loanDepot and Smith Douglas Homes Announce New Joint Venture called Ridgeland Mortgage
05 November 2024 - 12:30AM
Business Wire
New venture connects award-winning approach to new home
construction with industry-leading lending platform to exceed
customer expectations
loanDepot, Inc. (NYSE: "LDI"), a leading provider of products
and services that power the homeownership journey, and Smith
Douglas Homes (NYSE: SDHC), the nation’s 36th largest new home
builderi with a strong presence in America’s Southeast and Southern
regions, today announced a new joint venture that will provide a
smooth and streamlined financing option for new home buyers.
Called Ridgeland Mortgage, the venture expands loanDepot’s
footprint in the purchase mortgage market while supporting Smith
Douglas Homes’ continued growth and success. It will benefit from
Smith Douglas Homes’ focus on building high quality homes at
attractive prices in growing markets while capitalizing on
loanDepot's lending industry expertise and best-in-class platform.
As Ridgeland Mortgage grows, the company plans to operate in the
following markets:
- Atlanta and Central GA
- Houston, TX
- Birmingham and Huntsville, AL
- Charlotte and Raleigh, NC
- Chattanooga and Nashville, TN
“Smith Douglas Homes’ approach to the new construction market is
perfectly aligned with loanDepot’s commitment to serving the needs
of first-time homebuyers," said Dan Peña, executive vice president
of national joint ventures for loanDepot. “Our new joint venture
helps both companies make the American dream of home ownership
possible for more families while providing Smith Douglas Homes with
access to an unparalleled lending platform that will deliver an
exceptional customer experience.”
Greg Bennett, chief executive officer of Smith Douglas Homes,
agreed. "Our partnership with loanDepot allows us to focus on what
we do best—delivering incredible value to our customers with high
quality homes at an affordable price point—while leveraging
loanDepot’s mortgage lending expertise to provide a smooth and
seamless home loan process. Our new joint venture will draw on the
core strengths of both companies—including a shared commitment to
operational excellence, quality, and innovation—so we can continue
to meet the expectations of our customers.”
About loanDepot
At loanDepot (NYSE: LDI), we know home means everything. That’s
why we are on a mission to support homeowners with a suite of
products and services that fuel the American Dream. Our portfolio
of digital-first home purchase, home refinance and home equity
lending products make homeownership more accessible, achievable,
and rewarding, especially for the increasingly diverse communities
of first-time homebuyers we serve. Headquartered in Southern
California with local market offices nationwide, loanDepot and its
sister real estate and home services company, mellohome, are
dedicated to helping customers put down roots and bring dreams to
life – all while building stronger communities and a better
tomorrow.
About Smith Douglas Homes
Headquartered in Woodstock, Georgia, Smith Douglas Homes
completed its initial public offering in January 2024. Since its
inception, Smith Douglas has been entrusted by over 15,000 families
to fulfill their new home dreams. Ranked a top 50 builder
nationally for several years and with 2,297 closings in 2023, Smith
Douglas currently holds the #36 position on the Builder Magazine
Top 100 list. The Smith Douglas communities are primarily targeted
to entry-level and empty-nest homebuyers looking to purchase a new
home priced below the Federal Housing Administration loan limit in
the metro areas of Atlanta, Birmingham, Charlotte, Chattanooga,
Houston, Huntsville, Nashville, and Raleigh. Smith Douglas offers
its homebuyers a personalized, affordable luxury buying experience
at attractive prices.
LDI-IR
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https://www.builderonline.com/builder-100/builder-100-list/2024/
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version on businesswire.com: https://www.businesswire.com/news/home/20241104917700/en/
For Media:
Jonathan Fine VP, Public Relations (781) 248-3963
jfine@loandepot.com
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