MFH NEWS AND VIEWS: Cascade Financial Services And Centerbridge Affiliate Team Up, Buyers Win!
Cascade Financial Services to be required by an affiliate of Centerbridge Partners, L.P. … with Champion Homebuilders providing additional investment.
According to PRNewswire, Southwest Stage Funding – DBA Cascade Financial Services – announced on 5/3/16 that it has entered into an agreement with an affiliate of Centerbridge Partners, L.P.; a private firm whereby funds advised by Centerbridge will acquire Cascade. (A leading lender to buyers of manufactured homes.)
Once the I’s are dotted and the T’s are crossed, Cascade Financial Services expects to expand lending in the manufactured housing sector and introduce a new suite of non-government insured portfolio loan products for buyers of manufactured homes, placed in communities and on private land. Additional specifics on Cascade’s pending new loan products will be made available upon the closing of their transaction, which is expected to occur in the 3rd quarter of 2016. Subject to receipt of requisite regulatory approvals and satisfaction of other customary closing conditions.
George Dover, the CEO of Cascade, commented:
Cody Pearce, President of Cascade, commented:
Todd Kopstein, Senior Managing Director of Centerbridge, explained…
In connection with the closing of the transaction, Champion Home Builders,Inc., one of the largest manufactured home builders in North America, has agreed to make an investment in the Company alongside Centerbridge. In addition, Keith Anderson, CEO of Champion, will join the board of managers of Cascade following the closing of the transaction. Following the closing of the transaction, Cascade and Champion expect to collaborate on a non-exclusive basis to increase the number of financing options available for purchasing a new manufactured home.
About Cascade
Cascade is a leader in financing for manufactured and modular homes with high customer satisfaction ratings, and an A+ rating with the Better Business Bureau. Cascade is proud to offer a number of modular and manufactured homes financing options including FHA, VA, USDA and conventional home loans, Cascade was named Regional Lender of the Year in 2015 and 2016 by the Manufactured Housing Institute.
About Champion
Troy, Michigan-based Champion is a leading brand of manufactured homes and off-site commercial construction, which, through its operating subsidiaries, manufactures buildings at 30 facilities in North America and the United Kingdom. Champion built homes are sold through a network of approximately 1000 builders, retailers, and developers located throughout North America and the United Kingdom. Champion Commercial Structures, a division of Champion, specializes in multifamily commercial and industrial modular construction serving developers, builders, and large value institutional clients.
