Transnational Financial Network, Inc. announced today that it has entered into an agreement to acquire AMC Mortgage, an Austin, Texas-based mortgage banking company. The Austin-based lender is not affiliated with subprime giant Ameriquest Mortgage. AMC currently generates in excess of $130 million in mortgage originations annually and will continue to be managed by its principal owner, Darryl Crawford, TFN said in a statement.
The acquisition marks the Calif. and Arizona-based company's second purchase of a lending operation in the state of Texas; TFN also recently acquired the morgage division of Texas Capital Bank. The acquisition of AMC is expected to close in February. Transnational Financial Network, Inc. specializes in funding and sale of high-end mortgage loans secured by one to four family residential properties. The company says that less that ten percent of its volume is in the subprime credit sector.