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Subject: TNM

American Financial Resources Completes Sale to Proprietary Capital


AFR completed the sale previously announced August 2023

PARSIPPANY, N.J., Feb. 12, 2024 /PRNewswire/ -- American Financial Resources, LLC (AFR) announces that it completed the sale of 100% of the Company to an investment group led by Proprietary Capital, LLC (Proprietary Capital).   This was previously announced in August 2023, and the transaction was completed on February 8, 2024.   Founded in 1997, Proprietary Capital is a fund manager based in Denver Colorado. The firm provides an institutional platform for investors to gain exposure to the U.S. residential-mortgage market and housing-related assets.    

Headquartered in Parsippany NJ, AFR was founded in 1997 by Corey Dubnoff, the current Chief Administrative Officer whose role will continue going forward.  Tim Yanoti will stay on as the Chief Financial Officer.  The team at Proprietary Capital has tapped Rob Pieklo, a former AFR executive and partner, to return to the organization as the Chief Operating Officer.  He spent 14 years at AFR (until 2018) and worked as an advisor to Proprietary Capital during the acquisition. 

AFR is a full-service mortgage banking company with Direct, Wholesale, and Correspondent lending divisions that offer products ranging from Agency, Non-Agency, and Government lending with a niche in construction and manufactured home mortgage programs.  The capabilities of Proprietary Capital are expected to drive additional product development and growth in market share across all channels.   

Craig Cohen, Managing Member of Proprietary Capital, noted, "With the Acquisition of AFR, we will build on our already strong mortgage platform.  We have been working with AFR on the transition plans over the last several months and are excited about the opportunity to build on a great foundation."

STRATMOR Group served as the transaction advisor to AFR. 

About Proprietary Capital
Proprietary Capital, LLC, (Proprietary Capital) is an alternative investment manager (headquartered in Denver with an office in Los Angeles) primarily focused on mortgage and housing-related assets.  Since inception, Proprietary Capital has provided an institutional platform for investors looking to gain exposure and receive excess returns within various segments of the U.S. residential-mortgage market.  With the success of its recent whole loan funds and ongoing addition of mortgage professionals, Proprietary Capital continues to expand its suite of mortgage related investments and opportunities.   

About American Financial Resources, LLC
American Financial Resources, LLC. (AFR) offers a comprehensive array of residential-mortgage products to meet a variety of financing needs. AFR is a leading manufactured home lender amongst wholesalers and is a leading FHA 203(k) lender for sponsored originations and an innovator in construction and renovation lending.  AFR utilizes the latest technology and delivers educational resources to correspondent lenders, mortgage brokers, loan originators and consumers. American Financial Resources, LLC. is an Equal Housing Lender and Equal Opportunity Employer Lender. NMLS 2826 at www.nmlsconsumeraccess.org. For more information, visit www.afrcorp.com.

SOURCE American Financial Resources, LLC


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