Guaranteed rate appropriates Blackstone’s main lender
Mortgage giant Guaranteed rate said Wednesday it has reached a definitive deal to acquire Texas-based Stearns Holdings from funds managed by Blackstone.
The move, the guaranteed rate said in a statement, will allow the company to enter the wholesale channel, drive retail loan creation, and “further evolve its JV platform, while developing more. new multichannel capabilities ”.
Guaranteed Rate also announced its intention to integrate and rename the retail operations of Stearns under its name. The wholesale business and activities of Stearns Holdings will remain stand-alone operations, with David Schneider continuing to lead the combined company as CEO.
“We are delighted to bring Stearns Holdings into the guaranteed rate family,” said Victor Ciardelli, President and CEO of Guaranteed Rates. “Combining incredible talent from across the Stearns organization with that of our existing team exemplifies the best of the best in the mortgage industry, resulting in an even more powerful platform.”
Stearns operates in all 50 states through retail, joint venture, partnership and wholesale channels. She also maintains extensive partnerships with real estate agent, builder and relocation joint ventures, as well as private label relationships with well-known brands such as SoFi and Home Mortgage Alliance. Guaranteed Rate plans to combine Stearns’ exclusive partnerships with its existing joint ventures with Realogy and @properties to create one of the largest partnership platforms in the United States.
Guaranteed Rate also noted that Blackstone “would have an interest in the Guaranteed Rate and will continue to support the integration and growth of the Guaranteed Rate vision”.
“We fully support Victor Ciardelli and the entire Guaranteed Rate team,” said Nadim El Gabbani, Senior Managing Director of Blackstone. “This combination creates a strong player in the mortgage industry and one who, in our opinion, is uniquely positioned for long-term success.”
The transaction is expected to close in the first quarter of 2021 and is still subject to customary closing conditions, including regulatory approvals.
“We are delighted with this transaction,” said David Schneider, CEO of Guaranteed Rate. “The Secured Rate is a tremendous player in the mortgage industry, and this combination will allow our employees and partners to reach more clients, generate more business and guide more people through the ownership journey. .