LendingTree Acquires SurePoint Lending

Charlotte, N.C.-based Tree.com Inc., the parent company of LendingTree LLC, says its subsidiary LendingTree Loans has signed a definitive agreement to acquire the assets of Louisville, Ky.-based SurePoint Lending, doing business as First Residential Mortgage Network Inc. The acquisition is expected to close in the first quarter of 2011, with terms subject to various closing conditions.

Tree.com will pay SurePoint shareholders an aggregate purchase price of $6 million in cash and contingent consideration up to an aggregate additional $17 million pursuant to earn out provisions over the next three years.

A LendingTree network lender for 11 years, SurePoint has originated more than $10 billion in closed loans since inception and was named the number one refinance lender on the LendingTree network in 2009.

SOURCE: Tree.com

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