New Century to Acquire Assets of Access Lending
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New Century Financial Corp., an Irvine real estate investment trust and a major sub-prime lender, said it planned to buy some assets of Access Lending Corp. in a $10-million deal. The Sugar Land, Texas, firm specializes in warehouse financing.
The deal would give New Century a new stream of revenue at a time when the nation’s real estate boom is cooling.
The purchase would mark the company’s entry into the warehouse lending market -- a segment of the mortgage business that provides short-term financing to a mortgage broker or bank until the loan is sold.
The sale is expected to close next quarter.
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Annette Haddad
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