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Under the terms of the transaction, Finance of America Companies Inc. (NYSE:FOA) has sold the operational assets of its FACo division, which specializes in residential real estate investment loans, to Roc360. Excluded from the sale are previously originated loans and the residual in the ANTLR securitization shelf.
FACo traces its initial roots back over a decade to its predecessor companies B2R Finance, Dwell Finance and Jordan Capital Finance, early players in the national private lending space offering fix and flip and landlord DSCR loans to real estate investors. Since its inception, FACo has funded in excess of $6 billion to over 9,000 individual guarantors across over 25,000 closed loans through its borrower-direct and broker channels.
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The acquisition adds additional capacity to Roc360's existing origination footprint within its retail and wholesale channels and the data acquired will further contribute to Roc360's data science efforts. In 2022, the two companies collectively funded in excess of $4.6 billion in business purpose loans.
Arvind Raghunathan Ph.D., Founder and Chief Executive Officer of Roc360 family of companies said "Roc360 is committed to delivering innovative products and services that help rejuvenate and deliver new and like-new energy efficient homes to America's undersupplied housing stock. The acquisition further broadens our reach and ability to make a difference. We will continue to pursue growth opportunities, including acquisitions, that expand our ability to provide solutions to real estate investors."
Founded in 2014, Roc360 has funded in excess of $14 billion in loans through its lending subsidiaries since then. The FACo brand will join Roc360's growing portfolio of leading real estate brands which include Roc Capital, Haus Lending, Elmsure Insurance, Wimba Title, and Tamarisk Appraisals with a new logo under a new subsidiary using its trusted brand name - Finance of America Commercial.
Wells Fargo Securities LLC acted as financial advisor for this transaction for Roc360.
Filed Under: Business
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