Harbourton Capital Group, Inc. Announces Agreement to Purchase Molton, Allen & Williams Mortgage Company, LLC
June 22 2006 - 4:20PM
Business Wire
Harbourton Capital Group, Inc. ("Harbourton" or the "Company")
(OTC:HBTC) today announced a definitive agreement to purchase all
of the outstanding membership interests of Molton Allen &
Williams Mortgage Company, LLC ("MAW"), headquartered in Fairfax
Virginia, with additional facilities in Birmingham, Alabama. After
it acquires all the membership interests in MAW, Harbourton intends
to merge MAW with and into a wholly owned subsidiary, Harbourton
Mortgage Investment Corporation, ("HMIC"). The transaction, which
is subject to Harbourton's completion of due diligence, receipt of
regulatory approvals and other customary conditions, is expected to
close in the third quarter. President and CEO of Harbourton, J.
Kenneth McLendon stated, "The ability of the combined companies to
offer a full range of mortgage programs covering the entire credit
spectrum, including conforming and non-conforming loan products
through branch origination and operations facilities in California,
Virginia and Alabama, will provide significant new opportunities
for growth. There are great synergies between the two entities with
little overlap in products, sales infrastructure and technology.
Currently, each company will continue operations as distinct
divisions, but the full array of products will be offered to
support the needs of each respective client base as soon as
possible after we close." HMIC, founded in 2001, is licensed in 43
states and services it clients through full service branches in
California and Virginia. HMIC, a national Alt-B, Alt-A and
Sub-prime wholesale mortgage lender originated $785 million in
loans during the past twelve months. HMIC is in the initial rollout
of "HELPS"(Harbourton's Electronic Loan Processing Solution), which
features its proprietary Automated Underwriting System (AUS) and
broker portal designed to bring efficiency and consistency to loan
underwriting and provide clients new levels of customer service and
convenience. Additional information on HMIC may be found on their
website http://www.hmic.com. MAW, a privately held mortgage banking
company, originated $671 million in production over the last twelve
months, focusing on agency paper to FHLMC, FNMA and FHA/VA. For
over 100 years, Maw's mission has been to provide various loan
products to its clients to enable them to provide the best home
financing for the consumer. More information on MAW is available on
our website http://www.mawmortgage.com/ Harbourton is a holding
company for two financial service businesses, mezzanine lending to
developers and homebuilders, conducted by the Harbourton Financial
Corporation, and mortgage banking through HMIC. HFC's primary
business is providing project financing to builders and developers
of residential, for sale projects. The loans include financing for
acquisition, development and construction of residential
single-family homes, townhouses, and condominiums. This press
release may contain various "forward-looking statements," within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, that represent the Company's expectations or beliefs
concerning future events. Such forward-looking statements are about
matters that are inherently subject to risks and uncertainties.
Factors that could cause actual results or performance to differ
from the expectations expressed or implied in such forward-looking
statements include the risk that the acquisition may not be
completed or, if completed, may not produce the results
anticipated.
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