Guaranteed Rate acquires Texas-based Stearns Holdings ... Stearns had been easing away somewhat from running Stearns Lending since Blackstone first acquired a "majority stake" in the business in 2015. The move, the guaranteed rate said in a statement, will allow the company to enter the wholesale channel, drive retail loan creation, and "further evolve its JV platform, while developing more. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. Backed by Blackstone Group Inc's Blackstone Capital Partners VI LP private equity fund, Stearns Lending LLC, Stearns Holdings LLC and various affiliates reported $1.22 billion in total assets and $1.16 billion in liabilities in court documents filed in conjunction with the petition. Stearns was featured on the Inc. 5000 list of fastest growing private companies in America in 2013, 2014 and 2015. Stearns - Home Loans, Apply Online for Mortgages and ... Stearns Plan of Reorganization Confirmed by Court ... Blackstone, which provides private equity, real estate, hedge funds and other financial services, had $333 billion in assets under management at the end of the second quarter. Before joining Balfour, Mr. Myers was an Associate Director in the Bear Stearns Real Estate group. Blackstone ( BX ), a full-service, private-equity funded investment bank and burgeoning mortgage lending giant based in New York, is set to increase its mortgage business even more, as the company. Investment firm Blackstone owns 70% of Stearns, having acquired its stake in December 2015 from founder Glenn Stearns, who now owns 29%. A New York bankruptcy court on Thursday approved a Chapter 11 plan for Stearns Holdings LLC, clearing the way for the mortgage lender to shake more than $150 million in debt and emerge from an . Guaranteed Rate acquires Stearns Holdings, LLC. Stearns to Implement Comprehensive Financial Restructuring ... Anthony Myers - Blackstone . The beleaguered parent of Stearns Lending has reached an agreement with its noteholders for Blackstone to . At the time, Stearns was serving as the chairman of Stearns Holdings and retained a "significant" ownership stake in the company after the Blackstone deal. Here, Blackstone Capital Partners-owned Stearns Holdings LLCand six affiliated debtors (the "debtors") have filed for bankruptcy in the Southern District of New York because of…drumroll please…rising interest rates.That's right: the FED has claimed a victim. A national top 25 lender with more than $20B in origination volume in 2020, Stearns was founded in 1989 and operates in all 50 states through retail, joint . Stearns Holdings is the parent company of Stearns Lending LLC, which provides wholesale and . This plan is expected to significantly reduce the Company's outstanding debt, continue Stearns' operations, and better position the Company for long-term success. Blackstone pledged nearly $100 million as part of the . This plan is expected to significantly reduce the Company's outstanding debt, continue Stearns' operations, and better position the Company for long-term success. As part of the plan, Stearns Holdings' majority equity holder, funds affiliated with Blackstone, will serve as plan sponsor and contribute substantial new capital to Stearns Holdings in return for acquiring substantially all of the ownership of the company. Blackstone is slated to contribute "substantial new capital" to Stearns under the agreement. Prior to joining Blackstone, Mr. Myers was Executive Vice President and COO at Balfour Holdings, Inc., a residential and commercial land development company acquired by affiliates of Blackstone in 1997. Blackstone and Stearns have been sparring in recent months . Stearns Holdings will come out of bankruptcy with a new owner, the company has announced. (Bloomberg) -- Blackstone-backed mortgage lender Stearns Holdings LLC filed for bankruptcy as it seeks to clean up its debt-plagued balance sheet. Blackstone, in connection with the restructuring through Chapter 11 of its portfolio company Stearns Holdings, LLC. Stearns Holdings, LLC has partnered with its majority equity holder, funds affiliated with Blackstone, on the terms of a comprehensive financial restructuring plan. Blackstone acquired a majority stake Stearns Holdings in 2015. The Lewisville, Texas . Terms of the transaction aren't being disclosed. Press release content from Business Wire. Hallelujah! Stearns, a national top 25 lender with more than $20 billion in origination volume in 2020, was founded in 1989 and operates in all 50 states through retail, joint venture, partnership and . new multichannel capabilities ". The financial terms of the transaction were not disclosed. Investment firm Blackstone owns 70% of Stearns, having acquired its stake in December 2015 from founder Glenn Stearns, who now owns 29%. Houlihan Lokey is pleased to announce that Stearns Holdings, LLC (Stearns), a portfolio company of The Blackstone Group Inc. (Blackstone), has been acquired by Guaranteed Rate, Inc. Blackstone's new money investment funded a recovery to Stearns Holdings' prepetition secured noteholders and general unsecured creditors. The financial firm is providing $60 million in new money