– The Capital Corps closes strategic investment into Commerce Home Mortgage to further joint mission of expanding access to capital for diverse homeowners.
– The Capital Corps’ Founder Steven Sugarman and co-Founder Jeffrey Seabold join Board of Commerce Home Mortgage. Commerce Home Mortgage CEO Mario De Tomasi joins executive team of The Capital Corps.
NOVEMBER 7, 2017 (IRVINE, CA) Commerce Home Mortgage (“CHM”) announced today that it has closed a strategic investment from The Capital Corps, LLC (“The Capital Corps”) a California based financial institution led by former Banc of California Founder Steven Sugarman and National Diversity Coalition Chief Executive Officer Faith Bautista. As part of the transaction, the Capital Corps’ Founder Steven Sugarman and co-founder Jeffrey Seabold have joined the Board of CHM. Mario De Tomasi, Chief Executive Officer of CHM, stated “CHM has made significant investments in its infrastructure to enable it to scale its retail business over the next several years. Today is the perfect time to partner with Steve, Jeff, and their colleagues. This deal will enable CHM to grow its business more quickly and prudently and to better serve its borrowers. We are also thrilled to work with Faith Bautista and the National Diversity Coalition to ensure we finance the dreams of all of America’s diverse populations.” CHM, which was founded in 1993 and is headquartered in California, is licensed to lend in 26 states through its 25 retail offices and its wholesale channel. CHM CEO Mario De Tomasi will continue in his current role as well as assume an executive role at Capital Corps as part of the transaction. Mr. De Tomasi and CHM Founder Scott Simonich have also become strategic investors in The Capital Corps. “We are thrilled to work with the team at Commerce Home Mortgage. Their values, commitment and platform are enabling the CHM to be a compelling lender that works for its employees, borrowers and partners,” said Sugarman, “I look forward to helping expand the platform to include proprietary products and to help CHM better serve the needs of their borrowers.” Jeffrey Seabold continued “I have been impressed with Commerce Home Mortgage for quite some time and am excited to join their Board. I look forward to helping CHM ensure it is recognized as the home for the best brokers, originators, and partners in the industry.” The Capital Corps’ will offer proprietary lending products through Commerce Home Mortgage that focus on expanding homeownership for non-traditional prime borrowers currently unserved by banks and traditional lenders. These programs are expected to launch during the first quarter