FrontRange Capital Partners has entered into an agreement to make a strategic investment in residential mortgage servicing firm Statebridge.
The size of the investment was not disclosed.
Statebridge will use the capital to repurchase 100% of Integrated Asset Services' current ownership interest in Statebridge. It will also use the funds to strengthen its balance sheet in order to qualify for Fannie Mae and Freddie Mac servicing, as well as to upgrade its operating platform through investments in personnel and technology, according to a company press release.
Statebridge hopes to continue its growth by diversifying its servicing offerings to include government-sponsored-enterprise (GSE)-backed loans.
"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."
