CrossCountry Mortgage, LLC, has arranged for a $400 million loan facility arranged by Alternative Credit and U.S. Direct Lending funds from Ares Management Corporation. 

Caisse de dépôt et placement du Québec, a global investment group, also participated in the financing through a wholly owned subsidiary as part of its Capital Solutions investment strategy.

Founded in 2003, CrossCountry Mortgage is an independent retail mortgage lender operating across the U.S. The firm is licensed in all 50 states and operates in more than 600 locations with over 1,700 loan officers.

“As CrossCountry Mortgage continues to execute its organic and inorganic growth strategy, we believe the company is well-positioned to benefit from its favorable purchase-focused origination volumes, a scaled retail platform, attractive industry demographics and supply tailwinds and strong free cash flow dynamics,” said Kevin Alexander, partner in Ares’ Credit Group. “We look forward to working with the company’s management team to capitalize on the significant opportunities ahead.”

“This transaction is another example of how we collaborate across the Ares platform, creatively combining our teams’ alternative credit investing experience in the residential mortgage sector and disciplined corporate underwriting to deliver scaled and flexible capital solutions to leading companies like CrossCountry Mortgage,” said Scott Rosen, managing director in Ares’ Credit Group.

“We appreciate the support of Ares and CDPQ and believe this financing positions CrossCountry Mortgage for accelerated growth as we continue to expand our platform, geographical footprint and residential mortgage offering,” said Ron Leonhardt, Jr., founder and CEO of CrossCountry Mortgage. “We have invested nearly two decades building a trusted brand that is founded on our commitment to support homebuyers and homeowners with exceptional service, insights and transparency. We are excited to work with our partners as we continue to meet our customers’ needs and advance our long-term goals.”

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