NovaStar Acquires nBank's Warehouse Unit

Published May 24, 2006, 2:00 p.m. EDT

1 Min Read

NovaStar Capital Inc., Roswell, Ga., the warehouse lending unit of NovaStar Financial Inc., Kansas City, Mo., has purchased the warehouse customer relationships of nBank NA, Commerce, Ga.NovaStar Capital will acquire nBank's warehouse relationships with approximately 40 mortgage lenders, who funded a total of approximately $1.8 billion in loans in the past year. In addition, NovaStar Capital will hire some of the key members of the bank's warehouse lending team. Financial terms of the transaction were not disclosed. Milestone Advisors LLC advised nBank in this transaction.

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