The Blackstone Group acquired a majority stake in Stearns Holdings, parent company of Stearns Lending, a national mortgage lender with wholesale, retail, correspondent and strategic alliance business channels. Founder Glenn Stearns will retain a significant ownership stake in the company. The deal is expected to close by year end.
Stearns Holdings, LLC, parent company of Stearns Lending, LLC, a leading national mortgage lender with wholesale, retail, correspondent, and strategic alliance business channels, announced today that funds managed by the private equity group of Blackstone (NYSE: BX), a leading global asset manager, will acquire a majority stake in the company. This partnership with Blackstone will provide Stearns with the necessary resources to accelerate its growth and fuel its efforts to capture even greater market share. Founder Glenn Stearns will retain a significant ownership stake.
“I am extremely excited to partner with Blackstone,” explained Glenn Stearns, Chairman and Founder of Stearns. “Aligning with a strong financial partner will provide us with the resources to continue executing our strategic plan as we aim to increase profitable market share growth. I am very proud of what our employees have accomplished over the past 26 years and I look forward to the future with Blackstone as a partner.”
“We chose Stearns to be our partner because it is a leader in the mortgage market with a world-class management team and a strong platform,” said Chinh Chu, a Senior Managing Director at Blackstone. “We look forward to partnering with Founder Glenn Stearns, CEO Brian Hale and the entire team at Stearns to accelerate the next phase of the company’s growth.”
“My leadership team and I look forward to the future with support from Chinh and the other members of the Blackstone team as we continue to build the preeminent residential mortgage lender in the U.S.,” continued Brian Hale, Chief Executive Officer of Stearns.
Founded in 1989 by Glenn Stearns, Stearns is currently ranked the #1 Wholesale Lender nationwide* and the #1 Privately Owned Purchase Money Mortgage Lender in the US for Q1 2015**.
J.P. Morgan Securities LLC is serving as exclusive financial advisor to Stearns Holdings, LLC. BofA Merrill Lynch is serving as exclusive financial advisor to Blackstone.
The transaction is expected to close by year-end 2015.
About Stearns Lending, LLC
Stearns Lending, LLC is a leading provider of mortgage lending services in Wholesale, Retail, Correspondent and Strategic Alliances sectors throughout the United States where licenses are held. Currently ranked as #1 Wholesale Lender nationwide*, Stearns Lending continues to expand as a company overall, making the Inc. 5000 list of Fastest Growing Private Companies in America in 2013 and 2014**, based on revenue growth of 273% over a three-year period. In 2015, Inside Mortgage Finance also recognized Stearns as #9 in the Top 10 Direct Lenders in Q1*.
Stearns Lending is an equal housing lender and is licensed to conduct business in 49 states and the District of Columbia. Additionally, Stearns Lending is an approved HUD (United States Department of Housing and Urban Development) lender; a Single Family Issuer for Ginnie Mae (Government National Mortgage Association); an approved Seller/Servicer for Fannie Mae (Federal National Mortgage Association); and an approved Seller/Servicer for Freddie Mac (Federal Home Loan Mortgage Corporation). Stearns Lending is also approved as a VA (United States Department of Veterans Affairs) lender, a USDA (United States Department of Agriculture) lender, and is an approved lending institution with FHA (Federal Housing Administration). Stearns Lending, LLC is located at 4 Hutton Centre Drive, 10th Floor, Santa Ana, CA 92707. Company NMLS# 1854.
For more information, visit www.stearns.com.
Top Broker Channels. Rep. no. 3M2015. Inside Mortgage Finance, May. 2015. Web. 1 Jun. 2015.
Top Direct-Funded Originators. Rep. no. 3M2015. Inside Mortgage Finance, May. 2015. Web. 1 Jun. 2015.
Top Purchase-Mortgage Producers. Rep. no 3M2015. Inside Mortgage Finance, Jun. 2015. Web. 5 Jun. 2015
“The 2013 Inc. 5000.” The 2013 Inc. 5000. Inc.com, Aug. 2013. Web. 18 Mar. 2015.
“The 2014 Inc. 5000.” The 2014 Inc. 5000. Inc.com, Aug. 2014. Web. 18 Mar. 2015.
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