Statebridge Company, a mortgage servicer based in Denver, Colo., said it secured investment from FrontRange Capital Partners, the company announced in a press release.
“In a relatively short period of time, we have built one of the leading special servicers in the industry,” said Kevin Kanouff, President and CEO of Statebridge.
“With this investment from FrontRange, we plan to accelerate that growth by making strategic investments in our people and systems, as well as becoming a GSE servicer,” he added.
While the size of the investment was not disclosed, this comes in a period of evolution when specialty servicers are looking to raise cash to evolve, and others are getting bought out. For example, recently American Capital Mortgage Investment (MTGE) said it signed definitive documentation to acquire mortgage servicer Residential Credit Solutions.
Proceeds from the investment will be used in three various areas, including the repurchase all of Integrated Asset Services’ current ownership interest in Statebridge.
In addition, the investment will strengthen the company’s balance sheet in order to qualify for Fannie Mae and Freddie Mac servicing, along with upgrading its operating platform through investments in personal technology.
”We have known the Statebridge principals for many years and have been impressed by their proven ability to build an exceptional team and platform,” said David Robertson, CEO of FrontRange. “Management continues to own a significant stake in Statebridge, and we look forward to partnering with them to invest in the growth of the business.”
