Florida based EverBank Financial has completed the acquisition of Business Property Lending, a unit of North America’s GE Capital Real Estate, in a cash deal worth $2.41bn.
As part of the deal, EverBank received nearly $2.33bn of performing commercial loans, the origination and servicing platforms, 110 employees and servicing rights on $2.9bn of loans securitized by GE Capital.
Renamed as EverBank Business Property Lending, the acquired unit will operate as a subsidiary of the bank offering commercial loans to small and midsize businesses for owned or leased properties and multi-credit tenant lease financing across the US.
EverBank Financial chairman of the board and chief executive officer Robert Clements said, "We believe the strategy is in place to grow the business and look forward to the benefits this acquisition should deliver to our Company."
The financial institution offers a variety of financial products and services directly to clients across the US through multiple business channels.