International Standards Group Ltd. said its wholly owned subsidiary, Real Estate Services Network Holding Corp., has acquired Financial Group Inc., a Florida-based full-service mortgage company, for cash and a "net branch" agreement.
"Financial Group's business fits well with our subsidiary's commercial and residential real estate brokerage services," said Joseph Lents, president of International Standards.
Edward Hamlet, chairman of Financial Group, said, "It is anticipated that production will reach approximately $40 million per month within six months. In addition, we have arranged mortgage warehouse lines of approximately $100 million through a group of major U.S. lenders. This will allow the company to pool and securitize originations and have access to the conduit markets as well."