Tiptree Financial Inc. has recently completed its previously announced strategic transaction with Luxury Mortgage Corp. Under terms of the related transaction agreements Tiptree has acquired a majority interest in Luxury Mortgage and its previously funded senior secured term loan remains outstanding.
Luxury Mortgage expects to use the proceeds of the investment to expand operations through additional origination channels such as retail expansion and a new correspondent channel which will focus on acquiring prime credit jumbo loans. With Tiptree’s support, Luxury Mortgage will also pursue expansion opportunities through strategic alliances and strategic acquisitions in existing and new markets.
Michael Barnes, Executive Chairman of Tiptree, and Geoffrey Kauffman, CEO of Tiptree, joined Luxury Mortgage’s Board of Directors in connection with the transaction