For the second time in the past six months, a unit of Berkshire Hathaway is making an acquisition that includes a home-lending operation.
In September 2017,
Berkshire-affiliate HomeServices of America Inc. announced that it acquired The Long & Foster Companies Inc.
One of the divisions of Chantilly, Virginia-based
Long & Foster is Prosperity Home Mortgage LLC, a $3 billion a year originator.
On Monday, a news release indicated that Berkshire Hathaway-subsidiary Vanderbilt Mortgage and Finance Inc. has reached an agreement to acquire Silverton Mortgage Specialists Inc.
Vanderbilt finances manufactured housing units.
Based in Atlanta, Silverton was founded in 1998
by its president and chief executive officer Josh Moffitt — who will carry on in the role after the deal is done.
Silverton has grown from just two employees working from an Atlanta bedroom to an organization with more than 170 employees located in 12 states and the District of Columbia.
Silverton said it has been listed
among the Best Places to Work by the Atlanta Business Chronicle in 2016 and 2017. It also reportedly made the Top Workplaces by the Atlanta Journal Constitution in 2016.
Moffitt noted in the announcement that Silverton wasn’t actively looking to be acquired.
“It is anticipated that this strategic transaction will enable Silverton Mortgage to continue its rapid growth as a national home lender while retaining its name, leadership, employees and corporate identity following the transaction,” the statement said. “It is also anticipated that, as a result of this transaction, Silverton Mortgage will expand its footprint and increase its access to capital to develop an expanded line of products and services for its clients.”
The deal will enable Silverton to retain servicing after origination. Vanderbilt currently services more than 200,000 loans.
Terms and the closing date of the transaction, which is subject to state and federal licensing approval, weren’t provided.
