Contifinancial Corp. announced a deal to buy all the equity of United Lending Group.
The acquisition, subject to certain conditions, is expected to close in the current quarter, Contifinancial said.
California-based United Lending is a privately held originator of fixed and adjustable-rate home-equity and home-improvement loans. It has about 250 employees and originates about $30 million a month of home equity loans in 26 states. Contifinancial said it expects to see United's origination volumes grow substantially over the coming months.
United Lending was founded in 1990 by Larry Swartz, who will continue to serve as president and chief executive officer.