Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, Inc., announced that it had completed its merger with Towle Financial Services, a full service mortgage banking firm based in Minneapolis and Detroit founded over 100 years ago. As part of the merger, Towle's executive team will receive equity stake in Bellwether Enterprise, and the 11 employees will remain with the company. Towle, which has been in business since 1909, will gradually take on the Bellwether Enterprise name.
"The partnership is an important component of Bellwether Enterprise's overall growth strategy to increase market share and expand brand awareness throughout the country," said Ned Huffman, president of Bellwether Enterprise. "Towle's solid reputation and long-standing relationships in the areas it serves made the merger a smart choice for Bellwether Enterprise. We respect its longevity in the region and plan to change the name in due time. Our companies share similar qualities; both are rooted in the Midwest and provide boutique style service. We have overlapping connections with lenders and similar procedures in our servicing departments, which will make the transition smooth and more beneficial for our customers."
As reported by GlobeSt.com, the merger adds about $400 million in annual loan volume and $1.4 billion in servicing, and brings Bellwether's total annual loan volume to an estimated $2.5 billion and $8 billion in servicing. Ned Huffman told GlobeSt.com that "the goal within two or three years is to get to $3.5 to $4.0 billion a year" in loan volume and establish a true national presence with personnel handling affordable and market-rate business in every region.
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