We are confident that both of our organizations will benefit from this compelling transaction. The Capital Corps’ Vice Chairman, Jeff Seabold, alongside Commerce’s Chief Executive Officer, Mario De Tomasi, and Founder, Scott Simonich, stated “I have been impressed by LoanStar’s people, its tremendous growth, and the leadership of Mike Baldwin and Rick Linn. By joining forces with The Capital Corps and Commerce, LoanStar now has the tools it needs – a strong balance sheet, proprietary products, and scale – to win in the marketplace each day.” Personally, I am looking forward to working with Steve, Jeff, Scott and Mario to continue to grow our team and our business. Together, we offer the West Coast’s most compelling platform for top performing retail originators. Michael Baldwin, Chief Executive Officer and Founder of LoanStar, stated “I am excited to see LoanStar join forces with Commerce. The Capital Corps’ non-traditional prime borrowers come from the estimated $100 billion of homeowners seeking mortgages with loan-to-value ratios of less than 65% who are turned down each year due to overly burdensome or technical documentation requirements that do not reflect the loan’s true credit-worthiness. The Capital Corps will launch its flagship proprietary lending program utilizing its alternative-ATR underwriting methodology during the second half of 2018.
Today’s announcements mark significant progress towards our goal of expanding access to capital in these important regions.” As Commerce rolls out its proprietary, non-traditional prime mortgage products later this year, our retail loan officers will have a compelling opportunity to meaningfully grow their originations.” Sugarman continued, “Commerce’s expansion throughout the Northwest and Texas has been a top priority. Our combined organization will have a strong balance sheet, meaningful scale, and the benefits associated with our certification as a CDFI by the United States Department of Treasury. Steven Sugarman, Executive Chairman of The Capital Corps and Commerce, stated, “I am thrilled to partner with LoanStar and its talented professionals for this strategic transaction. LoanStar’s loan production offices in Oregon, Washington, California, Colorado, Arizona, Texas, Utah, and Hawaii will continue to operate under the LoanStar name as a division of Commerce.
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