A private investment firm has has taken an interest in a Silicon Valley wholesale mortgage lender, enabling a geographic expansion and entry into new lending channels.
Eli Global LLC
bills itself as a privately held investment company that has accumulated a portfolio of more than 50 independent businesses.
Among the industries targeted by the
Durham, North Carolina-based firm are billing services, collection services and software-as-a-service technology.
Eli Global targets businesses between $1 million and $100 million that have at least $300 in earnings before interest, tax, depreciation and amortization.
An announcement Monday indicated that Eli Global has made an investment in a wholesale lender.
The wholesaler: Western Bancorp.
The
San Jose-based lender was founded by Rick Soukoulis, who the statement said launched wholesaler LoanCity in 1999.
“He is a long time technology innovator in the mortgage space,” the statement said.
As a technology-enabled wholesale lender, it utilizes a proprietary digital loan management system to originate loans.
It is reportedly approved by Fannie Mae, Freddie Mac, the Federal Housing Administration and the Department of Veterans Affairs.
Western Bancorp said it will use the opportunity to expand its wholesale origination volume by developing technologies to support a frictionless experience for mortgage brokers and improving the workflow processes.
Western Bancorp also said it intends to quickly expand operations beyond Silicon Valley.
In addition, the company will enter into new wholesale channels such as non-delegated and mini-correspondent.
Management of Western Bancorp will continue to independently run the business as an operating unit of Eli Global.