for the restructuring, as well as a bankruptcy loan of up to $35 million to. Stearns Holdings and certain subsidiaries have filed for Chapter 11 bankruptcy as part of a restructuring agreement that could reduce debt, solidify Blackstone's ownership stake in the company and preserve jobs. Stearns Lending, LLC is located at 4 Hutton Centre Drive, 10th Floor, Santa Ana, CA 92707. Stearns Holdings, LLC has partnered with its majority equity holder, funds affiliated with Blackstone, on the terms of a comprehensive financial restructuring plan. Guarantee Rate is to acquire Stearns Holdings in a move that will help the Chicago-based company grow its joint venture business."Stearns Holdings has a Something is going on out in the world aside from the #retailapocalypse and distressed oil and gas. Stearns will bring a solid history and a great deal of prestige to its partnership with Blackstone. Blackstone has been snapping up all sorts of assets this year and Stearns Holdings L.L.C. Guaranteed Rate announced on Jan. 6 that it has entered into an agreement to acquire Texas-based Stearns Holdings, LLC from funds managed by Blackstone. Guaranteed Rate acquires Stearns Holdings, LLC by Will Mendelson January 06, 2021 Guaranteed Rate announced on Jan. 6 that it has entered into an agreement to acquire Texas-based Stearns Holdings, LLC from funds managed by Blackstone. Stearns Holdings LLC Wt. View detailed STHLW description & address. Guaranteed Rate has announced its acquisition of Stearns Holdings LLC from the private equity firm Blackstone. Stearns Lending was founded in 1989 by Glenn Stearns, who serves as chairman. For a reprint of this article . The transaction closed on March 1, 2021. Related Capabilities Banking Capital Markets Corporate Restructuring Financial Institutions The parent of mortgage lender Stearns Lending filed for bankruptcy after agreeing with majority owner Blackstone Group to a debt-restructuring plan that will erase more than $180 million in bond . A national top 25 lender . CHICAGO, Jan. 5, 2021 /PRNewswire/ -- Guaranteed Rate, one of America's largest retail mortgage lenders, has announced it has entered into a definitive agreement to acquire Texas -based Stearns. January 5, 2021 (CHICAGO) - Guaranteed Rate, one of America's largest retail mortgage lenders, has announced it has entered into a definitive agreement to acquire Texas-based Stearns Holdings, LLC from funds managed by Blackstone. Guaranteed Rate announced on Jan. 6 that it has entered into an agreement to acquire Texas-based Stearns Holdings, LLC from funds managed by Blackstone. 94. Here, Blackstone Capital Partners -owned Stearns Holdings LLC and six affiliated debtors (the "debtors") have filed for bankruptcy in the Southern District of New York because of…drumroll please…rising interest rates. Funds managed by private equity giant The Blackstone Group Inc. reached a deal to sell Stearns Holdings LLC to retail mortgage lender Guaranteed Rate Inc. Stearns, a national top 25 lender with more than $20 billion in origination volume in 2020, was founded in 1989 and operates in all 50 states . The acquisition is subject to customary . Stearns, a national top 25 lender with more than $20 billion in origination volume in 2020, was founded in 1989 and operates in all 50 states through retail, joint venture, partnership and . Already one of America's largest retail mortgage lenders, Guaranteed Rate reportedly is building on . Stearns Holdings announced in partnership with Blackstone terms of a comprehensive financial restructuring plan that is expected to significantly improve the financial structure of the firm . Guaranteed Rate announced on Jan. 6 that it has entered into an agreement to acquire Texas-based Stearns Holdings, LLC from funds managed by Blackstone. It operates through the following segments: Private Equity, Real Estate, Hedge Fund . Under the Amended Plan, holders of the Notes will Skadden, which still counsels Blackstone, doesn't hold any interests that would conflict . 07 Jan 2021 Share Mortgage giant Guaranteed Rate revealed Wednesday that it has reached a definitive agreement to acquire Texas-based Stearns Holdings from funds managed by Blackstone. SANTA ANA, Calif.-(BUSINESS WIRE)-Stearns Holdings, LLC, parent company of Stearns Lending, LLC, a leading national mortgage lender with wholesale, retail, correspondent, and strategic alliance business channels, announced today that funds managed by the private equity group of Blackstone (NYSE: BX), a leading global asset manager, will acquire a majority stake in the company. Stearns, a national top 25 lender with more than $20 billion in origination volume in 2020, was founded in 1989 and operates in all 50 states through retail, joint venture, partnership and . In exchange, Blackstone will convert its 70 percent take in the . Stearns had been easing away somewhat from running Stearns Lending since Blackstone first acquired a "majority stake" in the business in 2015. He will "retain a significant ownership stake" in the company, according to a statement. of existing interests), Blackstone will be issued the Reorganized Stearns Holdings Interests