PSM Holdings offers mortgage banking and brokerage services through its wholly-owned subsidiaries, PSMI and UCMC, throughout the United States. Today, PSM took a major step towards prominence with the announcement they have entered into a Letter of Intent (LOI) to purchase LoanLenders of America, Inc.
LoanLenders of America is a national mortgage banking firm headquartered in Santa Ana, California. The company is designated a “Full-Eagle” mortgage banking company that is currently licensed in 17 states across the United States with pending licenses in 10 additional states.
While the closing of this transaction is subject to further negotiations, the LOI states that LoanLenders will be acquired by USMC, which is a wholly-owned subsidiary of PrimeCourse Mortgage, Inc. (PSMI) and its parent company PSM. At the closing of the transactions, Martin and Steven Foigelman will receive 1,714,286 common shares of PSM.
Leading the way at PSM is Ron Hanna whom serves as President and CEO of the young company. Hanna stated, “We are so fortunate to have indentified another great company like LoanLeaders. Martin and Steven founded their company in 1998. Over the years, they have built a truly remarkable company that has continued to grow each year. The acquisition of LoanLeaders will add dramatically to our national retail footprint and bring substantial value to our shareholders.”
Currently, PSM is trading in the $0.85 range. To learn more about this press release or the company as a whole, visit the company website at: www.psmholdings.com
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