March 30, 2017-
Sortis Holdings Inc. (SOHI) has acquired ClearSpring Loan Services, a special servicer headquartered in Dallas, Texas. ClearSpring has more than $2 billion in assets under management and is a currently vendor for top-tier banks, hedge funds, private investors and government-sponsored enterprises. The company is licensed as a servicer, lender and debt collector.
Sortis Holdings will integrate its existing servicing business and its recently acquired lending operations into the ClearSpring platform, which will be rebranded under the Sortis Financial name and will operate as a wholly owned subsidiary of Sortis Holdings. The lending division will operate as a satellite office based in Portland, Oregon. Alan Sercy will be retained as CEO of the company and Morgan Smith will be President of the acquired entity responsible for the national lending division. “ClearSpring provides a highly scalable platform and a license to operate in all 50 states to facilitate our future growth in the private lending space” said Morgan Smith.
“This transaction brings us one step closer to our vision of delivering a nationwide tech-enabled infrastructure that we can use to scale our lending operations. Additionally, we plan to use the platform to partner with emerging Fintech companies including several in the Sortis’ investment portfolio,” said Jef Baker, CEO of Sortis Holdings.
About Sortis Holdings Inc. (FKA Merchants Bancorp)
Sortis is a leading private investment firm specializing in alternative asset classes with a focus on real estate, both as a lender and direct investor. With its roots as a former bank holding company, Sortis has evolved into a diversified firm that both lends and opportunistically invests in the Western U.S. with a focus on Pacific Northwest. Sortis manages the $100M Sortis Opportunity Zone Fund, $100M Sortis Income Fund and the $10M Sortis Growth Venture Fund. Operating under the principles of sustainability, client focus, integrity, hard work and creativity, Sortis provides its accredited investors with expertly managed alternate investment strategies. Further information is available at www.sortis.com.