Bellwether Enterprise to Merge with Towle Financial Services
- Aug 04, 2014
By Adrian Maties, Associate Editor
Bellwether Enterprise Real Estate Capital L.L.C. late last week announced its intention to merge with Towle Financial Services, a full-service mortgage banking firm with offices in Minneapolis and Detroit.
The merger takes Cleveland-based commercial and multi-family mortgage banking firm Bellwether into the Upper Midwest, thereby feeding into its growth strategy. The deal is expected to close at the start of September and will add about $400 million in annual loan volume and $1.4 billion in servicing to its business base. It will also bring the company’s total annual loan volume to an estimated $2.5 billion, with $8 billion in servicing.
Towle Financial Services has been in business since 1909. As part of the merger, it will receive an equity stake in Bellwether Enterprise. Eleven of its employees will remain with the company. The integration will take place over several months and will end with Towle assuming the Bellwether Enterprise name.
Look for an upcoming Q&A with Bellwether president Ned Huffman on CPExecutive.com.