HAVERFORD, Pa., June 1, 2022 /PRNewswire/ — Commonwealth Capital and its affiliates today announced the acquisition of substantially all of the assets of Frankel Financial Corporation and Excel Financial Corporation. All three companies provide mortgage financing to East Coast businesses and individuals. Commonwealth Capital, a direct on-balance sheet lender, will see its assets increase by more than 20% with the closing of the acquisition and significantly strengthen its commercial presence.
Frankel rich, owner and chairman of Frankel Financial and Excel Financial, will join Commonwealth as chief revenue officer and all staff will hold parallel roles within the combined company. The team will operate from Commonwealth’s current headquarters at 518 W Lancaster Ave, Haverford, Pennsylvania. Along with the acquisition, Alex Benoit was promoted to President and Chief Loan Officer and Kevin Kane was promoted to Chief Risk Officer.
Chandler HoopsChairman and CEO of Commonwealth Capital, said: “We have worked closely with Rich and his team for nearly a decade. It became clear that a combination would better enable both of us to accomplish our mission: giving our clients and referral sources the execution, creativity, and speed they need, and delivering best-in-class service along the way.Together, we’re extremely excited for the next big stage of growth. of this business. We are well prepared to be at the forefront as the private lending and mortgage industries continue to be disrupted every day.”
Frankel rich added: “We couldn’t be more excited to join the Commonwealth family. This is a tremendous growth opportunity for both groups and we look forward to implementing our shared vision.
Commonwealth Capital will continue to be your primary East Coast home lending partner.
Contact: Frankel rich, [email protected]610-871-7501
SOURCE Commonwealth Capital, LLC