstPlus' common stock, plus the assumption of certain liabilities. FirstPlus said Rutgers expects to provide first and second mortgage loans, construction and hard-money loans, international letters of credit, and equity and credit lines. Pending completion of licensure, Rutgers will act as a broker for licensed lenders, FirstPlus said. Rutgers can be found online at http://www.rutgersinvestmentgroup.com.
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