Citadel Servicing, a growing lender that specializes in non-Prime and non-Qualified Mortgage lending, known as non-QM, now has a new owner.
The company announced Monday that it has been acquired by funds controlled by HPS Investment Partners, an investment firm with $61 billion in assets under management.
Citadel specializes in alternative income products, such as bank statements, asset depletion and verification of employment, and has been expanding its non-QM offerings and programs in the last few years.
And now, the company is part of the HPS’ portfolio.
“In addition to the resources available to CSC through this purchase, HPS brings a wealth of experience in growing businesses, allowing CSC to cement its position as the leader in the Non-QM space,” the companies said in a release.
Financial terms of the deal were not disclosed.
“We are excited that HPS has purchased CSC,” CSC CEO Kyle Gunderlock said in a statement. “HPS has shown through past acquisitions the value they can bring. HPS’s financial and operational resources, as well as their confidence in what the CSC team has achieved, enhances our ability to continue to lead in the non-QM market.”