WASHINGTON, DC and WESTWOOD, MA, Aug. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Xalles Holdings Inc. (OTC: XALL), a company focusing on accelerating fintech companies, leveraging blockchain technology for financial reconciliation, and payment auditing solutions, previously announced the execution of the Share Purchase Agreement to acquire LYC Mortgage, LLC, a 15 year old, multi-state licensed mortgage lender.
As a direct lender, LYC receives larger margins on mortgage products than brokers and correspondent lenders. Currently, LYC has the infrastructure to facilitate $100MM in annual fundings with the ability to rapidly expand to $500MM as necessary. Growth plans are focused around these components; acquisition of targeted operating mortgage companies to obtain immediate closing volume, organic online growth through its BuyUSDA platform and third-party growth being a lender option for other mortgage brokers.
The LYC Mortgage team has already identified and is in discussions with multiple companies to acquire. These include mortgage companies located in new states, expanding LYC’s licensed footprint. All acquisitions will be consummated through a combination of XALL stock, cash and debt notes. Channeling newly acquired volume through the LYC direct lending model will result in increased revenue on all fundings. Only long-standing profitable mortgage operations functioning as brokers or correspondent lenders are being targeted.
As per the Share Purchase Agreement, Xalles and LYC Mortgage plan to close the acquisition transaction on or before August 31, 2019.
About Xalles Holdings Inc. (OTC: XALL)
Xalles Holdings Inc. is a holdings company that focuses on direct investments in disruptive fintech companies. The company actively seeks acquisition targets with solid management teams and business models, large total attainable markets (TAM), and lucrative exit opportunities to invest and accelerate growth in. Recently, the company has placed emphasis on leveraging Blockchain technologies to provide industry-leading financial reconciliation and auditing solutions, which will allow for the capture of recurring revenue streams over time. For more information visit: http://xalles.com
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About LYC Mortgage, LLC
LYC Mortgage, LLC has built a strong reputation as an outstanding mortgage company, serving the lending needs of real estate professionals, builders and individual homebuyers throughout the states of MA, CT, SC, TX and CA. The company is an FHA Unsupervised Title II lender and a nationally approved as a USDA Lender. LYC is delegated to underwrite, close and fund loans.
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