Springfield, Mo. — Legacy Bank and Trust Co. and it’s holding company, OHFG, Inc. are excited to announce on January 1st they acquired Crain Mortgage Group, LLC, a Dallas based provider of secondary market FHA/HUD multifamily loans. Effective January 1st, Crain Mortgage Group, LLC will be rebranded to Legacy Capital. This purchase has allowed Legacy to continue to further its platform to provide long term affordable housing and market rate multifamily debt solutions. Legacy has established itself as an affordable housing bridge/construction lender in a multi-state region and seeks the ability to service the current customer base needs for long term fixed rates using government backed solutions. OHFG, Inc./Legacy is creating a one stop shop for affordable housing financing for clients through this acquisition.
Crain Mortgage Group is a MAP approved HUD issuer and servicer that has been in business since 2007. Since inception, Crain has originated over $710MM in HUD loans and currently services over $240MM in mortgages. Daniel and Carol Crain founded the company in Dallas in 2007. All existing staff at Crain Mortgage Group will remain employed at Legacy Capital.
Legacy Capital will continue to operate a Dallas location as well as the office in Westport, CT, and will establish a presence in Springfield, MO where the management and ownership of Legacy/OHFG, Inc. currently offices. Brett Magers, President of Legacy/OHFG will lead the newly formed Legacy Capital as CEO along with Kylee Brown, who will act as President/COO. In addition to Magers and Brown, the company has hired Steve Hunt as Head of Production. Hunt has over 20 years of HUD financing experience and will utilize his expertise to grow the existing infrastructure into a streamline and efficient operation. “We are excited to welcome in the Crains into the OHFG/Legacy world and look forward to building on what is already a fantastic company and customer base in the Dallas area and beyond. The Crains have built a great reputation in the HUD/FHA space, and we are excited to have their expertise and customer base join our vision for being a leader in the affordable housing finance space nationwide” (B. Magers). ““The evolution of Legacy is truly remarkable, and I am excited to be a part of the next phase in that evolution. The FHA-insured financing programs will complement the banks offerings and benefit clients looking for a high-leverage, long-term, fixed-rate, non-recourse option for their development projects and refinancing needs. (S. Hunt)“
