{"id":4588,"date":"2023-09-13T19:03:15","date_gmt":"2023-09-13T19:03:15","guid":{"rendered":"https:\/\/frankbuysphilly.com\/the-graystone-company-acquires-direct-capital\/"},"modified":"2023-09-13T19:03:15","modified_gmt":"2023-09-13T19:03:15","slug":"the-graystone-company-acquires-direct-capital","status":"publish","type":"post","link":"https:\/\/frankbuysphilly.com\/the-graystone-company-acquires-direct-capital\/","title":{"rendered":"The Graystone Company acquires Direct Capital"},"content":{"rendered":"
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Florida-based financial services firm The Graystone Company <\/strong>has completed the acquisition<\/a> of mortgage banker and broker Direct Capital Investment Group<\/strong> through a reverse merger transaction, the companies announced Monday. The financials of the deal were not disclosed. <\/p>\n Direct Capital, through its subsidiary Direct Mortgage<\/strong>, offers residential, commercial and SBA loans, per its website. The company has 98 loan officers and six branches, according to the National Multistate Licensing System<\/a> <\/strong>(NMLS). <\/p>\n Direct Mortgage oversaw the funding of $119 million in 353 mortgage loans from January through August 2023, per\u00a0Securities and Exchange Commission<\/strong>\u00a0<\/a>(SEC) filings. And, in a shrinking mortgage market, it registered $1.8 million in revenue and delivered a $20,583 loss from January to May.\u00a0<\/p>\n To compare, in 2022, the company\u2019s total volume was $152 million through approximately 450 mortgage <\/a>loans. Last year, the company reported $6.3 million in revenues but had a $1.7 million loss (unaudited), the SEC filings show.\u00a0<\/p>\n