Cleveland-based Bellwether Enterprise Real Estate Capital, LLC on Sept. 16 announced the completion of its merger with Towle Financial Services, a full service mortgage banking firm located in Minneapolis and Detroit.
The merger adds about $400 million in annual loan volume and $1.4 billion in servicing, bringing Bellwether Enterprise’s total annual loan volume to an estimated $2.5 billion and $8 billion in servicing.
“The merger with Towle is the latest example of Bellwether Enterprise’s commitment to strategic expansion across the country. We are well on our way to becoming the best and the most respected mortgage banking company throughout the country,” said Ned Huffman, president of Bellwether Enterprise, in a written statement.
As part of the merger, Towle’s executive team receives equity stake in Bellwether Enterprise, and the 11 employees remain with the company. Towle, which has been in business since 1909, will gradually take on the Bellwether Enterprise name. All business practices will remain the same.