LAS VEGAS - Sunderland Corp. said it signed a letter of intent to buy Mortgage Source, a conforming residential lender in Las Vegas.
Sunderland, a private mortgage lender also based in Las Vegas, said it expects to close the deal in early August. Terms were not disclosed.
Mortgage Source made $65 million of home loans in 1999. It is licensed in 13 states but plans to be licensed in all 50 by yearend. It also plans to open offices in Utah, Idaho, and two additional Nevada sites this year.
Michael V. Shustek, chairman and chief executive officer of Sunderland, said the deal is part of a plan to expand the range of products and services his company offers. Last year it bought a commercial lender, DM Mortgage Advisors Inc., and a broker-dealer, DM Financial Services Inc., both in Phoenix.