By Bill Conroy
The lender this year plans to add hundreds of new employees, nearly double its loan production, and tap into the private-label securities market.
Newport Beach, California-based Excelerate Capital, a long-time non-QM lender with a growing market presence, finalized its acquisition of Castle Mortgage Corp. in early 2021 as part of a larger plan to expand its origination reach beyond California — with the goal of creating a national lending footprint.
That plan is now in full motion and, if successful, will double the lender’s origination volume this year, compared to 2021 — most of it in the non-QM space. It also will result in Excelerate nearly doubling its workforce and lead to its debut in the private-label securities market, according to Excelerate President and CEO Thomas Yoon.
“In the past, we did 97% of our production in California,” Yoon said. “With the Castle acquisition and tech integration now completed, our intent is to lend nation nationwide in the non-QM market.
“And one of our strategic plans for our growth is we’re really bolstering up our retail division in 2022.”
Yoon said Excelerate is now in the process of building up a “huge team of distributor retail groups” on top of the Castle brick-and-mortar retail network, adding that Castle, at the time of its acquisition, “was more of a shell” with only a handful of employees.