and all Existing Stearns Holdings Interests will be cancelled. Daring to create an environment where our employees, realtor and builder partners, and clients would have the opportunity to achieve great things, Stearns Lending was founded in 1989. Retail mortgage lender Guaranteed Rate said it's acquired Texas-based Stearns Holdings from funds managed by Blackstone for an undisclosed amount. Guaranteed Rate announced on Jan. 6 that it has entered into an agreement to acquire Texas-based Stearns Holdings, LLC from funds managed by Blackstone. When and if Stearns Holdings, the parent company of Stearns Lending, successfully completes a "comprehensive financial restructuring" and reorganization through Chapter 11 bankruptcy, the company. Blackstone, Inc. engages in the provision of investment and fund management services. Santa Ana-based mortgage lender Stearns Holdings LLC has agreed to sell a majority stake to the Blackstone Group LP, a global asset manager in New York. Stearns filed for chapter 11 protection and listed assets and liabilities that ranged from $1 billion to $10 billion in U.S. Bankruptcy Court in New York on Tuesday. Company NMLS# 1854. the Blackstone Group, . [1] [7] The American Bankers Association added Stearns Lending to its list of endorsed lending services through the Corporation for American Banking in May 2016. Blackstone is one of the world's leading investment firms. The deal is expected to create a key player in the U.S. mortgage industry and enables Guaranteed Rate to expand into the wholesale channel and complement its multichannel distribution goal. Guaranteed Rate announced on Jan. 6 that it has entered into an agreement to acquire Texas-based Stearns Holdings, LLC from funds managed by Blackstone. Stearns, which originated about $20 billion in mortgages last year, is owned by New York-based financial giant Blackstone. Stearns Holdings LLC, parent company of the 20th largest U.S. residential mortgage lender, filed for Chapter 11 bankruptcy protection on Tuesday, blaming rising interest rates from 2017 through . Houlihan Lokey acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Blackstone and Stearns Holdings, LLC. Stearns Holdings announced in partnership with Blackstone terms of a comprehensive financial restructuring plan that is expected to significantly improve the financial structure of the firm setting the Company up for future growth opportunities, enhanced profitability, and long-term success. The American Bankers Association added Stearns Lending to its list of endorsed lending services through the Corporation for American Banking in May 2016. Guaranteed Rate entered a definitive agreement to acquire Stearns Holdings, LLC from funds managed by Blackstone.. Stearns is a national top 25 lender with more than $20 billion in origination volume in 2020, according to a press release.The company also operates in all 50 states through retail, joint venture, partnership and wholesale channels. That's right: the FED has claimed a victim. Blackstone purchased 100% of the equity in reorganized Stearns in its capacity as plan sponsor, and also provided a $35 million "debtor in possession" financing facility and exit financing facility to Stearns to support the Chapter 11 process and emergence therefrom In August 2015, Stearns' parent company, Stearns Holdings, LLC, was purchased by The Blackstone Group. To facilitate the filing, the company agreed with its majority equity holder, funds affiliated with Blackstone Group, to a significant restructuring plan which will see more than $180m in bond debt removed from its balance sheet. Mortgage lender Stearns Holdings LLC defended its choice of hiring Skadden Arps Slate Meagher & Flom LLP as its lead bankruptcy counsel, refuting the U.S. government's objection over the law firm's ties to Stearns' majority owner Blackstone Group. Blackstone and Stearns have been sparring in recent months . The company's debt, which. --Editing by Aaron Pelc. Guaranteed Rate acquires Stearns Holdings, LLC by Will Mendelson January 06, 2021 Guaranteed Rate announced on Jan. 6 that it has entered into an agreement to acquire Texas-based Stearns Holdings, LLC from funds managed by Blackstone. 639, St. Louis, MO . The Chapter 11 filing in New York shows that Blackstone Group Inc., which acquired a majority stake in 2015, could wind up owning most of the rest of Stearns. LLC from funds managed by Blackstone. At the time, Stearns was serving as the chairman of Stearns Holdings and retained a "significant" ownership stake in the company after the Blackstone deal. Stearns has also reached an agreement with its majority equity holder, funds affiliated with Blackstone, on a restructuring plan with Blackstone pledging to contribute $60 million in new capital in return for substantially all of the equity in the company, as well as up to $35 million in debtor in possession financing. In connection with the restructuring, Blackstone has increased its ownership stake in the reorganized Stearns Holdings to 100% in exchange for a $75 million new money investment. Guaranteed Rate, one of America's largest retail mortgage lenders, entered into a