Legacy Bank and Trust Co. and its holding company, OHFG Inc., have acquired Crain Mortgage Group LLC, a Dallas-based provider of secondary market FHA/HUD multifamily loans. Crain Mortgage Group LLC will be rebranded to Legacy Capital.
This purchase has allowed Legacy to continue to further its platform to provide long-term affordable housing and market rate multifamily debt solutions. Legacy has established itself as an affordable housing bridge/construction lender in a multi-state region. OHFG Inc./Legacy is creating a one-stop shop for affordable housing financing for clients through this acquisition.
Crain Mortgage Group is a MAP-approved HUD issuer and servicer that has been in business since 2007. Since inception, Crain has originated over $710 MM in HUD loans and currently services over $240 MM in mortgages.
Legacy Capital will continue to operate a Dallas location, as well as an office in Westport, Conn.; it will establish a presence in Springfield, Mo., where the management and ownership of Legacy/OHFG Inc. currently resides.
Brett Magers, president of Legacy/OHFG, will lead the newly formed Legacy Capital as CEO along with Kylee Brown, who will act as president and COO. In addition to Magers and Brown, the company has hired Steve Hunt as head of production. Hunt has over 20 years of HUD financing experience and will utilize his expertise to grow the existing infrastructure into a streamline and efficient operation.
