Acquisition of Nation's Top Model Home Financing Company Adds to Growing
Portfolio of Products and Services
MINNEAPOLIS, Nov. 17 /PRNewswire/ -- GMAC-Residential Funding Corporation
(GMAC-RFC) today announced it has purchased Dynex Residential, Inc., an
affiliate of Dynex Capital, Inc., the nation's leading provider of model home
financing.
Dynex Residential, which is based in Richmond, Va., buys model homes from
homebuilders then leases them back to the builders until the property is sold.
Large homebuilders rely on these services to reduce debt, free up equity,
preserve lines of credit and maximize return on assets (ROA).
"This acquisition expands our portfolio of products and services and makes
us a more valuable resource for our residential homebuilder and developer
customers," said Greg Schultz, managing director, construction finance for
GMAC-RFC.
"It's also a perfect fit with our growth and diversification strategies,"
Schultz said. "We're committed to becoming a preferred partner for national
and regional homebuilders and other residential construction companies. We
plan to achieve that, in part, through strategic acquisitions, mergers and
alliances."
Schultz said GMAC-RFC plans to retain all Dynex Residential employees and
continue to operate from the Richmond office.
"Dynex Residential has built a profitable and growing business. So, we
want to preserve the people, processes and operations," Schultz said. "In
fact, the business will remain essentially the same, with one big change --
the business will now have the massive capital resources of GMAC-RFC behind
it.
"This acquisition is good news for Dynex Residential customers, because it
means more products, more services and more capabilities," Schultz said. "For
GMAC-RFC construction finance customers, it's a meaningful sign that we're
committed to providing them with a complete and innovative portfolio of
products and services."
GMAC-RFC, a wholly owned subsidiary of GMAC, is committed to providing
capital and investments worldwide through its core businesses in
securitization, lending and investment. The company is the leading non-agency
issuer of mortgage-backed securities and a leader in warehouse lending and
construction lending. Headquartered in Minneapolis, the company has
operations nationwide, in the United Kingdom and Mexico. GMAC-RFC is on the
World Wide Web at http://www.rfc.com
SOURCE GMAC-RFC
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Related links:
http://www.rfc.com
Company News On-Call:
http://www.prnewswire.com/comp/138832.html or fax,
800-758-5804, ext. 138832
CONTACT:
Jodi Ehlers Swanson of GMAC-RFC,
612-832-7343, jehlers@rfc.com , or Randy Sands of Shandwick
International, 612-841-6191, rsands@shandwick.com
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