definitive agreement to acquire Texas-based Stearns Holdings, LLC from funds managed by Blackstone. The case is In re: Stearns Holdings LLC et al., case number 19-12226, in the U.S. Bankruptcy Court for the Southern District of New York. January 5, 2021 (CHICAGO) - Guaranteed Rate, one of America's largest retail mortgage lenders, has announced it has entered into a definitive agreement to acquire Texas-based Stearns Holdings, LLC from funds managed by Blackstone. Houlihan Lokey acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Blackstone and Stearns Holdings, LLC. [7] [8] In August 2015, Stearns' parent company, Stearns Holdings, LLC, was purchased by The Blackstone Group. Stearns was born of the idea to help people succeed - also knowing that success looks different to every individual. Stearns, a national top 25 lender with more than $20 billion in origination volume in 2020, was founded in 1989 and operates in all 50 states through retail, joint venture, partnership and . Investment Agreement means that certain Investment Agreement, dated as of July 8, 2019, by and between Stearns Holdings and Blackstone, or such other investment agreement or equity contribution agreement as may be entered into by Stearns Holdings and an alternative Plan Sponsor identified pursuant to the Plan Sponsor Selection Procedures. Stearns Lending — which is owned by Stearns Holdings — survived the subprime mortgage crisis of 2008 and emerged as one of the country's largest wholesale . The Amended Plan also provides for a comprehensive restructuring of significant indebtedness by eliminating the Notes. The AP news staff was not involved in its creation. Guaranteed Rate announced it has entered into a definitive agreement to acquire Stearns Holdings, LLC, one of the nation's top 25 lenders with more than $20 billion in origination volume in 2020 that is part of funds managed by Blackstone. santa ana, calif.-- ( business wire )-- stearns holdings, llc, parent company of stearns lending, llc, a leading national mortgage lender with wholesale, retail, correspondent, and strategic. National mortgage lender Guaranteed Rate is acquiring Stearns Holdings, parent company of wholesale, retail and correspondent lender Stearns Lending, from Blackstone for an undisclosed sum.. is the latest. Blackstone's mortgage holdings just got much larger Ben Lane August 21, 2015 6:00PM Blackstone (BX), a full-service, private-equity funded investment bank and burgeoning mortgage lending giant . Stearns Holdings LLC has filed for bankruptcy and agreed to majority owner Blackstone Group LP's restructuring plan that will erase more than $180 million in bond debt from its balance sheet, The Wall Street Journal reported. But before we explain Stearns' alleged missteps, let's backtrack: The California-based private mortgage lender that he jumpstarted at age 25 in 1989, Stearns Holdings, was acquired in August 2015 by the Blackstone Group, the world's largest private equity firm, per a press release. And from that very first day, we've . Mortgage giant Guaranteed rate said Wednesday it has reached a definitive deal to acquire Texas-based Stearns Holdings from funds managed by Blackstone.. About Blackstone. Stephen Moore and Judy Shelton must be smirking their faces off. Stearns is a mortgage holding company with a strategy of investing in, building, and supporting mortgage businesses. 95. Guaranteed Rate to Acquire Stearns Holdings, LLC, Enhancing Mortgage Joint Venture Leadership While Building Additional Multich. Financial terms of the deal and details on the percentage of ownership sold weren't disclosed. The private equity giant will give Stearns Lending $60 million in new capital and a $35 million bankruptcy loan, per Housing Wire. In August 2015, Stearns' parent company, Stearns Holdings, LLC, was purchased by The Blackstone Group. Blackstone has been an investor in Stearns since August 2015, when funds managed by the private equity group of Blackstone acquired a majority stake in Stearns Holdings. Stearns Holdings, the parent company of mortgage lender Stearns Lending, filed for Chapter 11 bankruptcy in July. Blackstone has entered into an agreement to acquire a majority stake in the national mortgage lending firm. CHICAGO, Jan. 5, 2021 /PRNewswire/ -- Guaranteed Rate, one of America's largest retail mortgage lenders, has announced it has entered into a definitive agreement to acquire Texas-based Stearns Holdings, LLC from funds managed by Blackstone.A national top 25 lender with more than $20B in origination volume in 2020, Stearns was founded in 1989 and operates in all 50 states through retail, joint . The deal gives Guaranteed Rate additional multichannel capabilities and builds on the company's goal to become the country's number one mortgage lender. California Finance Lenders Law License #603G129; Kansas Licensed Mortgage Company MC.0025047; Massachusetts Mortgage Lender/Broker License MC1854; Licensed by the Mississippi Department of Banking and Consumer Finance; Missouri Mortgage Company License 21-2052 (Stearns' in-state office is located at 111 West Port Plaza, Ste. 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