EverBank out of Jacksonville, Florida has announced that it will purchase GE Capital’s Real Estate Lending department for $2.5-billion. Although the deal still has to be approved by regulatory committees, both companies board of directors have approved the acquisition. The department consisted of 108 employees in 14 separate locations, who will now be working for EverBank when the deal is expected to close later this year.
With a current balance of $2.44 billion in performing loans and $3.1 billion in servicing rights on existing loans, EverBank hopes to grow the business further while keeping all of the current employees. Many of the loans are secured by commercial real estate and the portfolio has an average loan size of $2.6 million.