Bellwether Enterprise Completes Merger with Towle Financial Services; Expands presence in Upper Midwest

Top Quote The merger with Towle is the latest example of Bellwether Enterprise's commitment to strategic expansion across the country. End Quote
  • Cleveland-Lorain-Elyria, OH (1888PressRelease) September 17, 2014 - Bellwether Enterprise Real Estate Capital, LLC (Bellwether Enterprise), the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, Inc. (Enterprise), today announced the completion of its merger with Towle Financial Services (Towle), a full service mortgage banking firm located in Minneapolis and Detroit founded over 100 years ago.

    The merger adds approximately $400 million in annual loan volume and $1.4 billion in servicing, bringing Bellwether Enterprise's total annual loan volume to an estimated $2.5 billion and $8 billion in servicing, offering borrowers a wide variety of commercial lending opportunities in the Upper Midwest and beyond and making an even greater impact in the communities across the country.

    "The merger with Towle is the latest example of Bellwether Enterprise's commitment to strategic expansion across the country. We are well on our way to becoming the best and the most respected mortgage banking company throughout the country," said Ned Huffman, president of Bellwether Enterprise.

    As part of the merger, Towle's executive team receives equity stake in Bellwether Enterprise, and the 11 employees remain with the company. Towle, which has been in business since 1909, will gradually take on the Bellwether Enterprise name. All business practices and quality of service will remain the same.

    "Towle's solid reputation, long-standing relationships and top notch talent made the merger an easy decision," added Huffman. "Towle and Bellwether Enterprise share similar company cultures. Both are rooted in the Midwest, provide boutique style service, have overlapping connections with lenders and offer similar servicing platforms."

    The integration will take place over several months. According to Mark Vannelli, president of Towle Financial Services, "Our customers and clients will continue to receive the highest quality service they've come to expect. The day to day operation will remain the same, from application to closing."

    "With all the exciting new development projects taking place in the Upper Midwest, we welcome the opportunity to introduce Bellwether's vast spectrum of agency and specialty lending products to borrowers here," said Vannelli.

    Bellwether Enterprise is part of the Enterprise family of companies that advocates for and creates affordable housing. As such, they have access to New Markets Tax Credits, Low Income Housing Tax Credits and other propriety products.

    "Giving back to society was an important factor in our decision to partner with Bellwether Enterprise. We look forward to expanding the Bellwether Enterprise brand in Minneapolis and Detroit regions, as well as supporting the overall company mission of advocating for and creating affordable housing in the communities we serve," explained Vannelli.

    The U.S. is in the midst of a broad housing insecurity crisis that is affecting nearly 19 million low-income families who are homeless or paying more than half of their monthly income on housing. Enterprise's goal is to end housing insecurity in the U.S within a generation. That means no more homelessness and no more families paying more than half of their income on housing. As a down payment toward that goal, by 2020 Enterprise will help provide opportunity to 1 million low-income families through quality affordable housing and connections to jobs, good schools, transit and health care. As part of the Enterprise family of companies, Bellwether Enterprise is committed to tapping its expertise and nationwide network to help achieve this goal.

    For more information on Bellwether Enterprise and its services, visit

    About Bellwether Enterprise
    Bellwether Enterprise is a national, full-service commercial and multifamily mortgage banking company. As a subsidiary of Enterprise Community Investment, Bellwether Enterprise has production offices across the country and an integrated servicing platform based in Cleveland. With local market expertise, national lending relationships and financing structure experience, we provide clients with competitive, creative solutions for their financing needs. Bellwether Enterprise provides loans for a range of institutional investors including life insurance companies, pension funds, commercial banks and CMBS lenders and is a direct Special Fannie Mae Delegated Underwriting and Servicing (DUSŪ) lender, Freddie Mac Targeted Affordable Housing lender and Program PlusŪSeller Servicer, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.

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