Great Oak Lending Partners, a forward and reverse mortgage lender based in Timonium, Md., has acquired 1st Maryland Mortgage Corp., Damascus, Md. Terms of the deal were not disclosed.
According to Reverse Mortgage Insight, Great Oak was ranked No. 1 in Maryland for reverse mortgage production and volume for the fiscal 2nd quarter of 2010. 1st Maryland did not originate reverse mortgages prior to the transaction.
Great Oaks adds seven employees to its current staff of 58 as a result of the deal. The combined company plans to hire an additional 20 to 30 people by the end of the year.
The combined company will be called 1st Maryland Mortgage but will operate under the name Great Oak Lending Partners. It will have production capabilities of $25 million per month. Great Oak managing partner Joshua Shein will be president and chief executive of the combination.
“This merger will allow us to meet all of our customers’ needs in-house, from underwriting to closing to funding loans,” Shein said. “These additional services and our predicted growth over the coming months reinforce our position as a major player in the mortgage industry.”
Great Oak Lending has three offices in Maryland and operates in seven other states; it is currently licensed in the District of Columbia, Delaware, Pennsylvania, North Carolina, Connecticut, Texas, Oregon and Virginia. The company plans to be operating in another seven states by the end of the year.
