Quality Home Buys Bankers Express

Quality Home Loans, a hard-money residential mortgage lender based in Agoura Hills, Calif., has announced the acquisition of Bankers Express Mortgage Inc., a mortgage banker specializing in subprime products based in Calabasas, Calif.The terms of the deal were not disclosed. Quality said the acquisition adds 50 employees to its work force of 130 and consolidates the operations of Bankers Express in Quality's Agoura Hills headquarters. Bankers Express president Brian O'Shaughnessy will be president of the combined entity, which will operate under the Quality name. "This transaction will allow us to offer a broader array of residential hard-money loans and builds on our strength in California with a strong presence in Florida," said John Gaiser, Quality's chief executive officer. Both companies specialize in loans to borrowers with marginal credit but who have significant equity in their homes. Quality also announced that it has obtained a credit facility of $40 million from Pacificor LLC, a Santa Barbara, Calif.-based hedge fund. The lender can be found online at http://www.qualityhomeloans.com.