SOURCE: Great Oak Lending Partners

September 27, 2010 08:30 ET

Great Oak Lending Merges With 1st Maryland Mortgage Corp.

Deal Makes Great Oak Direct Lender With Ability to Fund up to $25 Million per Month in Home Loans; New Company Plans to Hire up to 30 Employees by Year-End

TIMONIUM, MD--(Marketwire - September 27, 2010) -  Great Oak Lending Partners, a trusted mortgage company servicing the Mid-Atlantic region, today announced that it has merged with 1st Maryland Mortgage Corp. of Damascus. The merger makes Great Oak a direct lender with the ability to fund up to $25 million a month in loans.

Great Oak was ranked #1 in Maryland for reverse mortgage production and volume for the fiscal 2nd quarter of 2010 by RMInsight, the premier provider of data and analysis for the reverse mortgage industry. It has also been recognized as one of the fastest growing reverse mortgage companies nationwide. Great Oak provides traditional mortgages on new homes and investment properties, as well as refinancing and reverse mortgages.

The merger combines 1st Maryland Mortgage's seven employees with Great Oak's 58 full-time employees. The new company plans to hire an additional 20 to 30 people by the end of the year.

As part of the merger, Joshua Shein was promoted to president and chief executive officer of the new company. The combined company will be called 1st Maryland Mortgage but will operate under the name Great Oak Lending Partners. Financial terms of the deal were not disclosed.

"This merger will allow us to meet all of our customers' needs in-house, from underwriting to closing to funding loans," Shein said. "These additional services and our predicted growth over the coming months reinforce our position as a major player in the mortgage industry."

Great Oak Lending has three offices in Maryland and operates in seven other states. The company plans to be operating in another seven states by the end of the year.

About Great Oak Lending Partners
Great Oak Lending Partners is a trusted mortgage company servicing the Mid-Atlantic. With strong ties in the industry and community since 2001, Great Oak provides a full-range of mortgage products and services, ranging from refinance and reverse mortgages to financing new homes and investment properties. Based in Timonium, Maryland, Great Oak has originated more than $1.5 Billion in loans and is currently licensed in Maryland, Washington, DC, Delaware, Pennsylvania, North Carolina, Connecticut, Texas, Oregon and Virginia. For more information visit www.greatoaklending.com or www.greatoakreverse.com.

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