American Financial Resources, Inc. today announces the definitive agreement to sell 100% of the Company to an investment group led by Proprietary Capital, LLC, subject to state and regulatory approvals. Founded in 1997, Proprietary Capital is a fund manager based in Denver Colorado. The firm provides an institutional platform for investors to gain exposure to the U.S. residential-mortgage market and housing-related assets.
Rich Dubnoff, Chief Executive Officer of AFR, said, “Today is a historic day for AFR. With the support and investment of Proprietary Capital, AFR will begin a new phase of rapid growth that will directly benefit our borrowers, wholesale and correspondent clients, and employees.”
Craig Cohen, Managing Member of Proprietary Capital, noted, “With the Acquisition of AFR, we will build on our already strong mortgage platform. With the addition of AFR’s robust operational platform, loyal customer base, long-term dedicated employees, and their breadth of products and services, we will catapult our growth for many years to come.”
Headquartered in Parsippany NJ, AFR was founded in 1997 by Corey Dubnoff, the current Chief Administrative Officer. AFR is a full-service mortgage banking company with Direct, Wholesale, and Correspondent lending divisions that offer products ranging from Agency, Non-Agency, and Government lending with a niche in construction and manufactured home mortgage programs.
STRATMOR Group served as the transaction advisor to AFR.
About Proprietary Capital
Proprietary Capital, LLC, (Proprietary Capital) is an alternative investment manager (headquartered in Denver with an office in Los Angeles) primarily focused on mortgage and housing-related assets. Since inception, Proprietary Capital has provided an institutional platform for investors looking to gain exposure and receive excess returns within various segments of the U.S. residential-mortgage market. With the success of its recent whole loan funds and ongoing addition of mortgage professionals, Proprietary Capital continues to expand its suite of mortgage related investments and opportunities.
About American Financial Resources, Inc.
American Financial Resources, Inc. (AFR) offers a comprehensive array of residential-mortgage products to meet a variety of financing needs. AFR is a leading manufactured home lender amongst wholesalers and is a leading FHA 203(k) lender for sponsored originations and an innovator in construction and renovation lending. AFR utilizes the latest technology and delivers educational resources to correspondent lenders, mortgage brokers, loan originators and consumers. American Financial Resources, Inc. is an Equal Housing Lender and Equal Opportunity Employer Lender. NMLS 2826 at www.nmlsconsumeraccess.org. For more information, visit www.afrcorp.com. Source: American Financial Resources, Inc.
