IMN Financial Corp., a Melville, N.Y., mortgage banking company, expanded its New Jersey operations by buying Bay City Mortgage Co. and Selective Finance Limited. Terms of the transactions were not disclosed.
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Selective Finance, based in Matawan, specializes in subprime mortgage lending and makes $13.5 million in mortgages annually.
Bay City, based in Hazlet, is a full-service mortgage lender that makes about $38 million in loans annually.
Both companies will be run from Bay City's Hazlet headquarters.