RFA Capital to buy mortgage lender Street Capital for $85 mln
Street Capital Group Inc (TSX: SCB), a Toronto-based provider of residential mortgage loans, has agreed to be acquired by RFA Capital, a Canadian private real estate investment and asset management firm. RFA agreed to acquire all issued and outstanding common shares for 68 cents per unit in cash, or about $85 million. RFA also committed to increase the company's equity capital by a minimum of $50 million and make follow-on capital available to support balance sheet growth. Street Capital, which has about 130,000 mortgage customers in Canada, will gain immediate access to up to $5 billion of new mortgage funding as a result of the deal, expected to close this year.
18 June 2019•7 mins read
