An upstart mortgage lender has expanded in the South.
Bexil American Mortgage said Thursday it has completed its purchase of Castle Mortgage Corp. in Vestavia Hills, Ala.
Financial terms of the deal were not disclosed.
Bexil, a San Diego firm formed in October 2011 by veteran mortgage banker John Robbins, holds licenses in 17 states while Castle has licenses in nine states.
In a news release, Robbins said Castle brings "significant depth and flexibility" to his company.
"Their seller-servicers approvals with Fannie Mae, Freddie Mac, and Ginnie Mae will accelerate our entrance into the retail market and provide a competitive advantage for our mortgage broker customers," he said.
George Hawkins, Castle's president, added that both Bexil and Castle have "deep roots in the mortgage business" and "share a culture and tradition focused on providing the right loans for our customers."
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