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10/27/16
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Walker & Dunlop Inc is acquiring George Elkins Mortgage Banking Company (Elkins), a long-time, independent mortgage brokerage company based out of Los Angeles. Elkins has served as the direct loan origination arm for an array of life insurance companies, banks, trusts, pension funds, thrifts and other private capital sources since 1922.
Elkins has five offices throughout the state and has averaged $800 mil a year in brokerage transactions for all types of commercial real estate. The acquisition will add 14 commercial real estate originators to Walker & Dunlop’s Capital Markets group. As part of the transaction, approximately $1.7 bil in life insurance company servicing is expected to be added to Walker & Dunlop's $57.3 bil servicing portfolio.
The terms of this cash transaction were not disclosed. Completion of the acquisition is subject to certain conditions, consents and approvals, and expected to close before the end of the year.
“Elkins was started even before my grandfather started Walker & Dunlop and, as one of the oldest, most established mortgage banking companies in the United States with a long-standing culture of success, they are a perfect add,” stated Willy Walker, Walker & Dunlop Chairman and Chief Executive Officer. "As we have scaled Walker & Dunlop across the country, we have looked to acquire great companies with similar business cultures to ours. George Elkins Mortgage will integrate nicely into Walker & Dunlop’s loan origination footprint and culture, and bring with it a wonderful group of mortgage banking professionals and clients that will add value to Walker & Dunlop."
Cliff Carnes, Walker & Dunlop senior vice president & capital markets west chief production officer added, “I am very excited to welcome these talented originators onto the Walker & Dunlop platform and look forward to expanding our presence in California, a state with a great amount of untapped business for Walker & Dunlop. Elkins also brings with it a robust correspondent network that adds significant potential deal flow and new relationships to Walker & Dunlop.”
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