FiNet.com Acquires Lowestrate.com Assets
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FiNet is trading in the $3.25 range.
The acquisition will allow FiNet.com to expand its geographic coverage, creating an e-commerce franchise that reaches across America, the company said. The acquisition will enable FiNet.com to establish a second electronic transaction center in Pennsylvania to better serve its customers in the central and eastern regions of the United States.
Based on second quarter 1999 actual results, the annualized additional revenue to FiNet.com will be approximately $2.5 million. Lowestrate.com has closed nearly 1,400 mortgages with an aggregate value exceeding $182 million in the year ending December 1998.
"This acquisition will greatly increase our geographic diversification, helping FiNet.com to become one of the most comprehensive online mortgage providers in the country," said Mark Korell, chairman and CEO of FiNet.com. Lowestrate.com is the Internet presence of Security National Mortgage Corp. FiNet.com offers automated financing solutions directly to consumers through its online home financing Web site and to mortgage broker businesses through Monument Mortgage.