Funding

Planet Financial Group, LLC, a vertically integrated mortgage platform, has successfully closed an offering of $125 million add-on to its existing $475 million 10.5% senior unsecured notes due Dec. 15, 2029. The offering was priced at 98.5% of par, resulting in a yield of approximately 10.9%.

A&D Mortgage, a Non-QM lender, has issued its latest securitization, A&D Mortgage Trust 2024-NQM5 (ADMT 2024-NQM5). The transaction, valued at $390.6 million, is backed by a pool of 1,171 mostly newly originated non-prime residential mortgages, and closed on October 31, 2024.

Rice Park Capital Management LP (”Rice Park”), a Minneapolis-based, private investment firm, announces that its strategic equity investing team has closed RPC Ventures Fund II LP (“RPC Ventures”).

Independent mortgage banks and mortgage subsidiaries of chartered banks lost an average of $1,056 on each loan they originated in 2023, down from an average loss of $301 per loan. This represents a series high in the 15-year history of the Mortgage Bankers Association’s (MBA) Annual Mortgage Bankers Performance Report.

Candor Technology, Inc., a provider of automated underwriting technology and other technology enabled solutions for the mortgage industry, has closed a Series B equity round to expand its Loan Engineering System’s capabilities and enhance the user experience.