Alterra Home Loans LLC, an independent mortgage bank headquartered in Nevada with offices in 12 states, announced today that it has closed an expansion capital and an equity investment commitment from Panorama Point Partners, an Omaha, Nebraska based private equity partnership that focuses on providing financial capital and growth-oriented services to help promising companies achieve their future growth goals.
Alterra Home Loans LLC, is a 100% minority-owned (Hispanic) lender. Since 2010, Alterra’s retail outreach has been aimed primarily at the Hispanic marketplace and within the past three years, Alterra more than tripled its retail loan production, generating nearly $1 Billion in mortgage loan closings in 2015.
“The results we’ve been able to achieve over the last few years have exceeded most industry metrics and has positioned Alterra as one of the largest independent mortgage banks devoted to the Hispanic borrower. Hispanics are the fastest and largest growing household market in the U.S.,” said Jason Madiedo, CEO and Co-Founder of Alterra. “Last year, 67% of our loan production were Hispanic borrowers, and additionally 56% percent of all loans were first-time homebuyers.”
Unique within the private equity community, Panorama takes a decidedly long-term and flexible perspective in their partnership with companies to build excellent businesses. Stephen J. George, Managing Partner and Founder of Panorama, comments that “his firm was attracted to Mr. Madiedo and his management team, the Company’s unique Hispanic focus in serving first-time homebuyers, and Alterra’s distinctive brand and company culture that is rare to find among young, emerging growth companies in general, and within the mortgage banking industry of today.”
“We wanted to find a financial services company with talented leaders that were focused on the Hispanic market” George said. “On their own without the benefit of institutional capital, Alterra’s founders have built an exceptional and promising company on the foundation of a strong team-oriented culture, superb loan processing operations, and exceptional customer care. Panorama looks forward to many years of helping Alterra achieve their aggressive growth goals and positive social mission of helping Hispanics and others create wealth through home ownership.”
Madiedo added, “The capital and liquidity required to sustainably grow in the housing market today, combined with the growth dynamics of our targeted borrower convinced us to seek out compatible capital providers. We believe we found the right partner in Panorama.”
“We look forward to the new partnership with Panorama and the accelerated growth it will bring to our business” said Felix DeHerrera, Chairman and Co-Founder of Alterra and past President of The National Association of Hispanic Real Estate Professionals (NAHREP). In addition, John M. Robbins CMB will be joining Mr. DeHerrera as Co-Chairmen of the Company. Mr. Robbins, brings 43 years in the mortgage industry, was the founder of two major independent nationwide mortgage banking firms and the 2007 Chairman of the Mortgage Bankers Association.