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Värde Partners to purchase Deephaven Mortgage

Will provide $300 million to invest in non-agency loans

More than $300 million in private capital is about to be injected into the slumbering mortgage market.

Deephaven Mortgage and Värde Partners have announced that the two companies have entered into a purchase agreement, “under which certain affiliates of Värde will acquire Deephaven Mortgage,” the companies stated in a release.

Deephaven, which was founded in 2012, focuses on purchasing non-agency mortgage loans from mortgage origination companies. On the company’s website, it states the company is focused on “responsible non-prime.”

According to the release, Deephaven is currently working with more than 20 correspondent partners and actively buying non-QM loans.

Under the terms of the transaction, Värde will provide more than $300 million of capital to grow Deephaven and finance the acquisition of additional residential mortgage loans.

“This transaction will allow us to further our mission of providing private-capital liquidity for non-prime residential mortgage loans responsibly made to borrowers who are unable to obtain a traditional government-financed mortgage,” said Matt Nichols, CEO of Deephaven Mortgage.

Värde Partners, a $9 billion global alternative investment firm, was founded in 1993 and is focused on “credit- oriented, value-based approach to investing across a broad array of geographies, segments and asset types, including corporate credit, residential mortgages, real estate, specialty finance, transportation and infrastructure.”

Brian Schmidt, senior managing director at Värde, said that the acquisition is very exciting. “Deephaven’s expertise coupled with our capital commitment and investment experience in the residential space will make Deephaven Mortgage the premier provider of private-capital liquidity to lenders helping underserved homeowners in the U.S,” Schmidt said.

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